So the buyers asked for an extension of the condition because their bank would like to send an appraiser to the property. Because of the amount they have as a down payment (20%) the bank would like to make sure the mortgage is a sound investment for them. Normally if downpayments are less than 20% an independent insurance company is called in and the buyers are required to purchase mortgage insurance through that company. Without mortgage insurance, an appraisal is required.
Anyway...
The extension is until tomorrow at 8PM. We spoke at length with our agent this afternoon and he is very confident that all conditions will be fulfilled by Friday. Let's hurry up and wait some more.
Tuesday, January 6, 2009
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3 comments:
Hopefully the fact they asked for an extension is a good sign! Maybe by Friday you will only be the owner of ONE house instead of 2!!
I HATE the process of selling houses. Even buying is big pain in the butt, but not like selling.
Crossing my fingers for you.
What an absolute pain! I really hope everything works out in the end and it is over quickly. Then all you'll have to do is move! Good luck!!
When we bought our house, we had some similar frustrations. The sellers had bought the house about 3 years prior and in the course of those 3 years either refinanced stupidly or took out a home equity loan. Either way, the house was on the market for 9 months before we got to it because it was overpriced, and we managed to get them down to a sane price, but only if their realtor didn't get paid for it (I guess she jsut wanted done with them). We then had a 60 day close.
Even then, they asked for an extension on the closing because they hadn't yet come up with enough money to sell their house.
Yeah.
We wound up getting the house, obviously, but that was a fun 2 months.
Note to other people; don't borrow $10,000+ more than your home is worth/than you paid for it if there's a chance you'll be selling it in the next few years. It's just a bad idea.
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