The Call about The Offer

Mr. (Kevin) Bosley, our agent and the father of the best man, called! Good and bad news... Good news is it's basically ours, the sellers are meeting tomorrow at 12:30 to initial the increase. Then Kevin is sending our loan officer Loona the last page so she can get going on the last steps of the loan.

Bad news is all of a sudden our loan officer needs more time, which is bogus. I think she's really irritating Kevin and she's really ticking off Mike. First she doesn't know if we need a PMI or if we can do two loans (80%/15%) - we found out later we do need a PMI, which is lame because she waited to the last minute to tell us. NOW, she needs more time to complete the loan which is lame because she initially told us 2 weeks to get things done then from that point 2 weeks to close. Now she needs 3 weeks to 30 days to close and she doesn't know if she can close on time. Why did she tell us one thing if it wasn't right, we would have written our offer different if we would have known. *SIGH* If we had time at this point, I'd look for a different loan officer, but at this point we don't have that kind of time. Thing is, Kevin says if she can't get it done in time... we have to give them a new offer. A NEW OFFER!? We have to do this process all over again? And on top of it, they liked our offer because it had such a quick turn around. ARGH, its so irritating. Plus, Kevin can't book his trip to the cities until he knows for certain what day we are closing. So the longer she waits the more expensive it gets. She's kind of screwed us twice now. Mike wants to give her a bad review. All I know is this loan process is a lot more annoying than I thought it would be.

I have always heard that the first house is the hardest, the next one better be all down hill...and years from now.

We were hoping to get this done before the 21st and now it may push out beyond that. Its just kind of disheartening, we are so eagar to move in and start painting and deforesting. :) Just got to stay up beat.

The Offer

So we've been to the first time home buyers class. We've been to the bank. And finally we decided on the house... Now we just got to get it. We were a little worried when we found out that the one house in the area that we were even interested in had a "LOW" ball offer already in on it. So we offered a fair price. We understood that it might take a while to hear back about our offer seeing that the bank is involved because its a "short-sale". (Realestate speak for: Just about in foreclosure, so the bank and seller are working together to sell it at a price they can both be happy with -- As quick as humanly possible.) We were prepared to wait a week or two to hear from the seller and their bank, because banks are SLOW, but hours after placing the offer we were already countered by the bank! Which was great because the counter offer wasn't too bad, so we accepted it. Then the sellers accepted the counter and it was all up to the bank accepting our acceptance of the counter, but when it got to the bank - they decided to counter again!? Apparently the loan officer who made the counter thought it was good enough but when the bank got it they decided they need $1,400 more. Really, at $1,400 you think it wouldn't be worth their trouble to counter, but I guess it was. So we accepted and now we are waiting to find out if they will accept this acceptance, but our realtor (and friend) says they will since it was the BANK who made the last counter, and not a loan officer.

Moral of the story: When working with bank owned properties, or in our case nearly bank owned properties, don't be surprised if there are a few bumps in the road. It happens.

And don't worry, even with the counters we are still basically stealing this home.