We started the home buying process what seems like months ago, and are still going through the motions. What started as a fun and exciting adventure for two love sick newlyweds has now turned into a long, drawn out, pain-staking process. It is not discouraged us by any means though. We put in an offer on a house we originally fell in love with, and when the seller accepted our offer- we were under the impression that this was GREAT!!- HA! not if it is a "short sale". So what is a short sale you ask? Well.......A short sale is a pre-pre-forclosure. :) Yeah. Exactly.
Anytime a you sell your home, you obviously (if you still have a mortgage out on it) you must have your bank involved. Our lovely seller was upside down on his mortgage, and if he did not sell the property he would go into "pre-forclosure" and the bank would eventually seize the home and take ownership. So, now that he has accepted the offer we have extended to him and would love to get rid of it, his bank has to make sure that it is worth their penny to lose that amount on it, or own and sell the house themselves. FYI- They have no sense of urgency in this matter considering that he still has ownership, and there for is still racking up interest and falling further behind in his loan.
Sssssoooo................ What typically involves a week of anticipation, has caused us 27 days of nail biting.
So, with our days available to find a home (should this one not work out), close on a home, pack our existing place, schedule the movers, and unpack and set up the new place quickly closing in on us- we are getting a wee bit ansy with our first home purchase.
Below are some pictures of the ones we have narrowed down (for the 4th time)-
WISH US LUCK!! We'll let you know how it goes!!!
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