Well tomorrow is the day we will sign yet another extension on this house purchase. Next Wednesday will mark 7 months since we had our offer accepted on the house in Kissimmee.
So you're wondering what happened to it's getting close! Well we obviously are thinking the same thing. Well stuff happens right. So I think that I'll give up on thinking we're close until we see an acceptance letter from the bank! This is what's happening as best as I can explain. As I think I've explained before the owner of the house basically has 2 mortgages. The second mortgage lender is being insistent that they get all their money and the seller wants to make sure she gets the best deal out of this and has the least amount of money to pay back.
The bank assesses the value of the property, the BPO, this was originally done back in February I believe. The appraisal was higher than anyone thinks is fair (including our agent, and frankly based on what I've seen, Me). In order to try and rectify this differing opinion another BPO (brokers price opinion) has been ordered. In addition to that the owner has to resubmit some paperwork with updated numbers and I believe that was done yesterday.
At this point since no one has a crystal ball we have no idea how long this will take! If there was some other property in the area we wanted at the price we are willing to pay then maybe we'd jump ship but right now there just isn't anything.
Tomorrow I will fax off our extension and get some things squared away at the bank so we can do a timely money transfer when the time comes. It gives me something to do. Thank goodness it's summer and I have lots to keep me busy. Unfortunately all these ups and downs mess up my plans sometimes.
So we wait....some more...
No comments:
Post a Comment