Wells Fargo, our sellers bank, is now wanting MORE money.
Recap - they asked for $14,000 more a few weeks ago, Brian and I said "no," but between our agent, the seller's agent, and the seller, they were able to come up with more money...It should be noted, that this is money that Brian and I had a budget, and though in theory we could go over and "give in" to bank demands, WE will not be successful savers in life if we blow out our budgets. Houses of this size, with this amount of land, in this present condition, are going for around exactly as much as we offered for it. The bank is living in lala land if it feels it "deserves" more money. When the housing market goes down, everybody loses. Brian and I are buying our first home - we are not going to eat it on this deal...
That was submitted to their bank for approval...
Now the bank is demanding even more money on top of that. Are you kidding me? The only reason they got that "Extra" $14,000 in the first place was because everybody else wants to get that house sold. Brian and I would have walked away. So the answer is still a resounding "NO." If somebody else wants to step in with a few thousand more, that's one thing, but Bri and I certainly will not. It's about our budget and principle.
Of course, short sales don't always leave the bank with much incentive to get rid of a house, so I think they just might want to hold on to it and keep receiving their payments from the prior owners, who are trying desperately to get RID of this house...(It's a great house, but the sellers don't have a reason to stay there).
So, Brian and I may be back at square one. Even though we have a lot of emotions and money tied up in this house already, we knew it was a risk and we're OK with searching still.
If Wells Fargo gets a clue and wants to let the house go, great. If they don't, that's great too, because that gives Brian and I more time to pray about it and to re-strategize.
The whole situation is just stinky though. If anybody out there is buying a short sale home, be forewarned - it could go great, but it could also be a pain in the tooshie. Right now, it's a pain everywhere. I am ticked. We saw the light at the end of the tunnel, and now it feels dark again. But hey, at least we don't have a mortgage.
It's the bank that we see as the evil one. But I guess they didn't make all their monies by giving away houses. Of course, they also suspiciously keep asking for more money (in increments of thousands) each time we come back...I had JUST given birth to Elijah and wasn't even in the post partum unit when my real estate agent called my husband to tell us the bank wanted $13,000 more. By the time we went to get back to them, that amount had increased to over $14,000...We got back to them when the sellers and the agents fronted the money, and now they want a few thousand more...The thing is, it's not going to stop here. There could be something else, and then something else, and then this expense and that expense....
They are not "up front" about anything. So I don't care if the bank is a business, they are doing bad business and they can go suck an egg. If they don't want to get rid of this house, Brian and I will find someplace else....
Recap - they asked for $14,000 more a few weeks ago, Brian and I said "no," but between our agent, the seller's agent, and the seller, they were able to come up with more money...It should be noted, that this is money that Brian and I had a budget, and though in theory we could go over and "give in" to bank demands, WE will not be successful savers in life if we blow out our budgets. Houses of this size, with this amount of land, in this present condition, are going for around exactly as much as we offered for it. The bank is living in lala land if it feels it "deserves" more money. When the housing market goes down, everybody loses. Brian and I are buying our first home - we are not going to eat it on this deal...
That was submitted to their bank for approval...
Now the bank is demanding even more money on top of that. Are you kidding me? The only reason they got that "Extra" $14,000 in the first place was because everybody else wants to get that house sold. Brian and I would have walked away. So the answer is still a resounding "NO." If somebody else wants to step in with a few thousand more, that's one thing, but Bri and I certainly will not. It's about our budget and principle.
Of course, short sales don't always leave the bank with much incentive to get rid of a house, so I think they just might want to hold on to it and keep receiving their payments from the prior owners, who are trying desperately to get RID of this house...(It's a great house, but the sellers don't have a reason to stay there).
So, Brian and I may be back at square one. Even though we have a lot of emotions and money tied up in this house already, we knew it was a risk and we're OK with searching still.
If Wells Fargo gets a clue and wants to let the house go, great. If they don't, that's great too, because that gives Brian and I more time to pray about it and to re-strategize.
The whole situation is just stinky though. If anybody out there is buying a short sale home, be forewarned - it could go great, but it could also be a pain in the tooshie. Right now, it's a pain everywhere. I am ticked. We saw the light at the end of the tunnel, and now it feels dark again. But hey, at least we don't have a mortgage.
It's the bank that we see as the evil one. But I guess they didn't make all their monies by giving away houses. Of course, they also suspiciously keep asking for more money (in increments of thousands) each time we come back...I had JUST given birth to Elijah and wasn't even in the post partum unit when my real estate agent called my husband to tell us the bank wanted $13,000 more. By the time we went to get back to them, that amount had increased to over $14,000...We got back to them when the sellers and the agents fronted the money, and now they want a few thousand more...The thing is, it's not going to stop here. There could be something else, and then something else, and then this expense and that expense....
They are not "up front" about anything. So I don't care if the bank is a business, they are doing bad business and they can go suck an egg. If they don't want to get rid of this house, Brian and I will find someplace else....
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