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Wednesday, November 30, 2011

Suspense...

Monday was not a happy day.  The buyers for our home decided that the wait time had been long enough and their patience with our mortgage company had run dry.  Alas they rescinded the offer to purchase our home as we could not secure the short sale approval from our mortgage company.  I was in tears...

At this point we have had double rent since last February and our home is going on 180 days plus on the market.  The real estate market is tough right now especially if you are trying to sell.  Really it sucks!

I am sure that the person I am dealing with at the mortgage company is tired of hearing from me.  On Monday she was especially tired of hearing from me!  We had a good offer, with a good reflection of the current market price, and here we are with an offer slipping away.  It seems like a vicious  cycle ... in order to generate a new offer, we will need to lower the price.  With a new lower price, we will likely get an offer below what the mortgage company is willing to accept .. just like this time around.  I know we are far from the only ones in this situation but where does it stop? 

Well today we got the new Broker Price Opinion back ... $30K below the first PBO and $9K below our last market price ... and to boot $4K below the offer that was just rescinded :-(  GRRRRR....

My wonderful realtor is working hard for us right now.  We are hoping that the potential buyers will still be interested in moving forward.  Maybe just maybe it will happen ... holding my breath and biting my nails here..

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