December 21st is day 56

[crazychicknlady]

It has been brought to my attention that the bank that owns the mortgage for the house we are trying to buy requires 56 to 90 days to do a proper evaluation before they get back to us. (In normal real estate transactions one expects the initial offer will get responded to within 72 hours, not days - but short sales these days are far from normal.)

56 days (8 weeks) is the minimum time for them do do their mini appraisal and cost benefit analysis to determine how big of a loss they are willing to take. They already loaned way more than this property is now worth to the current owner, it's just a case of how big of a mistake they are willing to admit they have made.

At the start of this process our realtor warned us it could take a loooooong time. I've managed to stay relatively calm for nearly four weeks. We may even be at the halfway point. What I dread the most, at this point, is not the wait. It is the possibility of the selling agent and the bank having very different ideas of what this place is worth. So even though we have presented the bank with what is essentially a full price offer, they could still come back and laugh at us.

I like where we are living now. I'd like an extra room and enough space for horses, but most everything else is great. One of these days I'll make a list to remind me why it wouldn't be that bad if the bank did come back and laugh at us and we just stay here.

Comments

Value

[rocketsong.blogspot.com (from livejournal.com)]

There is an old adage that says "value is what the buyer is willing to pay, not what the seller wants"

That being said, I'm already overpaying for this place.

Re: Value

[crazychicknlady.livejournal.com]

The problem is not what the seller wants, it's what the seller thinks he can get from other buyers, based on an appraisal made by a realtor who wants to get in good with the bank.

[rocketsong.blogspot.com (from livejournal.com)]

doesn't change the fundamental law of economics. It's not what they "think" they can get for it, it's what someone is willing to pay. *see Opa's pickup*