Our "for sale" house has a current, active offer. The new offer contract was signed 12-6. This is the third offer since October, and none of them have made it this far. We are in the "negotiation" stage. That is, our bank negotiating with the buyer. Just today we saw the bank's counter - they are about 6K apart.
Our buyer is getting a loan backed by the USDA Rural Development program. Kind of like an FHA loan, but for buyers in rural areas. My understanding is that a USDA RD loan means slightly different rules, and a few more hoops to jump through than an FHA loan.
Our buyer is waiting for the short sale approval before getting the RD inspections done. So, still plenty of chances for this deal to fall through. We cross our fingers and wait.
I need to talk to DW about it, but if this deal does fall through, I'm thinking about approaching our renters (again) about buying the house. They are interested, but claim to have no money for a down payment. And, her credit is trashed due to a recent divorce and foreclosure. Sound like prime buyers, right? They have been making their rent payment every month, although late, and seemingly later every month.
If we do approach them, at least this time we can arm them with the figures of what the bank will accept for an offer. We'll see.
Hopefully, this current deal pulls through. Then, we just need to kick the renters out. That will be fun.
Our Short Sale
January 18th, 2013 at 09:33 pm
January 18th, 2013 at 09:35 pm 1358544951
January 19th, 2013 at 03:30 am 1358566238
January 19th, 2013 at 04:45 pm 1358613920
It sounds promising to have so many interested buyers - I hope something comes through soon!!
January 21st, 2013 at 09:32 am 1358760736
Jerry