Thursday, March 8, 2012

The Long End of a Short Sale

Last Friday we got the news that the second mortgage holder of the short sale house we have been waiting on finally was taking a look at our offer and may approve it that day. (This was weeks after the first mortgage holder had already approved our offer.) We were told we needed to get things moving so we needed to get and inspection ASAP. We didn't think we'd be able to get a professional one done so quickly so we just thought we would do it ourselves. Problem was we couldn't get in to do our own quick inspection because there was no key box and the listing agent didn't know what the renters did with it. So our plans were foiled and we went home after a long wait hoping that we would be able to locate a key.

Monday we hear about getting the second  mortgage holder to approve our offer and we need to get inspection by the next day so we can have the appraisal done by Wednesday so we can close by next Wednesday the 14th.

How on earth can we possibly get a professional inspector who just happens to be free the very next day? And how are we supposed to get the inspector in when we haven't even located a key yet to get into the house?

I just felt like it would all work out so I called the inspector that we had met when he inspected our old house for our buyers and he called back and said that he just happened to have a cancellation the next morning at 9 am.

!!!

Sweet!

I informed him that our Realtor, Denise, would meet him at the house and we didn't know how he would be getting in, but that the listing agent would get a locksmith over to the house if she was not able to locate the key.

Tuesday morning Denise and the inspector meet at the house and still no key. They call the listing agent and nothing. They start searching under the flower pots in the front flower beds. (Why didn't we think of that Friday?) They find the key under one of the pots... thank you to the previous occupants who decided that was a safe place to hide our key and then NOT tell anyone where it is... anyway...

We meet our inspector after he is done with the inspection and it doesn't sound good so I lose faith and feel sick to my stomach confused about why we had been led to this house if it wasn't the right one. We thank the inspector, gather the papers and chocolates (smile) he gave us and get the key so we can give it to our Realtor.

Marc and I spent some time together in his office after the inspection worrying about the news we heard on the house—plumbing, electrical, roof, etc. I call our lender to inform him that I am not sure about what to think of how the inspection went and then the lender worries it may not pass appraisal so I start to cry and I start looking at other homes while Marc talks with his good buddy about all the issues with the house.

None of the houses jump out at me, but I am wallowing in my misery of thinking I had misunderstood the promptings for this home, thinking of how my kids seem to be falling apart at the seems anticipating a new life at a new house, and think I just need to find something NOW.

Marc and I take a drive to some of the homes I thought were passable and in our price range and we don't feel good about any of them—wrong neighborhood, wrong yard, wrong street, wrong house, wrong, wrong, wrong... We feel so discouraged because we felt like we were being led to this home all along. I ask Marc to drive by "our" house again, just because, and I start to cry as we pass it because I feel such a good feeling about the home and the neighborhood and say, "Marc, I just know this is our home. I just don't understand what is happening and why we would be led to a house that has so many issues."

I start to wonder why everything seems so confusing and think maybe we can talk to Denise about it when we go to her office to give her the key to the house.

On our way the lender calls and he is able to get an appraiser to look at the house for free as an initial "will this make appraisal" look. He just happened to be in the area and is 20 minutes away and will come look at it. I inform him that I have the key and he can look inside if he wants. He does so we turn around to meet the appraiser back at the house. I let Denise know the plan and she comes to meet with us.

When she gets there she reminds us that the inspectors have to tell you every single teeny tiny fault and sometimes it scares the buyers a bit. She was worried about what was brought up at the inspection and thinks that it is a great buy and will be a great investment, but to reassure us she calls a trusted electrician to see if he can come give us an estimate on the work that would be need to be done in the house. He just happens to have time right then and comes over to check out the place while we are there. He goes through and says that the electrical work is mostly minor things, it won't be too expensive and can work on it next week after we close!

Right after that news, our lender calls and says the appraiser reported nothing major with the house and will have an appraisal ready by noon Wednesday!

That good feeling we had before about the house comes back and we are full of excitement. We know for sure this is the house we are supposed to buy and inform our lender we want to move forward, but we are still a bit nervous, hoping we can close in one week. Our lender tells me he is very confident that we will close by the 14th!

Next day we are signing papers to get things moving forward and it is a whirlwind of phone calls, faxes, emails, and signings. But, now we are waiting.

Waiting to here if we will close by the 14th.

I am nervous to hope too much, but after seeing all those little blessings happen in order to pull all this together I just can't picture it working out any other way.

Here's a picture of the house on the first day we saw it, the first day it came on the market as a short sale, the day we made our offer back on November 9, 2011.

8 remarks:

jrbiggame15 said...
This comment has been removed by the author.
Robert Simons said...

That's so awesome! Im really excited for you guys. Its amazing how the gospel brings so many blessings to our lives, and how much we are all looked after. Let me know when you're moving and we'll come help!

Kirsten said...

Sounds like a lot of BIG miracles! I am so excited for you guys:)

Suzy said...

When everything gets squared away, let us know when you are moving because we are for sure close enough to help!

Anonymous said...

Rach, that is so much like our story, it kind of makes me laugh. We found the house we wanted and it was no longer on the market. We told the lady living there if she ever felt like selling again, to give us a call. We months later she does and says she will sell it to us. We quickly finish the remodel we started on our house and put it on the market, thinking if it's meant to be it will happen. 6 weeks later (nov. 9th- actually :) we had an offer for full asking price. we are told we need to be out by Dec. 9th so we packed up and moved out into a rental. We had one thing after another, first the house we loved and moved out for was sold to someone else. We, like you felt like it was meant to be our house and weren't sure what to feel. We just kept thinking what ever was suppose to happen would. Two weeks later I called the owner of our "dream house", but it was really for the property :) and told her we were happy for her and wished our agent had acted faster (after we had an offer he waited almost a week to contact the other owner and we thought he did it that same night we got our offer). Two days after we got our offer she got an offer too.
Two days after talking to the owner and wishing her the best, her sale fell through and we made our offer. It was except as is.
Our buyers had a few things that held up their loan so we lived in the rental with our house sitting and us paying both for two months. Finally when it was suppose to close for the third time they discovered the septic needed to be replaced! I felt sick to my stomach. Not only would we have to wait longer, but I was worried they would back out of the sell or be mad about it and blame us. Instead the buyers agreed to raise the price of the house and include the replaced septic into the loan! Finally after three months of paying rent and a mortgage and double heating bills, we finally closed on our house. Then a week later we closed on our home! We gave the wonderful, sweet owner a few extra days after closing to move out so we will start moving this weekend! We are so thrilled! We will have some up dating to do along the way because it is pretty dated, but we will finally have some land for our horse and cows, pigs and fruit trees etc... I even had the loan officer say, "I don't know if you guys are religious but this deal was the longest and hardest I've seen and it must have been meant by God for it to happen because otherwise, it wouldn't have." I have to agree. Everything just finally came together. If will happen Rachael! Sure love you and wish you the best!
Mary

Anonymous said...

Thank you Rachael! You are so sweet! I would LOVE to see you! It's been too long! Wishing you the best of luck with your house! Email me your number so when I go I can get in touch with you :)

R Happy Journey said...

What an amazing story and journey you have been on, I so hope that it continues to work out. . .your family is so deserving.
By the way, I miss you!
Carolyn

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