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I'm buying my first house

Frank,
Will you have a Christmas tree up and lit at your new dwelling this year? Santa told me, he might make a special visit. Actually will you have a Christmas tree up at your current place? or are you Mr. Scroogey? Ho Hum bug!
 
I was hoping to have a tree up at my new house, and lights outside as well, but sadly it looks like January (at the earliest) before I take possession of the keys. I'm still waiting on the short sale lender's approval.

Tell Santa he can find me c/o my parents' house.
 
Finally, some progress to report on my home purchase. The short sale lender got their BPO (Broker Price Opinion) a few weeks ago and the valuation was higher than the listed price, so I had to up my offer by $14,000. After another few (agonizing) weeks, they finally accepted my offer. The inspections are scheduled for next Monday, and close of escrow should be by the first week of April.

Now to get packed up.
 
You better have 220v in your garage so we can take care of your inner fender apron project.
 
Take a look at Google Earth from the road, your home looks great. There is a Black Ford work truck in the driveway.
 
"67 evil eleanor" said:
Take a look at Google Earth from the road, your home looks great. There is a Black Ford work truck in the driveway.
Click to expand...

Heh, that's actually not "my" home--I changed the link a while back. It might be a moot point anyway. There's a $38,000 difference between the appraised value and what the bank wants for it (the wrong way!). I found this out on Wednesday. Still waiting for word from the bank regarding whether they're willing to negotiate. I've been in a pretty deep funk the last two days. I also found out that the appraised square footage is only 1,447, while the listing said 1,700. Interestingly, that's about a 15% difference, as is the difference between the appraised value and what the bank wants. I also found out that this property has already fallen out of escrow 3 times.

Hopefully, I can find something else that's still in my price range. :shrug
 
That sucks. You will find the right one or if the bank really wants to sell it this may be the right one. Keep your fingers crossed.
 
Frank,
Sounds like walking away from this particular piece of property is a wise thing. It seems jinxed maybe? I still want to know what is buried in the backyard.
 
Frank when you brought your home purchase back to our attention the other day I was reminded of a news story I heard on the radio. KNX1070 The story here only mentions SoCal, but I thought I heard them say all of Cali.
I see that you changed the link to the home that you were going to buy. Not sure if you really want a swimming pool. :no A certain Fix'er would probably want to wear the infamous mankini to play in the water. :puk
Good luck on your continuing search...

fd
 
"crustycurmudgeon" said:
Heh, that's actually not "my" home--I changed the link a while back. It might be a moot point anyway. There's a $38,000 difference between the appraised value and what the bank wants for it (the wrong way!). I found this out on Wednesday. Still waiting for word from the bank regarding whether they're willing to negotiate. I've been in a pretty deep funk the last two days. I also found out that the appraised square footage is only 1,447, while the listing said 1,700. Interestingly, that's about a 15% difference, as is the difference between the appraised value and what the bank wants. I also found out that this property has already fallen out of escrow 3 times.

Hopefully, I can find something else that's still in my price range. :shrug
Click to expand...

Frank:

Unfortunately, the Bank guy sounds like he is jerking you around. Where is your broker in all of this? To state the obvious, your broker should be working for you. Light a fire under him and see what he says. By that I mean tell him you are seriously about to withdraw your offer (Broker gets 0 commission) and see what effort he will make on your behalf.

If you can wrap your mind around the idea of not getting that house for any reasonable number, consider instructing your broker to notify the bank, in writing, that you are withdrawing your prior offer and substituting a new offer that is even lower than your original offer by a couple of thousand dollars with a 3 day sunset clause (the deal dies if not accepted within the time frame specified). At the same time, instruct your broker to submit a written demand to the escrow company for return of your deposit in 3 days and close the escrow file unless you provide written instructions before then to the contrary. My guess is the bank guy figures you want the house badly enough that he can jerk you around until he figures there is no more money in your pocket. The alternate reality is the house only makes sense to you if it is at your price, otherwise it's "adios asshole".

When a deal makes no economic sense, sanity must return to the conversation. Do what you think makes sense.

Regards, Jeff
 
"crustycurmudgeon" said:
Heh, that's actually not "my" home--I changed the link a while back. It might be a moot point anyway. There's a $38,000 difference between the appraised value and what the bank wants for it (the wrong way!). I found this out on Wednesday. Still waiting for word from the bank regarding whether they're willing to negotiate. I've been in a pretty deep funk the last two days. I also found out that the appraised square footage is only 1,447, while the listing said 1,700. Interestingly, that's about a 15% difference, as is the difference between the appraised value and what the bank wants. I also found out that this property has already fallen out of escrow 3 times.

Hopefully, I can find something else that's still in my price range. :shrug
Click to expand...

I agree with others who have said: time to be the dick and call them on it. Remind them that they have let this thing slip out of escrow 3 times, and now they are jerking you around. You're not going to be their lacky for paying that much more than appraised value. I'd go back and offer them the price you originally did and tell them take it, leave it, or talk to my lawyer your choice.

Good luck.
 
Sadly the market is up huge in the Bay Area. They probably think they can hold out. Might want to consider splitting it.
 
"GrabberOrange69" said:
I agree with others who have said: time to be the dick and call them on it. Remind them that they have let this thing slip out of escrow 3 times, and now they are jerking you around. You're not going to be their lacky for paying that much more than appraised value.
Click to expand...

That's pretty much the direction my agent is going. There's no harm waiting for their answer while I keep looking at other homes. I've been reading lately, though, that there are Chinese investors buying up cheap US homes as investments. Hard to compete with that.
 
Well, I'm back on track. :yah I have short sale approval in writing for $260,000, the appraised amount. The inspections are next week, and I'll be able to see the house for the first time since November.
 
Great news Frank. :thu :thu :thu

I see a BBQ coming......also painting party, yard party, plumbing party,........
 
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