Disappointed

Russell and I made an offer on a home a few weeks ago and have been anxiously awaiting news. It was nice to finally agree on a home and feel confident that this was indeed a home we could live in--and for a long time if we wanted. It was a tricky situation as it was a short sale, which from my limited real estate knowledge, means the owner owes more on the home than it is worth. Thus, the owner places the home on the market and the bank agrees to accept an offer for less than is owed on the home. This is apparently in the better interest of the bank than foreclosure.

Anyway, this process typically takes several months, with typically no word from the bank and no back and forth negotiations. Thus, the trick is to put in your best offer and wait. We knew this house would be a gamble, but were optimistic, especially as there was only one other offer on the table and the asking price was the actual price the bank set. This is good because many short sales are listed for 20,30-100 thousand dollars lower than the actual price in an attempt to get people caught up in the gamble and the "good deal." And from what I understand, many short sales end up with a dozen or so offers. So. . . things seemed definitely possible.

Unfortunately, the realtor on the other side, (I am so lucky to have my fabulous mother as my realtor Susan Jackson), was breaking rules and just being rude. Well, Russell and I drove past the house last night and it had a auction notice on it. Apparently our offer is completely out the window and the other realtor was content to let us sit and wait for who knows how long. What a disappointment! We could try to go to the auction, as that is our only option now, but we don't have access to that kind of money. Apparently you have to have the funds within 24 hours. And it doesn't look like you can do that with financing.

Finding a home has been frustrating and heart breaking in several ways. I am grateful that the housing market seems to favor our situation, at least. Prices are dropping. People are getting desparate. And we don't have to worry about selling our own home--an obstacle most others face in the market right now. We'll keep praying that Heavenly Father will point us in the right direction. I'm trying to be patient, but I falter. Over a year is a long time and I want my dog to live with me and I want to actually have my money going toward an investment. Maybe the home we are meant to be in isn't on the market yet. Or maybe a miracle will happen and we can get access to $200k. One of my co-workers just got contacted as a possible candidate on Deal or No Deal. Maybe a game show will think of calling me soon, too. I could pretend to be crazy and over-enthusiastic. Maybe.