Friday, March 11, 2011

Another One Bites the Dust

We placed our third offer to purchase a home about 4 - 5 weeks ago. It's a short sale and we were the second offer. It was a long shot but we figured, "why not?" After about a week, we heard that the bank had counter offered the first offer and they the people were going to walk away from the deal, the counteroffer being too high. We were surprised! Now the bank would look at our offer.

The house is outside of Canby and on a nice 4.5 acre lot. It had a little creek and some big fir trees, fruit trees and a barn with some fenced pasture. The house would need some work and was definitely not the dream house, but it would work for our family for now.

The bank officially looked at our offer February 18. During our long wait, we received two packets from a title company with info on the house...strange. We also found out that the bank was sending out a broker to do an a BPO (broker’s price opinion), all great things according to our realtor.

Last week we heard from the seller's realtor that the bank had counter offered but the seller had to sign off first before we could see it. He did tell us that the offer was within $5,ooo of what we had offered. After that, he told our realtor that the seller was going to be sending an addendum to the original contract with a couple more demands.

And here they are...
- He wanted us to have our lender send out an appraiser and send proof to him that the lender would indeed loan us the amount on this particular house. We already had a pre-approval letter which he had a copy of. The appraisal would cost us $500. That's before he would sign anything.
- Here's the biggy. He is working with his lawyer and realtor to have liens against the house and himself forgiven. Whatever is not forgiven, he'd like for us to pay, in cash, at the time of closing. An unspecified cash...of his own personal debt. The two that we know about are a credit card and his divorce costs. He also stated that there were at least two more liens coming and he didn't know their amounts.

Was he crazy? This is the same guy who would send us legal paperwork to sign without having all the signatures needed done for his part. You all know that Chad and I paid off all our debt (Except our house) a year ago after two long, difficult years. Why in the world would pay someone else's debt? Not only that, but if we signed this crazy addendum, his ex-wife (Still half owner of the property) could expect the same thing for her debts legally.

We responded back that we were unwilling to pay an unspecified amount of his debt, but were very willing to purchase his home for the price stated on the counter offer.

We received termination of offer papers quickly after that. Of course, his ex-wife hadn't signed them:) So we waited another day, and got the correctly filled out paperwork.

Now we are back to waiting. Waiting for God's plan to unfold. Waiting for the perfect house at the perfect price. We are going to look at another house tomorrow. It's probably not the perfect one, but you just never know:)

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