- 6 years ago
- Wedding: May 2012
Our wedding plans have kind of taken to the back burner, as we have a lot of other stuff going on! One of those “other things” is buying our first home.
As a little background, the house we are trying to buy was built by my FIs parents. It is an absolutely gorgeous, unique, cedar sided home that has a lot of personal sentiment to my Fiance (and to me). The banister is hand carved by a close family friend, the entryway is made from the original chalkboards from the first elementary school in our small town, the stained glass window resulted from a several month search from Fiance and his mom, not to mention it is the house he grew up in, the first place I met his parents (we’re high school sweethearts), and it holds many great memories for both of us.
Long story short. In the process of FIs parents divorce, his mom got the house and sold it in 2007. The owners stayed in it for the last four years, but defaulted on their loan early this year. Bank of America repossessed it.
Attempt #1 to buy it: In July, the house was sold at the courthouse steps, which we thought was great for us! We had our financing all in line, no one showed up to the auction besides us… and… the minimum bid the bank would accept was crazy high… like $20,000 more than what FIs mom had sold it for! The house was not worth that, especially being unaware of any damages that had been incurred with the new owners.
Attempt #2 to buy it: It resurfaced on the internet as a Fannie Mae owned property for $70,000 less than what the minimum bid was at auction (seriously, this is what is wrong with the market!). We quickly got our financing back in line and called to put an offer in. The realtor said the property was under contract and they wouldn’t accept a second offer. They wouldn’t even take our name and number. We had our buyer’s agent call and check in every 14 days, and they kept saying the buyer was negotiating a longer closing… and were quite rude. Our buyer’s agent has called every two weeks for the last three months and they still were saying that they were in the process of closing. Major emotional bummer, we decided to give up on it and it’s taken awhile but we are finally okay with it. … until…
Attempt #3: Last Friday, FIs cousin came across the listing and saw that the price was reduced $5,000. Our buyer’s agent quickly called and they said the offer had fell through due to financing. First thought, “Yay! …but are we ready for this emotional rollercoaster again?” We are submitting an offer this morning of list price with the contingency that Fannie Mae pay closing costs.
Anyone else familiar with Fannie Mae? How long does it usually take to hear an answer back? At list price, will they automatically accept our offer? Any personal stories? We are both just extremely anxious about this…