Tuesday, February 14, 2006

Update on House Buying

Ugh! Apparently, the Realtor® had set the listing without discussing it with the bank. The house is in foreclosure, and the bank said our full asking price offer wasn't high enough. We bumped it a little last night, but if they don't accept that, we'll have to walk away from the deal.

4 comments:

Holtdad said...

Sorry to hear it.

Did you bump to your maximum price? I am assuming that is why you would have to walk away if the bank says no.

The Calvinator said...

We can qualify for more than we offered, but we know how much our budget will allow, and that's FAR below the amount a lender is willing to give us. We were told that our new offer should get the deal done. I was highly annoyed that the bank wasn't willing to counter-offer, but made us bid against ourselves.

If we get a contract, I'll post more details about the house.

Holtdad said...

Yeah, I was talking about your "budget" amount, not the "preapproved mortgage" amount.

Best of luck. I honestly cannot remember whether we counter-offered when we sold our last two houses, or just said "no", and made them come up with a new amount. Both sold near the asking price, so there was no too much haggling (although I did think that we could have asked for me on our last house).

Anonymous said...

That should have been "asked for more", not "asked for me"