Well, we just heard from the bank. The property we made an offer on is a short sale, meaning the owners (sellers) are selling it for less than they paid for it; not uncommon in this economy. The sellers liked our offer and passed it on to the bank -- the bank didn't like it and not only rejected the offer but just foreclosed on the home. Since they're trying to foreclose illegally, they're being sued by the sellers, especially since a foreclosure looks much worse on a credit report than a simple short sale.
If the litigation goes through, the property will be tied up for quite a while.
If the litigation falls through, the property will go back on the market with the bank listed as owners, and it will be aggressively marketed by yet another agent. And... the property will be tied up for quite a while.
We've been looking for a good place for 3 years now, and saw the current apple of our eye in January. That's 4 months. I SUCK at being patient so... um... I guess this is good practice. Anyway, until we can get this (or any, I'm a little down just now) property, there will be more of these 'informational' type posts. Soon I'll be able to get to the down and dirty part of trialing and growing... we all hope. Cross your fingers for us.
Fun Fact for this post: some nut trees can take 50 or 70 years to produce their first crop. Good role models for patience, eh?
Tuesday, May 18, 2010
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