Tuesday, February 9, 2010

House Update

Michael and my parents went with us and our realtor to look at the house again on Saturday. It was really exciting being there this time because I allowed myself to dream of us living there. It's such a cute place, I love it! We are waiting to hear any word on the final approval. Today we got an email from the listing agent stating they are expecting the final approval to be within 60 days. Poop. But then we got an encouraging email from our great realtor! (He knows us so well now it's scary...haha.)

"Michael and Shelley,
It is hard to estimate the length of time before receiving a final approval from the bank that they authorize our purchase and accept the short sale. Several things have to occur before the written approval is issued including a Brokers Price Opinion (a type of bank appraisal) which is why the bank gives themselves plenty of time. Also, banks often stipulate longer periods of time to issue approval then issue it much quicker, it is a case by case situation. That 60 day period is probably a worst case scenario and we may get approval well before that. Again, it is just hard to say. However I do think we will get reliable information from the agent as it sounds like she has good rapport with the bank.
Once approval is issued the bank will want a closing as soon as possible and it will be in *****'s court to perform quickly. Unless some major delay occurs I am very confident we can close escrow well before the end of June deadline.
I think her email represents good news. Our major hurdle of being chosen as the buyer is behind us and even though we have to practice “patience management” I truly think we need not worry much about “disappointment management” now.
I’ll keep you posted.

****** ***"
 
*Sigh*. So, we need to continue to be grateful that we are well on our way and just pray that things continue to move in this direction. The sooner the better!!

4 comments :

Ashley said...

Yay! I hope it goes alot faster than 60 days!!

Jeff and Kira said...

How exciting!!! Good luck! :)

Neal & Wendy said...

The Fry's are the best! Michael always has a way at calming the nerves, doesn't he? We know ALL TOO WELL what you're going through. For you, I hope it turns out GREAT! You deserve it! In the mean time, can't wait to hear some good news down the road! Take some pics of the house, sheesh!

Michael and Shelley said...

I have pictures of the house but I haven't had a chance when I get home from work yet to edit and upload them from my camera. Actually I have videos too! Oooooh! Haha. Those will be another post. Thanks for all your comments. Here's to hoping it is sooner than 60 days!

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