Sunday, May 30, 2010

The "House" Ball is Rolling

We heard on Wednesday that we finally got the written approval from the sellers back to go ahead with our home purchase. The problem is that the bank says we've had this letter since April 23rd. This means we have missed the ten day window to do our inspection and we're supposed to close by the end of May. Umm, yeah... not possible. So we're asking the seller's bank for an extension until June 18th, and we're scrambling to get our financing in order. On top of this our original loan approval has expired and our bank says they're swamped and closing will take a minimum of 30-45 days from our application renewal. Well, that won't work even with our extended deadline. We'd need a second extension which increases our likelihood of having this sale fall through. We met with two new lenders yesterday to see if they can meet our short deadline and maybe even give us a better interest rate. The new lenders both say they can meet our deadline so it comes down to the bottom line of how much our monthly payments and closing costs would be. Of course this all happens on a holiday weekend so we can't find out anything until Tuesday. The ball is rolling, but we're running to try to catch up with it!