Monday, April 6, 2009

Home Sweet Forclosed Home

Most of you know that Rick and I were shockingly and amazingly approved for a house loan last week. We qualified for a decent for us amount at 5.5% which made us happy. What made us even happier was we found the perfect house for us last Saturday...1900 square feet, two car garage, and only cosmetic fixing up with the exception of a fence we want to put up to keep Tatiana contained (although there is a dog run and we're pretty content with that for her). Even better our house payment would be less than $200 more than what we're paying for rent right now. I KNOW!!!

Like so many tmes in our life, the bubble burst rather quickly. Our realtor called and it turned out the house was under contract. The only ray of hope we have is the fact that the house was mere days from going into forclosure and it's possible the bank will refuse the offer given that fact. If the bank does forclose on the house then we'll have the opportunity to scoop it up at a lower cost, which is good for us, but how awful that in order to get what we want we need to hope for financial harm to another family.

This sucks.

11 comments:

Emma said...

Oooo, good luck! I've been mildly house hunting here (haven't sold our current apartment and just took it off the market, in fact, so not *really* looking). I have to say that, although this place sounds absolutely fabulous and maybe it will work out, if it doesn't there is a better place. I was completely in love with/certain we were destined for an apartment last fall. A month after it sold, I found another "meant to be" match. Now, my #1 fave is the idea of combining our apartment with the one next door. Other great things will come along or this house you found work out, but either way, good times are coming for you!

Also, a dog run is a perfect place for a toddler to run around, IMO.

Shera said...

I'm keeping my fingers crossed for you!

Michelle said...

It doesn't make sense to me why a bank would turn down an offer to buy a home, and then turn around and foreclose on the house only to sell it for less. But if that does happen, it's better for you, so I'm hoping for the better. I just don't understand the way these banks do business. I agree with Emma, sometimes the 'perfect' things seem to come after previous perfect things. I'll keep my fingers crossed for you.

The Wilkins Family said...

Argh. Foreclosures. The house we are renting right now is being foreclosed on and our landlords tried to keep it from us. So, we have to move. A fence is ALWAYS worth it. I would love one and have even thought about paying to have one on a house I don't even own. If the house is taken, don't worry. You will find something else. I've had my heart set on lots of homes only to find another one that is better.

Arizona Manwarings said...

I will be praying that you get it, especially since it is still in the ward.

Andersonland said...

Hope you get it!

Elizabeth said...

It took us months before we found a home that was perfect for us. Don't get discouraged. If this one doesn't work out you'll find another and it'll probably be better. Good luck.

Nicole said...

We had pretty much the same situation up here. The house we wanted became bank owned at the last moment. We didn’t want to wait to see if we could get it because we were living in a hotel, and it was going to take the bank at least six week before we would know if they would accept our offer. It sucked. Be grateful you are renting, you have time to look at other houses or to wait on this one. I wish I were there to see it. I miss you so much!

Laurie said...

Where is it? Still in the ward, Shanalee said? It better be, woman. I can't take you leaving me. /end stalkerlike rant

amelia said...

Ah, now is the time to buy! I hope you get it. If not, you will find another one...it took us a whole summer to find our house.

kellyclay said...

I totally agree with Emma.

Remember I told you about the house that we loved made an offer only to find out that The Realator let our Realator show it to us when there was already a contract on it. anyways I know we were meant to be in this house because we were meant to be in our current ward!!