Starting Over....

So, two weekends ago we had agreed to the amendment by the sellers' bankruptcy attorney and we were waiting on the sellers to sign the offer.  Apparently, these people who are going through bankruptcy like to "go out of town" a lot (go figure) so they wanted to wait until the beginning of the following week to sign the offer.  Well, on Wednesday we were given the bad news.  Another offer had come in.  Apparently, the listing agent was still letting the house be shown even though we had presented an offer (can we say unethical).  The listing agent said we needed to bring our highest and best offer.  So, basically these people were just dragging their feet to see if they could get a better offer.  Common sense tells me that the second offer was just high enough where we could have come back with something just a little bit better than what we had originally offered.  Our decision...we told the sellers to they suck!!!  J/K...Essentially, that's what we wanted to do though.  We decided to remove our offer since we didn't want to waste time doing business with people who were so unethical and dishonest.  Thanks to our agent, Amy, who told the listing agent of what she thought of the whole business (professionally, of course).

So, let the search begin...again...

Let the 45 day countdown begin!

Ok...so, here is the update...the sellers wanted to forward our offer to their bankruptcy attorney.  This is totally understandable.  If I were in their financial situation, I would probably do the same thing.  BUT, instead of having a response from the sellers in 24 hrs it took basically a week to hear anything.  Once we did hear from them, an amendment had been made to the offer by the attorney.  Since we've asked the sellers to cover our closing costs (which means the lender would really be covering our closing costs), the attorney doesn't want the actual sellers responsible for the closing costs in the case that the lender accepts our offer, but denies the covering of our costs.

While all of this was going on, my handy real estate agent (Amy) did some digging and found out that not only is this a short sale (which we knew), but this is a short sale with two mortgages!!!  What does this mean?  This means that not only does the first lender have to approve our offer, but the second lender does as well...ugh...So, the whole process will probably take longer then even we originally thought.  Of course, things could go very quickly as well, but I don't think the statistics are in our favor on this one.  I have a feeling Chris and I are going to be learning a lot about short sales in the coming months :) 

Here is to the next 45 days of waiting (and wishing and hoping and thinking and praying)!