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)!
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