Step 5 - The Negotiation

I have been postponing this post because I got a little paranoid that the bank would google me and secretly discover how much we wanted this house and try to use it against us. However, Step 5 is complete and we have reached a deal.

We made our offer on October 27. On Day 14 the bank countered our offer...seriously Day 14!!!! I've heard so many different stories about the length of time and patience it would take to get through a short sale...the real estate agent told us 30 to 45 days...on the bank's website it said 5 to 16 weeks (oh the joy of a short sale). Day 14 has got to mean something, right? Jeff and I thought....AWESOME. My mom thought...FISHY. After a night of sleep...I realized my mom was right. The bank countered our offer $25,000 higher...not even joking.

We didn't really know where to start. So we went back and forth 3 times with the bank, over the last 6 weeks. Its been a nightmare. They wouldn't even budge on the first counter. "Get tougher," my mom said, "don't let them see how much you want this. Be willing to walk away." I've been stalking the interests rates daily knowing if they went up much further, we wouldn't be able to afford the house. At week 5, I was ready to look at houses again. I was over it. I was convinced interests rates were too high. When I told my real estate agent, two days later we had an update.

The Bank liked our last offer and it is in processing. On December 30, we heard the bank approved and now it had to go to the investor who holds the loan. Another 3 - 5 days. Well, last night, we got the call. The short sale is approved!!!! And just in time, with the interest rate just right.

Now we have a whole list of things to get done in the next two weeks and we will be in our new house, if all inspections and karma goes right, before our 1 year anniversary. Yay!