So I am rather bitter, and a bit tipsy now. We put in an offer last week on an REO that was very close to full price. Bank wouldn't budge an inch. The home has been on the market for around 6 months, and has dropped in price almost 150k. You would think 5-10k would be peanuts. And so far, its not like they have any other offers. What the hell is going on? If they wait another month or two for a full price offer, they will have pissed away the difference (between our final offer and their terms) in carrying costs. And don't get me started on how their agent killed the deal over commission.
I am highly frustrated, and about ready to give up. We live in a lovely rental home, and at this point, I am not sure it is worth the frustration and headache of trying to purchase. I know many readers have counseled me to wait (on top of the year and a half we have already waited). At this point, waiting might be better than facing continual rejection (its almost worse than interviewing for a job).
I am always hearing these anecdotal stories of the great deals people are getting.....600k homes for 350k. Why can't this happen to us?
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4 comments:
Maybe the banks figure it takes more time and money to evaluate offers and instead simply accept offers within 5% or wait and drop the price x% per month until the home sells.
Seems like too much hassle to try for a short sale of foreclosure and regular sellers and new homes are prices too high.
So waiting is the only option.
Wait it out this year, see what the Alt-A loans start doing and next year make a decision to buy then or wait another year.
We seem to be learning this lesson the hard way =)
Why can't you get a good deal... "because you are too early." EDH is a high priced area and priced were pushed higher with Neg-am loans. Those are just starting to adjust, the peak won't happen for another year, that's when you'll start to see the good deals and banks accepting any reasonable offer.
http://bubbletracking.blogspot.com/2008/06/bmit-intervention-time-with-some-help.html
Be patient is all I can say. I've been waiting well over 60 days now with our offer....and their counter offer..and a counter offer on their countr offer. Whew!. It get's tiresome. Yes I'm one of those that MAY get a deal like you hear but it's a LOoong process and our rate lock of 5.87% has since expired & the seller will have to "buy" back in order for us to accept the home. I will not pay 6. whatever % when we had something under 6%. It's their fault for dragging their feet. Oh the patience one need in this foreclosure process! Arghh! I wish you luck & good fortune in your search.
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