Day 70: That’s Like, 10 Weeks!

by brandt

Today we hit the big “70” mark, as we have officially been waiting 70 days for the bank’s update on the house.  Instead of bemoaning the fact that I don’t do well with uncertainty, or the fact that I could do in 2 days what the bank does in 10 weeks, or the fact that this is how some banks run their business, I’ll stick to my random thoughts.  Here are random things that I’ve thought about/experienced/learned/contemplated during this 10 week process.

  • I’ve learned with these short sales that it’s all about the offer you make the bank, not so much the amount that is on the listing.  The bank is going to do their own special evaluation and appraisal, and the most important thing is the market value of the house.  The biggest factor that we’ve been watching with a very close eye is the comparable houses in the area.  We don’t want homes to be selling for more than we offered on our house, because that means that the market value is going up.  Fingers crossed that the spring/summer home buying season doesn’t start until AFTER the bank gets back with us.
  • Inspiration Weekends have become our new best friend.  Sometimes, sitting at home watching HGTV can be mighty inspiring, but sometimes the best thing to do is go out and actually look at what you want to do in person to get your creative fix.  This last weekend Ashley and I were feeling a bit down in the doldrums about how long it was taking GMAC to get back with us, and Ashley turned to me and said “Let’s go do an Inspiration Weekend at Home Depot.”  So we piled in the trusty Rendezvous, headed over to our local Depot for Homes, and went to work.  We’ve got carpeting on the brain, considering if we get this house, we’d like to roll in some home improvement costs to a 203(k) rehab loan, and the financing for getting carpeting through that kind of loan would most likely be better than financing through Home Depot.  I might do a post about this later, but do you even REALIZE how many different types of carpeting there is out there?  Short, long, dense, sparse, straight, loops, twisties, and even designs in the carpeting.  Then there’s pads, styles, and colors that will make your head spin!  Well, Ashley was in heaven with the different colors, and I was like a kid in a candy store, wanting to touch and feel everything.  It’s one of the little things to get us through the down-time of waiting.
  • I talked earlier about comps.  One of the biggest risks we were taking in going after this short sale was potentially losing out on better deals that came on the market while we are waiting.  As a matter of fact, I have to lead a delicate balance when it comes to checking real estate listings while we wait.  Part of me wants to pour over them with a renewed vigor, with increased obsessiveness and fervor, wanting to see if we’re “missing” anything.  The other part of me wants to stay as far away from those listings as I can, because I don’t want to see something that will make me regret going “all-in” on this house.  If a house goes on the market, but Brandt isn’t there to see it, did it really go on the market?  Deep philosophical questions here!
  • Finally, Spring has given Ashley a chance to enjoy the weather, rather than looking at the weather forecast the night before and becoming very sour.  She doesn’t like winter.  She likes snow, and likes it in doses, but not what we got last month (the highest record snow fall in the month of February in Michigan in about 100 years).  Now that the snow is melting, and it’s starting to be light more and more every night, she’s getting a bit of green thumb fever.  She’s scheming a garden, she wants to get our bird feeders back up for the cardinal families that are outside our window, and oddly enough has a strange womanly desire for PAINT.  Oh goodness.

I’m thinking that we should hear a decision by next week.  It’s been a long quiet winter of home sales here in Michigan, and I think that’s helped us with this short sale.  I think another huge factor is that there were some similarly priced homes that sold that could be used as comps in the area, so it’s not as though market-value home prices are going up.  I feel like Rocky when he gets to the long stretch of rounds fighting Apollo Creed in the original “Rocky.”  Where’s my Bill Conti “Going the Distance” music????

Ah.  Much better.  I’m ready.  Bring it!

Image via Cracked.com.

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6 Comments to “Day 70: That’s Like, 10 Weeks!”

  1. Your patience is mindblowing! I was going up the walls just waiting for the closing date :o) and watching HGTV was just rubbing in the fact that we still couldn’t do anything (despite accepted offer). Ugh! I

    hope you’ll hear a big resounding “YES!” from the bank within the next few days!

  2. 🙂 Thanks Micha. You’ve been great in supporting us while we’ve been twiddling our thumbs waiting for WHO KNOWS WHAT?!?!?! Just be glad you don’t get to see my random freakouts during the week when I turn to Ashley and say “WHAT THE HECK IS GOING ON??? WHY DON’T WE HAVE AN ANSWER!!??!”

  3. Paint rocks. End of story.

  4. Ummmmm can they hurry up and say yes already so we can all get drunk and celebrate all over blogland =) come on peoples! hurry your butts up!

  5. Need to write a blog on your agnst about writing all those checks to get this house and what it is doing to your bank account while you still do not have a house .

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