Fat Lady Didn't Sing

We went up $13K more than originally planned. Seller came down $9K from asking. There is a $5K gap that we can't bridge. Sounds like so little, but that would amount to $18K more than we planned and are comfortable with. No can do.

So, we are at an impasse. We are seeking an extension on our loan time frame at our fixed rate, but we have had no word back from our broker. We have a feeling the seller hasn't had many bids lately and is anxious to sell, but we don't know how much they have to clear to complete their moving plans. Given a few days, they may decide to accept our last offer, but if we can't get an extension, then that won't matter. We won't be able to afford our last offer given the new interest rates.

That is the latest. So, we are considering this house and our loan out unless both of those things change: 1. we get the extension and 2. the seller acquiesces.

The Berris are back to square one. We need a new loan and cheaper houses that we like. Word.

House or No House

Tonight we find out one way or another. There are 3 scenarios, only one in our favor.

Scenario 1: They accept, we get a house.
Scenario 2: They decline.
Scenario 3: They counter and we say "no can do".

Scenario 3 is the hardest. If they counter and we say "no", they can change their mind and say "yes". If they stall for a better bid and then come back to us and say "ok, we'll accept your last offer", we'll have to decline then. Our prequal loan expires on Monday and with the new rates we can't afford this offer.

So it really is now or never for this house. This is either the end or we are back at square 1.

Just in case, I sent out an email to 5 mortgage brokers and am trying to find contact info for 2 more that I know personally. I want them to compete and see what is the best loan available to us for June. So far it looks bleak, but who knows.

That's the update.

Bidding Our Time

No, that is not a typo. I know how to spell biding.

We bid on our first house that we really liked. They countered today, but it is still quite a bit higher than we can afford. We are going to counter with our hard limit and pray like crazy.

The stressful part is the timing. Our loan prequal expires on June 30th and if we start a new one with today's interest rates, we won't be able to afford the same house we can afford today. The new rates are so much higher that we'll have to start looking at houses about $12,000 less than what we are currently looking at. Argh!

Someone go kick G "Dubya" in the ass for threatening to veto a bill in the senate that would give first time homebuyers a tax credit incentive. Then go kick the banks in the ass for jacking up all of the long term loan interest rates up to where no one can afford them even though the housing prices have dropped so much. (Fed guv-ment has no control over the long term loans, just the pansy assed soon to foreclose loans.)

Can you feel the stress? Yup. It's palpable.

Pray for us, light a candle, send good vibes, whatever it is you do. Hopefully by the end of the week we'll have a house, but I am not so sure.

Testing Testing, 1 2 3

Since we have had such fun reading up on our friends' lives and watching videos and images of kids growing, etc, we thought we would try out this blogging thang.

Chris is teaching summer school right now while Kim hooks him up with tastey meals in the evenings. We are currently looking for a house to buy and then live in. Funny the order of such things.

Waiting on High Sierra!