Patience

ll of those people who say patience is a virtue are correct. Albeit though, it is not my hubby's nor my strong suit.

We spent Friday, Saturday, Sunday, Monday, and the better part of Tuesday thinking we lost our dream house to the other buyers, their offer was cash. When dealing with this type of transaction the FDIC, or any bank for that matter, will choose cash every time— it is the safer choice from a business and closing stand point for a seller. We just could not compete with cash, even though we were tempted to offer more than our last negotiated deal we chose to stand firm in our offer and walk away from a house we had already moved into in our hearts and minds.

Well Tuesday afternoon presented itself with an interesting turn of events. Our fabulous Realtor had spent her Monday and Tuesday talking with developers and builders and searching for us other houses. We were moving on from the house we loved and lost and were looking at building in the same subdivision at least. In speaking with our Realtor Bev on Tuesday afternoon, she mentions to me that the FDIC has not heard back from the cash buyers and they have until the end of the day to respond to them. Did my ears deceive me? I think my stomach just churned and my heart skipped a beat. I am over joyed to hear this but slightly sick as I now have to wait to see if the cash buyers respond within their allotted time. The evening passes by with no news from Bev so we know she hasn't heard either way. On Wednesday morning we are greeted with an excited email to us from Bev, we have the option now to put a contract on the house we wanted!

We spent Wednesday evening going over the contract & disclosures, making changes per our last agreements, signing, scanning, and getting it all sent off. So now we wait again. As soon as we get a copy from them with the FDIC's signature we can start to celebrate, although not too much.

Once we actually have a contract we'll have to have the house inspected. It has been under bank ownership for more than a year, so that makes the possibility of all kinds of things going wrong with it being unoccupied. This inspection and an appraisal are the two items that I am most worried about. If the inspection finds minor items wrong we'll pay a contractor to go in to fix them. If it is anything major, then we'll have figure out a game plan or get out of the contract.

Once we are beyond an inspection we'll have to hold our breathe for the appraisal. See if the house doesn't appraise for a certain value then we can't get a mortgage. If the this happens we'll have to try to renegotiate the contract with the FDIC. It could work in our favor if the house doesn't appraise high enough because then the FDIC would have to have a buyer with cash, or surplus of cash to pay the overage of the appraised value, or come down to a lower price for us.

So please everyone, cross your fingers, do a dance, say a prayer, whatever you must, so that we can move forward with our dream.