Oh my goodness...

So our REA called us yesterday to tell us the house we wanted to make an offer on was in half contract. I was absolutely beside myself. Ugh.

The the REA called today to tell us that the deal was not as strong as it seemed. The reason they werent in full contract was because the buyers wanted a sellers concession to cover the closing costs. The sellers were unsure about it. We made our offer. We countered back and forth and then the first buyers called back saying to remove the concession. The thing is the listing agent doesnt think they will be able to get the mortgage. The sellers said they have 2 weeks to get a mortgage. If they do, it's theirs. If not, it's ours! I can't wait two weeks..oh my god!

I wonder how likely it is they will get it...i feel like i just want to know one way or the other already! I can't handle the stress!

Thoughts ladies?

Re: Oh my goodness...

Honestly don't stop looking for houses. We had 2 houses where we were told stories kinda like that and those deals never worked in our favor

You need to keep looking and if this works out great if not You haven't lost time looking.

House hunting is the worst emotional roller coaster I was ever on and I'm not that emotional type of person

Re: Oh my goodness...

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Posted by alli3131

Honestly don't stop looking for houses. We had 2 houses where we were told stories kinda like that and those deals never worked in our favor

You need to keep looking and if this works out great if not You haven't lost time looking.

House hunting is the worst emotional roller coaster I was ever on and I'm not that emotional type of person

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we are still looking for sure. I hope we find something else that blows us away...i really do. I just want a definitive Yes or No on this house though. This roller coaster is ridiculous.

Re: Oh my goodness...

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Posted by MrsDrinkh20

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Posted by alli3131

Honestly don't stop looking for houses. We had 2 houses where we were told stories kinda like that and those deals never worked in our favor

You need to keep looking and if this works out great if not You haven't lost time looking.

House hunting is the worst emotional roller coaster I was ever on and I'm not that emotional type of person

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we are still looking for sure. I hope we find something else that blows us away...i really do. I just want a definitive Yes or No on this house though. This roller coaster is ridiculous.

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isn't it crazy? we are in the process of looking and its just far too stressful to wait for the answers!!!!

good luck!

Re: Oh my goodness...

It depends on if they are pre-approved. We were able to get ours pretty quickly.

Re: Oh my goodness...

It's definitely a roller coaster ride. Just try to stay sane and realize that everything happens for a reason. We *almost* went to contract on 3 houses before we bought ours - not to mention the bids we put out and lost on others.

I'm confused about one thing though:

They can get pre-approved for a mortgage but they can't get a mortgage unless they're in full contract. So are they giving them 2 weeks to get a pre-approval?

Re: Oh my goodness...

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Posted by geegee827

It's definitely a roller coaster ride. Just try to stay sane and realize that everything happens for a reason. We *almost* went to contract on 3 houses before we bought ours - not to mention the bids we put out and lost on others.

I'm confused about one thing though:

They can get pre-approved for a mortgage but they can't get a mortgage unless they're in full contract. So are they giving them 2 weeks to get a pre-approval?

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Hmm... your right, now that I think about it. I was thinking to myself after I read it, I never heard of someone giving a deadline on a mortgage, I thought your deadline was your closing date....

Your right, they can't get a mortgage without being in contract.

Re: Oh my goodness...

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Posted by alli3131

Honestly don't stop looking for houses. We had 2 houses where we were told stories kinda like that and those deals never worked in our favor

You need to keep looking and if this works out great if not You haven't lost time looking.

House hunting is the worst emotional roller coaster I was ever on and I'm not that emotional type of person

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We had 2 houses fall through on us. One they wouldn't take our offer (and ended up selling it a year later for less $) and one they wouldn't let us get a structural inspection so we walked away. Can i say it happens for a reason, the house we got is so much better. We were really upset about both houses and it worked out.

Re: Oh my goodness...

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Posted by geegee827

It's definitely a roller coaster ride. Just try to stay sane and realize that everything happens for a reason. We *almost* went to contract on 3 houses before we bought ours - not to mention the bids we put out and lost on others.

I'm confused about one thing though:

They can get pre-approved for a mortgage but they can't get a mortgage unless they're in full contract. So are they giving them 2 weeks to get a pre-approval?

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We thought the same thing...they need to get a mortgage committment. Not a preapproval. And the current owners refused to sign the contract until they provide it. Not sure how this worked!

Re: Oh my goodness...

Also, the thing is intellectually I KNOW it will work out in the end. I mean we are in no rush (oter than I want to move lol) But we have a place to live and are saving even more but I just wanted this to work out (Im a brat and loved the area!) I'm trying to be logical about this but it's not working lol.

Re: Oh my goodness...

It never does... its so hard to stay logical when there is a house you love.

GOOD LUCK!

Re: Oh my goodness...

Hope it worksout for you guys Lau!

Re: Oh my goodness...

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Posted by MrsDrinkh20

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Posted by geegee827

It's definitely a roller coaster ride. Just try to stay sane and realize that everything happens for a reason. We *almost* went to contract on 3 houses before we bought ours - not to mention the bids we put out and lost on others.

I'm confused about one thing though:

They can get pre-approved for a mortgage but they can't get a mortgage unless they're in full contract. So are they giving them 2 weeks to get a pre-approval?

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We thought the same thing...they need to get a mortgage committment. Not a preapproval. And the current owners refused to sign the contract until they provide it. Not sure how this worked!

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im so confused. i spoke with a mortgage guy when we got preapproved a few months ago and asked about the whole process. he told me that they CANNOT put any paperwork in to officially apply for the mortgage until both parties have signed the contract. they shouldalready have a pre-approval from a mortgage company to put in an offer, but you still need to sign the contract!!! hmm... very crazy. keep us posted!

Re: Oh my goodness...

Good Luck!!!