Tuesday, December 30, 2008

Running out of time and patience.

So Brett and I have been in negotiations with CitiBank to purchase one of their foreclosures since Dec. 7. We knew going in that trying to buy a foreclosure would be a little more difficult than buying from a normal seller, but it was worth the hassle to get a good deal. We low balled the bank and surprisingly they came way off their price, while we only had to come up a little off our initial offer. So we had a signed contract to purchase the house and we were so close to closing on it, when we had the home inspection done and things didn't go as well as we had hoped. The roof has sever hail damage and the heat exchanger in the HVAC unit was cracked. The HVAC unit is original to the house and probably needs to be completely changed soon. So for the past week we've been trying to negotiate with the bank to pay for at least some of the repairs, but it's not looking good. I'm a very impatient person and this whole waiting game, just drives me nuts. It is only worsened by the holidays and everybody taking the attitude that they can't do any work around Christmas time and New Years. So we're supposed to here back today about whether or not the bank is really going to anything. If not, I think we're still going to buy the house, but we'll have to change the HVAC unit right away and that's not cheap. We see no point in just changing the heat exchanger, which cost about $1,200 when the whole unit will probably go bad soon. We know that even if we do have to pay for the repairs out of pocket, we're still getting a great deal on the house. It's a bigger house than we thought we would be buying, it's in a great neighborhood, it's on a culdesac, has a large fenced in back yard, and is only 12 years old. So I think we'd be crazy to let it slip away. I just hope the bank is willing to work with us a little bit. I'm just going to keep praying that things work out the way we want them to. I'll keep everyone updated on our progress. Later.

No comments:

Post a Comment