A non update kind of update....(UPDATED).

[TBM]

We aren't going to hear anything until tomorrow, probably by noon EST. 

It turns out that the husband is oot on business right now and won't be back until either late tonight or early tomorrow. *sigh*

At least we get to see more houses today to distract...including a very unusual 1925 ish, truly 'one of a kind' house with an interesting history, that needs someone who 'gets it' to honor it.  We have been semi obsessed with the house for some time, and now that she has talked to the daughter of the owners and learned more about it, and has seen the photos, our realtor is really excited to go see it. 

---

::UPDATE::  sort of.

The sellers are expecting another offer today, but their realtor called ours and said that they are leaning toward accepting ours and wanted to know if we would consider getting our financing through their relocation company's approved lender. 

The relocation companies are so weird.....the contracts are really hard to understand.  Ours made it sound like you had to use their people, but it isn't mandatory, just recommended and just a little more work on your part.  I thought it was more about you as a buyer and what agent you chose as a seller, not that it affected someone buying your house.  weird.


Keep doing what you are doing...prayers, crossing things, whatever.  It seems to be working.

[bunnymendelbaum]

The wait stinks, but glad you have other options too.

[kaylie]

God that sucks. I'm sorry - I remember how hard the waiting was! Good luck.

[candreco]

Ugh, I hate the wait. When we bought this house, the sellers' agent was OOT for the weekend, and the sellers were unwilling/unable to review offers electronically, so we had to wait from Thursday afternoon until Sunday night to hear back. It was so frustrating, because we had offered full list price, didn't ask for closing costs or anything else, and everyone kept telling us it was ours, don't worry, etc. Of course we worried though, our old house was already under contract and we had about 45 days left until we had to move out.

[tarheels]

That preferred lender business does not make me comfortable. That feels some shady dealing there - kick-backs behind the scenes or something. There's no legitimate business purpose I can think of to tell a pre-approved buyer of an existing home to use one lender over another. "I have Joe on speed dial" isn't a legitimate business purpose to me.

And I've only worked with a relo company once and wanted to flip it the bird. Giant PITA.

[munkii]

If they want you to use their relocation company's approved lender, they need to 1) stop waiting for the other offer and 2) give you some other incentive. Really, though, it goes back to #1: they need to just accept your offer now. Brats.

[TBM]

Feb 14, 2013 10:47:11 GMT -5 tarheels said:

That preferred lender business does not make me comfortable. That feels some shady dealing there - kick-backs behind the scenes or something. There's no legitimate business purpose I can think of to tell a pre-approved buyer of an existing home to use one lender over another. "I have Joe on speed dial" isn't a legitimate business purpose to me.

And I've only worked with a relo company once and wanted to flip it the bird. Giant PITA.

I think the sellers are as overwhelmed with the relocation stuff as we were before DH talked it through with someone.  I think they might be misunderstanding the whole thing.  We'll see...their agent is talking to ours and ours is talking to our mortgage guy, so they may work it out.

DH was just explaining the hoops we need to go through to sell, and I need to get my act together and get this house ready a bit sooner than I think either of us was expecting to be ready.  Well, I was expecting it and have been getting things done...just slowly.   DH was mostly overwhelmed and thinking that we could/should/would take more time, and he hasn't really gotten much done.

[sjh722]

Feb 14, 2013 10:47:11 GMT -5 tarheels said:

That preferred lender business does not make me comfortable. That feels some shady dealing there - kick-backs behind the scenes or something. There's no legitimate business purpose I can think of to tell a pre-approved buyer of an existing home to use one lender over another. "I have Joe on speed dial" isn't a legitimate business purpose to me.

And I've only worked with a relo company once and wanted to flip it the bird. Giant PITA.

Yeah, I would not do this. Good lenders are worth their weight in gold and bad lenders are a nightmare.

I have seen many times on foreclosure listings (not relos) that buyer can use whichever lender they want but must be pre-approved, regardless, through BOA/Chase/whoever is holding the loan so they know you can legitimately get a loan. If that's what will sway them in your favor and you really want the house, you could always offer to have their lender pre-approve you, but then go through your lender anyway for the actual loan. (Make sense?)

[TBM]

Feb 14, 2013 11:34:06 GMT -5 sjh722 said:

I have seen many times on foreclosure listings (not relos) that buyer can use whichever lender they want but must be pre-approved, regardless, through BOA/Chase/whoever is holding the loan so they know you can legitimately get a loan. If that's what will sway them in your favor and you really want the house, you could always offer to have their lender pre-approve you, but then go through your lender anyway for the actual loan. (Make sense?)

That is actually all they wanted.  Or at least it seems to be all their lender thinks is necessary.  DH thought she was great, and said that everything looked great from her initial checking and she felt that she could reassure the sellers.

I think the sellers were just afraid that someone would put in a bid, then not qualify and they would have to find another buyer.  They seem to want this whole thing to be over with quickly without drama, which hopefully will work in our favor.

The only thing that concerns me is that they are/were expecting another offer, supposedly some time today or this evening.