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Un-Escrow

25 Aug

We canceled our offer on the house. We are now out of escrow.

WHAT!! After looking for over a year we have decided to cancel the one home we actually had an offer accepted on. I know it is crazy but there is a reason.

We may or may not have another house in the works. Anyone ever heard of a short sale?

Ages and ages ago (about 4 months) we put in an offer on our dream home.  It was a long shot but somehow they accepted it for a short sale- which ironically is the longest thing ever. Basically on a short sale the seller owes more on their home than it is worth. So when you make an offer on the home you are offering to pay the bank less than they are owed according to the current home value. And the bank is not the fastest moving entity and half the time they end up foreclosing on the home anyway. So we were not really holding our breath for this place.

In the middle of our little escrow we had the craziness news. The bank sent us an addendum to close by the end of September. We were ecstatic. We decided to wait till they actually accepted our offer to cancel the escrow on the regular sale. But a week and a half has gone by and… nothing. While we would need to hold up our end of the addendum, it turns out the the bank can switch that paperwork up whenever they feel like it.

We still haven’t had any additional confirmation on the dream house, but we canceled the other offer in the hopes that our crazy short sale will somehow come through. Taking a bit of a risk on this one.

Buying a house is the craziest thing ever.

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3 Responses to “Un-Escrow”

  1. Brittany August 25, 2011 at 9:19 am #

    I am crossing my fingers for dream home!!!!

  2. andrea August 25, 2011 at 11:35 am #

    Thanks lady! 🙂

Trackbacks/Pingbacks

  1. Happy News! « High Heels & Almond Fields - September 13, 2011

    […] we had an offer on an active house accepted so we decided to run with it; but on a slim chance, we pulled our offer in order to wait on the possibility that we could get the house we really […]

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