I've got a major rant.
My wife and I are in the process of buying a house. We found a nice little place that's within our budget. We signed a contract with the sellers for $93,4000. We are going to do something called the Nehemiah Project. Which means we actually borrow an extra $6000 to pay for closing costs and a small down payment so the interest rate is lower. We would borrow a total of $99,000 (we shaved a few hundred off the costs).
We signed the contract, everything was a green light, and we prepared to move. We turned in our 30-day notice to our landlord and are prepared to move out the first week of May since we close on May 1st.
The house will only appraise for $95,000. Therefore, we can only borrow that much money. Our realtors are willing to take a cut in their commission in order to make this thing happen. The price they would sell it to us at will have to be $90,000 in order for us to use the NP (which is the only way we can do this).
They came back this morning DEMANDING $91,000. I thought we'd already covered the part where the bank won't give us that much. I know for a fact that they can afford it (they are buying a house that is less expensive since it is in a rural county), so this is strictly greed (the financier verified this subtley).
Now it appears we aren't getting the house, we still have to move that first week in May, and we have to start all over again. My patience is stretched very thin.
My wife and I are in the process of buying a house. We found a nice little place that's within our budget. We signed a contract with the sellers for $93,4000. We are going to do something called the Nehemiah Project. Which means we actually borrow an extra $6000 to pay for closing costs and a small down payment so the interest rate is lower. We would borrow a total of $99,000 (we shaved a few hundred off the costs).
We signed the contract, everything was a green light, and we prepared to move. We turned in our 30-day notice to our landlord and are prepared to move out the first week of May since we close on May 1st.
The house will only appraise for $95,000. Therefore, we can only borrow that much money. Our realtors are willing to take a cut in their commission in order to make this thing happen. The price they would sell it to us at will have to be $90,000 in order for us to use the NP (which is the only way we can do this).
They came back this morning DEMANDING $91,000. I thought we'd already covered the part where the bank won't give us that much. I know for a fact that they can afford it (they are buying a house that is less expensive since it is in a rural county), so this is strictly greed (the financier verified this subtley).
Now it appears we aren't getting the house, we still have to move that first week in May, and we have to start all over again. My patience is stretched very thin.