STRESSFUL...But now more excited than ever!

WOW, David and I have had an amazingly stressful end of 2010!  We almost thought that our hopes and dreams of making this house our home were crushed!  On the date of our originally scheduled closing, Monday the 20th of December, we received an email from our Realtor...."Not going to close today, I'm calling you now."  That one sentence just made my heart drop, and later we found out that there was a problem with one of the banks' approval letters.  (We are purchasing a short sale - there are THREE banks involved!).  Needless to say, we had to wait for PNC to rewrite their approval letter in accordance with advice from our lawyer, who was worried about potential future title problems if the letter was not rewritten.  As many people know who have looked to purchase a short sale, these banks involved can take weeks and weeks to respond to any requests.  AND, this new letter had to more clearly state how much profit this bank and the one in line after it would be making (as many know, proceeds from a short sale or foreclosure are distributed in the order of the lien recorded - PNC was the 2nd in line with one more bank following it).  The third bank was actually going to receive more funding from the sale of the house than the second - usually a big no-no that banks won't accept.  Therefore, this one little letter put David and I on edge as we waited the outcome of the board meeting - it really put a damper on our end of year celebrations. 

Thankfully, we heard on New Year's Eve that PNC had met and revised the letter!  We were ecstatic and scheduled our new closing date - tomorrow, the 5th of January right away.  I really feel like writing that board a Thank You letter, because they could have so easily denied our new request, once they saw that they, as the 2nd lien-holder, would not be receiving a greater amount of funds than the 3rd lien-holder.  So....as I write this I'm keeping my fingers crossed that no other problems arise as we head to Annapolis to finally purchase our new house that has been SEVEN months in the making!

I am sure that many people are interested in the short sale process - what it entails, what to expect, how it works - so I will make sure to create a post that fully explains our experience.  For better or worse, it has helped us to be able to afford a home in the area that we love.  :) 

YAY for move in time!