But wait, theres more. So, after realizing that the $15K, price reduction left us still a little shy for everything we wanted to do to the house, we ended up denying the loan (we were running out of time with the back and forth between us and Fannie Mae), and pulled out. We got our earnest money back (thanks Maximilian von App), but Fannie put the house back on the market and a day later reduced the public price to match their latest offer to us. Suddenly, we were in a multiple offer situation. Yikes. Last Friday at 10:50 am, in the middle of a bike ride, I called my agents office and raised our best and final a few thousand dollars before the 11 am deadline. My offer was still below listing, but above what I thought the investors who were bidding would pay. And this morning, I got the great news: we won. My best and final was still less than what we were going to pay before, so were coming out a little ahead. No more price haggling, no more back and forth, and well close by mid October. Now the real fun of renovation begins. Whew.
Posted on: Tue, 30 Sep 2014 19:09:27 +0000
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