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House update-maybe some good news

January 27th, 2014 at 12:51 pm

Hi all

House update

Realtor appraisal ( very well written and substantiated)

List price $550k
Sales price $515-$525k

Wow! Average price in subdivision $575k in past 6 months

AND

bank who owns mortgage/house now gave me an extension til 2/28

My broker sent the appraisal to the new hard money lender and we await the (hopefully) increased loan value. Settlement w old bank is $297,500. Lenders points are 6. Interest rate 12%. I have $33k and the potential to raise $5-15k more. Any overage I decided I will fully fund the 'rental emergency fund' so that is at $15k

Prayers!

(for those who asked I have no other option to keep the house except to settle out w the bank.)

5 Responses to “House update-maybe some good news”

  1. Wife of the Deacon Says:


    Sounds good! Fingers crossed for desired outcome. Glad the extension came through. Extension = less stress!

  2. Another Reader Says:

    Sounds like the bank really wants to work with you to get the deal done. Did you get something in writing from them?

    Now it's just a matter of getting a hard money lender to commit and get this closed. Closed means no more meddling from folks that don't have your best interest in mind and a lot less stress for you.

    Any news on the two unit? Were you able to talk them into a short sale?

  3. Rachael777 Says:

    Extension is in writing. been too stressed and swamped to work on 2 unit but will call bank tomorrow. If I do nothing it will sell at auction in 4 months. I have filed Chapter 7 on that house so it has no impact on my credit BUT does start the 1 year waiting period for FHA home loans

  4. rob62521 Says:

    Hope it works out for you!

  5. Rachael777 Says:

    thanks all for the support.. hope to have news today.. counting my money and being positive and saying prayers. Smile

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