Our offer on the house was once again rejected. We came up $5,000 from our last offer and they finally did at least verbally counter- $500 under their current asking price. Good news is that if they stick to their current pattern of dropping the price every 30 days, we'll be able to come together on December 15th (approximately).
This is good news but if we get our offer accepted in the middle of December we will get a house but not really by Christmas. We would still have to go through the loan process and that would take at least a month. At that point the only way to get our house for Christmas would be to be able to offer cash. With cash in hand you can sometimes close in about 3 days! The title is held by the bank so that makes the title search very quick and easy at least. What do you think?
Another option would be to wait until spring when their price would match what we offered earlier. I'm not sure that is a good idea as one reason this house isn't good for just anybody is that it doesn't qualify for conventional financing with so much that needs to get fixed up. You need to have 3-1/2% of the price for the down payment. Once folks get their tax return monies then they might be able to pull this off but we'll have sufficient to match the cash needed before 2012 when the price drops in December.
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