May 15, 2008

Patience is a virtue

Among many things, waiting sure gives the mind plenty of time to wonder. Curiosity got the better of me and I started researching both properties we’re interested in. I was able to dig up information from the assessor’s website on the Lost Valley home (the one with potential that needed a lot work). It was purchased 10/00 for 183,995, and again 7/05 for 499,990; then it foreclosed in March for 344,470. It’s currently listed for 339,900. I checked it out on today and there is now a contingent offer. Looks like that one is off the table.

Frank considered playing a wait and see game with the other one we like. It's newly on the market; it’s been listed for 2 wks. The longer it sits the more likely the homeowner will be willing to negotiate. He thinks if it's meant to be, it'll still be there. I, on the other hand, would rather know sooner than later whether or not they’ll negotiate our offer. If they don’t, then we can focus our attention on new listings. I think we’ve come to agreement to place an offer once we have approval from our lender.

We were told keeping the condo is a non-issue. The only hitch that the lender mentioned is that we may have trouble getting approved with a FHA loan because they consider Las Vegas high risk. I understand why they’d feel that way, given that we lead the nation in foreclosures, but they should recognize that we are not part of the problem. In theory, there is NO reason we should have trouble getting a loan. However, I’ll be happy once that is confirmed. We expect to hear something today.

Each home purchase we've made has been unique and none have been the norm. I shouldn't expect this one to be any different. I just have to take a breath and know that what will be, will be.

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