So I promised that I would let people know what happened with the house...
I am not sure the story is completely over but here is where things stand right now.
Around the end of August I got a call from our Agent telling me that he had just got off the phone with the agent and that the deal had been approved! I was super SUPER excited about it, I called Seth immediately and told him. We thought about not telling anyone until we had the official approval letter (Probably should done that in hind sight) but we were too excited so we told some close friends and family.
In an email we were told the file just had to do one last check through QC and that we should have our approval letter within 72 hours...
Fast forward to the end of September now, NO approval letter, we keep asking where it is at, getting no answers. Our agent starts to do some digging around only to find out that a week prior the bank had ordered a BPO (Brokers Price Opinion, basically a cheap appraisal done by a real estate agent to let the bank know where the house should sell at.) They DO NOT order BPO's to be done on a home that is already approved so why was it ordered? Come to find out we never had approval, The BPO came back at a higher amount than our offer which meant the bank would not approve the sale. Meanwhile the house was set to go into foreclosure in a week from that day.
We talked to our Real Estate Agent and decided we would try to get a postponement on the home from going to foreclosure... We had tried to cut the emotional ties we had to that home, but it was hard. While looking at some other no so great homes our agent got and email from the listing agent asking us to provide proof that we were 100% serious about the home and showing we had "our ducks in a row"... That secretly gave me more hope that it would pull through... 2 days before the foreclosure date we were told that the bank would not approve the postponement nor the sale of the home at our offer. We decided to submit and offer at what the listing agent said where the BPO came back at... This was higher than what we really wanted to go but our thoughts were, we would submit the offer, get it approved and keep the home from going to foreclosure, then tell the bank our appraisal came back less than the offer therefore needing to come down on the price of the home.
Jump back a little, with all the craziness going on with the home my mom called the listing agent (since we were never getting a great idea of what was really happening with the home from him) and pretended to be interested in the home. He had told her that there was an offer in on the home but that it was going to foreclosure next week.
My mom got a follow up call the day the home went to foreclosure... WHY? Because the listing agent got sidetracked and forgot to submit our offer into the bank to keep it from going to foreclosure. Talk about being pissed! Had the agent done his job I probably could be one step closer to having my house.
Since the house was sold at auction we will still have a chance to pick it up when it comes back on the market as a bank owned home, We don't know when it will come back on the market it could be anywhere from 30 days to 3 months. We are still looking into homes as they come up on the market but it’s so hard to see the good in the other homes when my heart is still tied to this house...
