Shannon is still waiting to hear whether her contract on a townhouse has been excepted. The housing market in our area is insane.
She put the bid in on Monday with full bank approval and offering them their full asking price. We heard from her realtor on Friday to say that although Shannon's bid was the first the seller received, she had received two others and was contemplating which to accept and should have an answer by the end of the weekend. The problem is it's a short sale (the seller is selling for considerably less than she paid, basically a foreclosure) which is really all that is available in Shannon's price range. A short sale has to be accepted first by the seller (within about a week) and then by the foreclosing bank (which can take 2-6 months or more). I guess it's better for the banks to have the seller sell with a short sale than to take over the house in a foreclosure. As we were viewing homes, we felt very sorry for the sellers, knowing that they were basically losing their homes but our realtor explained that many of these home owners had gotten crazy loans and the best thing they could do was go the short sale route since the homes had become devalued with the crash of the housing market. It's all understandable, to a point, but very frustrating for new home buyers. Shannon is very frustrated and losing hope.
