SYNRGYdesign

So we put an offer on a bank owned house last week.  I didn’t really get my hopes up because we’ve put in an offer on another bank owned house last month and that didn’t go anywhere.  I figured if we got it great, if we didn’t we would just move on.  Each time we put in an offer, it’s a new learning experience for us especially when dealing with banks.  Well we found out today that the offer was accepted.  We didn’t even get a written statement saying they accepted, just a verbal from the listing agent.  I wonder if that’s normal.  Does bank owned give them the right to forgo some of the standard operating procedures of buying a house?

Our agent said that we are basically in escrow.  We’ve signed the acceptance offer and they say we will be closing on the 29th.  Short escrow but we don’t really care.  It’s definitely a fixer - bad carpet, stains everywhere, missing light fixtures, original everything - think pick bathtub and tiles!  I think most people got scared by the house.  Those that put in offers probably are contractors and flippers hoping to make some money.  It’s in a good neighborhood and a huge lot so there is a lot of potential.  Remember, we always look at the potential of the house - not the cosmetics. 

That being said, I didn’t really think they would accept our offer.  I thought we were just going thru the exercise and they would come back like the last one at a ridiculously high price or say someone else was offering more and we’d walk away.  I’m a little shocked they accepted our offer.  Actually they came back after our first offer and asked for our best final offer.  Which I still don’t understand.  If we put in an offer to begin with wouldn’t that be our best and final offer?  Are they telling us there are other offers and but can’t tell us the price?  That part I never understood and don’t think I ever will.  So now I guess the real saga of home buying begins as we go thru the escrow process.  Hopefully there is a light at the end of the tunnel!

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