Still Negotiating

We still have no contract yet from our offer yesterday on our house. We submitted a counter offer yesterday and they responded with another counter offer. It is almost like a game at this point as we again submitted another counter offer to theirs. Evidently, this couple that is wanting to buy our house is only approved for a mortgage amount just below what we are asking. We know the adage that a bird-in-hand is better than two in the bush, and we know that we are running out of time to get things done before the summer, so we are trying to work with them. We are very close to an agreement and hope to have one today. It was made clear to them that this was our final offer. If necessary, we will continue to market the home for another couple of weeks before turning it into a rental for another year if no immediate qualified buyer is found. There is no rush to give away the house. At this point, we believe we will get it done today.

Should the deal come together today, the 29th of March is their projected closing date. That is a very aggressive date with any FHA loan that normally requires at least 45 days to process. Our hats are off to them if they can pull it off. We certainly will help any way we can to make it happen on time. They submitted a pre-qualification form with their offer, so work has already begun on a loan. That amount for which they pre-qualified is almost right on the amount required to support the current negotiations.

Stay tuned, and have a happy March...