Wednesday, June 23, 2010

Here We Are Still Waiting

I know I just spent the day yesterday complaining about waiting for our house so if you are tired of this endless diatribe then stop reading now.  You have been warned.

It has now been three weeks since we submitted our offer and two weeks since it was submitted to the bank for short sale approval.  We have not heard anything for a week.  Not a word.  I know people are complaining all over the internet about waiting months some even almost a year so why should I complain.  Here's why.  When we put in the offer the seller's agent told us it would only be two or three weeks at the most because the house had already been approved for short sale by the bank and we are offering the same amount so it should go right through.  So they wasted a week with getting the offer in to the bank so really the bank has only been looking at our offer for two weeks.  Still doesn't that seem like more than enough time to make a decision and to get this party started?

The bank is Bank of America so here is my open letter to them.

Dear Bank of America,

Unlike all the people out there who went and bought houses they couldn't afford.  Those people who got crazy loans without thinking it through.  All the people who almost forced you to close your doors and sink our economy into one of the worst economic downturns we have ever seen.  We are not those people.  We chose to wait.  We saved our money.  We lived as financially responsibly as we could.  We didn't buy.  We waited.  We knew we couldn't afford a house so we tried to do the right thing.  We lived in weird apartments and with weird landlords and unusable yards and old appliances that barely work.  We currently live with a dryer than puts rust stains on all our clothes, with moldy bathrooms and dirty carpets.

Now we are married and have saved up more than enough for a down payment.  We are ready to buy our first home together.  My husband has banked with you for almost 34 years.  He never bounced a check.  He never made any financial missteps.  He is pretty much your perfect customer.

Enough about us.  One of your home loan customers bought a house through you and stop paying their mortgage almost two years ago.  They left the house.  Turned off the water and power.  Let all the plants wither away.  They ripped out all the fixtures.  Ripped out lighting.  Ripped off cupboard doors.

Now you have been stuck with this house for almost two years.  Your customers haven't made payments.  You aren't making any interest on their loan payments.  You are close to owning a house that is becomming less valuable with every day that passes since it is falling into worse disrepair.  The auction is next month so you will own this house and have to pay to market it and lose even more money.  If you are worried about displacing the family of cockroaches who has taken up residence in the home we do regret to admit we will have to move them elsewhere.

You have an offer from a long time customer who is financially responsible and wants to take this house and pay you full market price for it too.

Can I ask what the holdup is?  If it were me I would be throwing the keys at us and running the other way.  Instead you choose to ignore us and basically act like we aren't even here.  If that is how you repay longtime customers then I am not sure I want to do business with you.

We really like your house and would like to buy it.  Can you at least give us a response so we can move on with it already?

Posh Play and Family

(This cute backyard is courtesy of Pottery Barn).

2 comments on "Here We Are Still Waiting"

JIN on June 23, 2010 at 1:57 PM said...

I can only imagine the anxiety of waiting...I don't know what I would do with myself, lol

Chic 'n Cheap Living on June 23, 2010 at 7:19 PM said...

I can imagine the frustration dear. Here's to hoping the bank actually makes a good decision!

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