Wednesday, May 20, 2009

Catch 22

Chris and I are in the midst of a catch 22. UGH! We had a second showing tonight of a family who is very interested in purchasing our home, even stating that our price is dead on (thank you...we think so too!). Anyway, they have to get mortgage approval, which takes 3-5 days once the paperwork is filled out for a conventional loan, or 2-6 weeks for a VA loan. So, we could be getting an offer soon depending upon which type of loan they go with (we require loan pre-approval prior to making any offers, obviously).

Now, for the catch 22. Chris and I have stopped seriously looking at homes since we can not make any offers until our home sells. Yes, we could get a bridge loan...but we have a brain. If our home does not sell, we will not be buying another one. A bridge loan is one of the dumbest things I have ever heard of! Anyway, we have done some looking by driving by and that type of thing without looking inside. We just selected a few very good potentials this weekend. Tonight, I went on our favorite list to find many of those homes SOLD. Let's just say, this past weekend was a hot weekend for more than just our house! So the catch 22 is if we find homes now that we can buy when the time comes, those homes are more than likely going to be sold when we are in a position to buy. So, by looking now, we could potentially be setting ourselves up for BIG disappointment. I was quite disappointed seeing many of our top favs GONE! UGH! Why does moving up have to be so complicated? Chris and I decided that lazy and/or smart people just stay put!

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