Here Goes Nothing

We made an offer on the Tardis House!

We're offering about 87% of the asking price.  Our realtor gave us a bunch of market info, and high 80% to low 90% of the asking price was the going rate for homes in the district.

However, Murphy's Law.

The seller's realtor did not tell us that the house is going into foreclosure and will be put on auction starting Monday.  Luckily, our realtor contacted the other realtor and a bank.  We managed to get a preapproval letter and an offer out to the seller, who will then pass it to the lender (it's a short sale), who will then hopefully stall the auction while we negotiate.

Awesome case scenario:  Lender accepts our offer and we go to escrow.

Good case scenario:  Lender counters and gives us time to negotiate.

Worse case scenario:  Lender goes ahead with the auction.  House becomes an REO.  We would have to wait a few months before it appears on the market again, but this time the house will be sold as-is.

We'll know tomorrow.

ps:  Aunty Lucy said Happy Birthday, Mom.