When I made the decision to sell my house, I contacted my mortgage company and got a "payoff quote" over the phone, since it takes them 10-14 days to get the actual payoff (which I have yet to get from them and I've ordered it twice). I took that quote to my Realtors office and that is what I based my listing price off of. As the weeks went by with my house on the market, I forgot all about my payoff that I was suppose to receive in the mail. Well, last week when I got the offer on my house, I decide that I better contact my mortgage company to make sure of my actual payoff. This time I was told that my payoff was much more than what I was quoted 3 weeks earlier. You see, earlier in the year my husband was laid off from his job and I got behind on our house payments trying to pay them by myself. So, the "payoff quote" I was given 3 weeks earlier didn't have the accrued interest, late fees, etc. included in it. Now I am under contract to not only sell my house, but to also buy a new house, and I find out this information. What to do now? The buyers offered me a full price offer on my house with me paying $5,000 of their closing costs. Now, with the new "payoff" on my mortgage subtracted from the list price, subtract the Realtor fees, that should leave me, oh about ZERO... Therefore, I am unable to pay the buyers closing costs.
I was given the option of a Short Sale. A Short Sale is where the bank will accept an offer on my house for less than what I owe. Which the buyers have to agree to this, since it can take a couple of months to be approved (why?, I don't know) and with a Short Sale now lingering over me, I am unable to get another mortgage anytime soon. That doesn't sound like my idea of a good time! If the buyers decide that they don't want to mess with a Short Sale (I wouldn't blame them if they didn't) we could put the house back on the market at a higher price and see if we get any offers... I am about ready to walk away from it all!
MY HEAD HURTS...
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