House Update

It's been a long time since I've written an update about the house.  Why?  Because there has been barely any progress. 

I'm going to update in bullet points to try to give you the best understanding of what this process has been like.

1. October - put house on the market
2. November - send offer to bank
3. Bank declined offer, said they wanted $14K more
4. We appeal the appraisal price and provide comps from the neighborhood that are well below the offer price
5. Bank asks for more comps
6. Send additional comps
7. Bank rejects our request and stands at their $14K increase
8. Go back to buyer with bank's decision
9. Buyer says "no way, not worth more than the offer", sends MORE comps to the bank
10. Bank rejects their request - stands at $14K more
11. My title attorney says he hasn't heard from the bank in over a week - also happening with 3 other clients he's dealing with.
12. Title attorney is now trying to see if the bank would accept their $14K more price WITH $5K in credit to the buyer.  If they accept, my realtor will go back to the buyers with that.

So that's where we are today.  Waiting to see what the bank will say.  Apparently, my title attorney said that several of his clients working with my same bank are in the same situation.  The houses were over appraised and the bank is not bending on any of their prices.

This is not good.  It means we will most likely have to go back on the market at the banks price.  And NO ONE is going to buy my house at that price right now. 

So I'm stuck right now.  If the bank refuses and the buyer backs out, then we are back to square one.  That's going to mean some difficult decisions.  I can't continue to manage the house unattended from halfway across the country.  It's going to mean we either walk away from the house and foreclose, or I suck it up and rent it out with my ex.  Neither of which are good options and the renting (for me, at least) is even worse.