New Mexico Short Sale as a Buyer: Part IV

Surprisingly, the buyers agreed to fix the broken pipe. However, the plumbers discovered several more breaks in the copper when they turned the water back on. Albuquerque NM homes all over suffered greatly from record-breaking cold earlier this year. Empty houses, like our short sale, fared no better.

This time, there was sheetrock involved. Negotiations began and we agreed to split the cost of repairs.

Four big holes in the sheetrock and repairs got done. Our lender told us the appraiser would not like the gaping holes in the wall so these were repaired at our expense, too.

Our inspector returned and despite a minor drip at the original repair and at the dishwasher drain hose, gave us the thumbs-up. He finished the septic system check..all working properly. We were ready to move on to appraisal! It was March 29. Two weeks left until April 15 closing date.

We paid for the appraisal March 30 online so it would be quickly scheduled. After three attempts to finish inspections, April 15 was starting to seem a lot closer!

April 5 was the scheduled date for the appraisal. It’s amazing how quick the days were starting to go by!

On Friday April 8^th, we get the next stomach lurch on the short sale roller coaster ride. Good news, appraisal was $58,000 over agreed sale price. Yippee! Bad news, there’s no stove. The conversation with Rich, our Realtor, went something like this:

Rich: Appraiser says there’s no stove

Us: No kidding

Rich: The stove is required for an FHA loan

Us: Oh, so they worry that you’ll be able to heat up that rancid food you will have without a refrigerator?

Rich, Laughing: Exactly! All FHA requires is the stove in and working.

Of course, we knew the house had no appliances except a 1980’s built in dishwasher. We had been acquiring them over the last few weeks on a gamble that we really were going to close. But we hadn’t bought the stove yet.

So we went stove shopping. No point hauling some $30 stove clear out to our choice of Tijeras NM homes for sale, then replacing it in a few weeks. Monday, April 11^th, the stove was installed. Appraiser signed off on it that afternoon. What’s next?

I’ll keep you posted…