So a glitch has come up. I may be naive, but I have an underlying feeling that it will all work out. In the meantime this is what is going on.
Recap: We are buying the house from Fannie Mae through an auction company. We were the highest bidder in the auction & have to close by July 14th or we risk loosing our 5% that we put down. This is "earnest" money, but it's also non-refundable if we don't close by the 14th. We can ask for an extension. We did that once & it was rejected. We will need to do it again and hope that it is accepted this time.
So today the underwriters called our loan officer and said that Fannie Mae does not own the house we are buying. This makes our contract with Fannie Mae null & void as far as our financial dept can tell. Which, if that's true, we shouldn't loose our $, but it's Fannie Mae we're talking nabout. They aren't exactly notorious for being very helpful.
So our loan officer called Fannie Mae's lawyer & asked if they were aware of this. They said yes and that they had sent in a request for a "quick deed transfer". They said we should see it in 1-7 business days. Umm... excuse me? We're supposed to close in 2 days. *sigh*
SO... it looks like we will have to sign a new contract once they get the quick deed transfer. It's all so confusing & I don't even know if I understand it all. Our loan officer didn't even understand it all. She said in all the years she's been doing this (30+) that she has never ever seen a house sold by someone who didn't actually own it. GAH!
It's all just making my head spin.
But... I'm trusting that God wants us in this place adn will take care of it. Pastor's sermon yesterday was in perfect timing for this and if I had time I'd write more about it... but I need to get dinner started. :)