We're trying to buy our first home. Found a nice home that is a short sale.  Asking price is $150,000.  Its a one story ranch, 2000 sq feet, 8/10 of an acre.  We offer $140,000 and they pay 10k in closing cost.  Well, after two months of hearing nothing, Wachovia accepts our offer, thats the good news.  Bad news is, we have to close on the house by September 30.  The reason being is Wachovia has scheduled to foreclose on the home on October 1st and they refuse to extend the date to make sure we absolutely have enough time to close.  I'm buying the home through a USDA loan, 5.25% fixed for 30 yrs, no money down.  The mortgage lady I'm dealing with says there is a 50/50 chance that we won't be closed in time.  So basically what I'm saying is Wachovia sucks.  Why in the fuck would they rather the home go into foreclosure then just give a little more time to close?

Because they can list it as an asset instead of a loss if it sits in forclosure.

Banks are trying to do everything they can to hide as much of their losses as possible.

yep.  happened to me on several short sales, and my realtor said its pretty damn common, so i gave up on short sales.

I'm just hoping the lender pulls through in time.....

So, you're wife finally accepted this one?

I'm not Deej, but I think you're the guy I'm thinking of...

Yep...and I am the one you're thinking of!  It was the one that was the biggest and closest to work that we both liked.  And actually ended up being the cheapest.

Glad to hear you talked her into it.  I remember the original thread and this looked like a great house.  

I really hope it works out for you.  

(Don't you have an M1009 too?)

Well I had one, I posted pics of it in a thread in the Car forum a couple of days ago.  I sold it no too long ago to pay off bills in order to buy a home.  I'll have another one soon enough!!!