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kathygnome ([personal profile] kathygnome) wrote2011-08-22 11:29 am
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No Go on the House

It's a no go on the house. They won't accept an offer with a contingency on the sale of our house.
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ancarett: Sheldon pours some tea (BBT Teatime Sheldon)

[personal profile] ancarett 2011-08-22 05:40 pm (UTC)(link)
That sucks. When we were buying this house, they accepted the offer contingent on the sale of ours but with the caveat that they could entertain another offer until we had sold ours (which we did w/in 24 hours of listing because we priced well, knowing what our other offer was).

[identity profile] kathygnome.livejournal.com 2011-08-22 06:22 pm (UTC)(link)
Apparently foreclosures tend to be very inflexible and this one is. The reason we found out so quickly is a friend at work recommended a realtor and by chance they had submitted two bids a bit below asking last month both of which were rejected with the only response being a one line counter offer of the asking price. So he had the offering agents number and had a suspicion it might be inflexible.

One possibility is putting our house up and when we get a contract, seeing if they're more interested in doing some kind of a deal then.

And I really think it will be hard for them to find someone to jump through the hoops of 1) making it a primary residence, 2) putting in $30k of repairs, and 3) not getting that $30k out of the sale of another home.

[identity profile] jinjre.livejournal.com 2011-08-23 11:14 am (UTC)(link)
I'm really sorry to hear that. I could hear the longing for that house in your posts.

[identity profile] kathygnome.livejournal.com 2011-08-23 11:29 am (UTC)(link)
It is about as close to the perfect house as we could imagine and I suspect we will regret not being able to get it despite however nice a place we find.

We will be working on whipping this house into shape and getting it onto the market and we'll see though. If we have a confirmed buyer and the other one has sat for another month, it may mellow them out on the expectations. There's some demographic reasons that it would be very hard to sell with those conditions on cape. (Though if it were available for investment/rental, for the same reasons it would not have been on the market for more than a few days.)

[identity profile] malwae.livejournal.com 2011-08-23 03:18 pm (UTC)(link)
That kind of makes sense - inconvenient, but I'm glad to see some more caution in the handling of housing loans.
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