t-dog
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Post by t-dog on May 12, 2015 23:31:31 GMT -5
Buyers are going forward with purchase despite me fixing nothing. They are doing the fixes called for by FHA lender. Here's hoping I find a new house quickly.
ETA: so the two decent possibilities went pending last night. The one right by school had a bidding war and went for over asking. So next month my house is sold and I have no where to go - totally panicking and absolutely regretting putting mine on the market.
F&^*!!!!!!!!! |
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taz157
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Post by taz157 on May 12, 2015 23:35:53 GMT -5
Great job! Good luck with closing and the new house search! When do you need to move by? Also, are you with this ?  |
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t-dog
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Post by t-dog on May 12, 2015 23:57:52 GMT -5
Closing to be in roughly 3 weeks and I will likely rent back a bit. Couple of strong possibilities on market.
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yogiii
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Post by yogiii on May 13, 2015 7:07:55 GMT -5
Is this all due to wanting to be walkable from your son's school?
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t-dog
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Post by t-dog on May 13, 2015 7:44:08 GMT -5
It's due to a couple of things, walkability being one.
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shanendoah
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Post by shanendoah on May 13, 2015 14:56:28 GMT -5
I think you're in the same general market as me, t-dog, so I wish you luck. We're closing on our new place in June, and it will be walkable to all the schools it's zoned for, but that wasn't one of our criteria. A lot of the neighborhoods around here are acting like it's the early 2000's again when it comes to the real estate market. You need to see stuff the first weekend its on the market and have an offer in by Monday or Tuesday.
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t-dog
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Post by t-dog on May 13, 2015 15:04:49 GMT -5
its crazy
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movingforward
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Post by movingforward on May 13, 2015 15:07:37 GMT -5
I think you're in the same general market as me, t-dog, so I wish you luck. We're closing on our new place in June, and it will be walkable to all the schools it's zoned for, but that wasn't one of our criteria. A lot of the neighborhoods around here are acting like it's the early 2000's again when it comes to the real estate market. You need to see stuff the first weekend its on the market and have an offer in by Monday or Tuesday. Same thing where I live. Right now they are estimating real estate is 11% over market value. I have decided to wait a couple of years to purchase anything. Of course by that time interest rates will probably be up but still... Good luck t-dog |
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mollyanna58
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Post by mollyanna58 on May 13, 2015 15:08:50 GMT -5
I thought the plan was to rent for a little while. You can still do that, and watch what other houses become available.
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TheHaitian
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Post by TheHaitian on May 13, 2015 15:10:03 GMT -5
I thought the plan was to rent for a little while. You can still do that, and watch what other houses become available. This Can you put your stuff in storage and rent a place close to the school in the meantime while you look for a place? |
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saveinla
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Post by saveinla on May 13, 2015 15:14:14 GMT -5
And if history repeats itself, then you can snatch a great place at the price you want  |
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Bonny
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Post by Bonny on May 13, 2015 15:19:44 GMT -5
Buyers are going forward with purchase despite me fixing nothing. They are doing the fixes called for by FHA lender. Here's hoping I find a new house quickly.
ETA: so the two decent possibilities went pending last night. The one right by school had a bidding war and went for over asking. So next month my house is sold and I have no where to go - totally panicking and absolutely regretting putting mine on the market.
F&^*!!!!!!!!! Is the one by the school the same as the one that needs all the work? |
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t-dog
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Post by t-dog on May 13, 2015 15:49:14 GMT -5
There really isn't much in terms of rentals close to the school.
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ArchietheDragon
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Post by ArchietheDragon on May 13, 2015 15:52:26 GMT -5
Is your deal contingent on you finding another place? If so you are safe.
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t-dog
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Post by t-dog on May 13, 2015 15:52:48 GMT -5
The one by the school needed some work but went pending last night for over asking after a bidding war. The original one I put an offer in on but didn't go with as the counter was a sale not contingent on sale of my house (which then wasn't possible as I couldn't handle 2 payments) has dropped price 10k to 499, its move in ready but I still think it is overpriced.
New major fixer came on the market this morning for $350k but it has an oak tree root that has lifted the foundation and would need all new flooring and the 1970 gold wallpaper taken down throughout the house. |
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t-dog
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Post by t-dog on May 13, 2015 15:53:51 GMT -5
Ha I wish Archie - no it isn't and I never knew you could make a sale contingent on finding a new place and my agent never mentioned it. I guess its not hat I didn't know, I just never even had the thought.
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Deleted
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Post by Deleted on May 13, 2015 18:56:51 GMT -5
Why rent back? Just push out the closing date if you need more time.
Offer again on the one with the $100K kitchen, lower than your last offer & still contingent on the sale of yours (but now you have sale pending). See if they take it. You liked the house, just seemed more frustrated (or empathetic) with her costs than you should be. Offer what you think it is worth. Do the dance. People's perspective can change over time.
Good Luck & Don't freak out. You can rent or buy, so give yourself permission to find what you want. don't do a panic buy because you think you must buy immediately.
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t-dog
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Post by t-dog on May 13, 2015 19:03:50 GMT -5
no point in going through the dance with the 100k kitchen lady, she was at her rock bottom and needs to be willing to drop her price significantly to make up for all the work that needs to be done now that inspections have occurred.
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t-dog
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Post by t-dog on May 13, 2015 19:06:15 GMT -5
to show how crazy it is I saw one property today that was listed for 350k as is. When you walk in you realize that the giant oak tree is about 6 inches outside the bedroom window and it has lifted the house on one side noticeably. the roof was hit by a huge limb falling off said oak tree and it has and does leak badly. It really needs to be torn down. On the plus side I know the neighbors and they are great people (whose house was missed by inches when the branch fell). The house needs to be torn down and they are asking 350 for it!
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tskeeter
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Post by tskeeter on May 13, 2015 19:07:58 GMT -5
Buyers are going forward with purchase despite me fixing nothing. They are doing the fixes called for by FHA lender. Here's hoping I find a new house quickly.
ETA: so the two decent possibilities went pending last night. The one right by school had a bidding war and went for over asking. So next month my house is sold and I have no where to go - totally panicking and absolutely regretting putting mine on the market.
F&^*!!!!!!!!! Don't worry, be happy! That's what those extended stay places are for. Tskeeter, veteran of four months at the Extended Stay America. OK, OK, I don't wish that on anyone. Especially an anyone with kids. |
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on May 13, 2015 19:09:50 GMT -5
Oh my , t-dog!
What a quandry.
I agree that renting may be your best bet, even if it's not in a desirable location or a desirable structure.
You'd be able to save money if rented for six months or a year.
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t-dog
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Post by t-dog on May 14, 2015 1:16:25 GMT -5
In looking at apartments around, most are half the size of my house for rent that exceeds my mortgage. Still wishing I haven't listed the house now.
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muttleynfelix
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Post by muttleynfelix on May 14, 2015 9:07:08 GMT -5
You can still back out. You would have to pony up some cash, but don't feel like you have to move. Peace of mind is important too.
(My BFF had a seller do that to her last year when the ssellers couldn't find an appropriate new home. The awkward thing is that they worked for the same company. )
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t-dog
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Post by t-dog on May 14, 2015 9:35:04 GMT -5
Mutt I'm trying to do just that. Did your bff get the cash buy off offer directly from seller or via agent? Do you know what the seller offered to get the sale to die?
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muttleynfelix
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Post by muttleynfelix on May 14, 2015 9:43:56 GMT -5
They got what their earnest money was. So not only did they get their earnest money back, but then they received the same amount from the sellers. The work was done through an agent, but it was the seller paying them.
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muttleynfelix
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Post by muttleynfelix on May 14, 2015 9:45:11 GMT -5
The awkward part was when the sellee tracked her down at work and said please let us out of the deal.  It would have been much better for everything to go through the agent. |
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raeoflyte
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Post by raeoflyte on May 14, 2015 11:02:22 GMT -5
You'll want to talk to your agent on that. Here its pretty hard for sellers to back out of a deal without the buyer agreeing to it--and considering what the market is like the buyers might not be willing to do that. Do you have any contract contingencies that the buyer might miss and you could cancel the contract then?
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t-dog
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Post by t-dog on May 14, 2015 11:15:50 GMT -5
no contingencies unfortunately. I am willing to give them more than double their earnest money back! I just want out of the deal.
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shanendoah
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Post by shanendoah on May 14, 2015 12:18:03 GMT -5
The contract I just signed had a standard 30 day clause in which the sellers could back out. Our sellers changed it to 21 days (so it could close faster). Check your contract. You might already have an out in it.
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Deleted
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Post by Deleted on May 14, 2015 12:20:17 GMT -5
Get a real estate attorney for advice. Based on what you have posted, I'm not sure your agent is adequately knowledgeable to take you out of this cleanly.
Basically the home you thought was going to be your buy failed on inspection, so you want to terminate the sale since there is not sufficient inventory in the market area for you to rapidly replace.
The RE attorney will tell you the realistic $ exposure and may advise on a starting point for offering compensation to close it out.
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It would have been much better for everything to go through the agent. 