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Old 06-19-2009, 12:22 PM
 
1,039 posts, read 2,667,304 times
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I really thank everyone for their advice and support. I think this has gotten a but confusing and I don't know how to clarify it all. Bottomline, they sent us a signed offer but as of now we do not have a signed offer. I have spent the day putting fliers up around campus and calling the pastor of a churcg that is being built down the road, hoping a staff member or congregant might want to be near the church. The pastor was super nice and promised to pass on the house info. We are waiting for one last chance with the old potential buyers but I do not trust the agent so I am not letting myself believe/trust what he says, everything will be in writing from now on. Thanks again guys. Hopefully soon I can update with a simple "we have sold the house" statement. I know you guys are all trying your best to guide me out of this complicated situation. I have learned a lot through this experience though , which sometimes is all your are suppose to get out of a situation. THANKS AGAIN!!
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Old 06-19-2009, 12:34 PM
 
Location: State of Being
35,885 posts, read 67,040,314 times
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Quote:
Originally Posted by gkleoni1 View Post
I really thank everyone for their advice and support. I think this has gotten a but confusing and I don't know how to clarify it all. Bottomline, they sent us a signed offer but as of now we do not have a signed offer. I have spent the day putting fliers up around campus and calling the pastor of a churcg that is being built down the road, hoping a staff member or congregant might want to be near the church. The pastor was super nice and promised to pass on the house info. We are waiting for one last chance with the old potential buyers but I do not trust the agent so I am not letting myself believe/trust what he says, everything will be in writing from now on. Thanks again guys. Hopefully soon I can update with a simple "we have sold the house" statement. I know you guys are all trying your best to guide me out of this complicated situation. I have learned a lot through this experience though , which sometimes is all your are suppose to get out of a situation. THANKS AGAIN!!
I am so so sorry, GK. What a roller coaster this has been.

You have a great attitude - you did learn something from all of this - and that does have value.

Just remember - if there is a contingency that spells out what type of loan the potential buyer must secure (and that should always be in an offer) then it is not a "done deal" til that requirement is met. When you sign an offer with that contingency, you are agreeing to let the person out of the offer if they cannot get the mortgage w/ the terms they outlined.
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Old 06-19-2009, 12:45 PM
 
2,341 posts, read 4,047,546 times
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Very true.

BTW, have you already moved? IOW, is the house vacant or are you under contract somewhere else?

Quote:
Originally Posted by gkleoni1 View Post
I really thank everyone for their advice and support. I think this has gotten a but confusing and I don't know how to clarify it all. Bottomline, they sent us a signed offer but as of now we do not have a signed offer. I have spent the day putting fliers up around campus and calling the pastor of a churcg that is being built down the road, hoping a staff member or congregant might want to be near the church. The pastor was super nice and promised to pass on the house info. We are waiting for one last chance with the old potential buyers but I do not trust the agent so I am not letting myself believe/trust what he says, everything will be in writing from now on. Thanks again guys. Hopefully soon I can update with a simple "we have sold the house" statement. I know you guys are all trying your best to guide me out of this complicated situation. I have learned a lot through this experience though , which sometimes is all your are suppose to get out of a situation. THANKS AGAIN!!
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Old 06-19-2009, 01:04 PM
 
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Originally Posted by baybook View Post
Very true.

BTW, have you already moved? IOW, is the house vacant or are you under contract somewhere else?
We have not moved, we are building in Mint Hill and had a contingency upon the sale of our home that we released on Tuesday. My husband & I are both prepared to lose that money if we have to. Our close date is set for 8/18 so we have until then to get this house sold!! All we can do is do our best. I strongly believe things always happen exactly as thye should. I will think of every possible way get this house sold and do what I can we will see... Thanks again guys!!
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Old 06-19-2009, 02:38 PM
 
7,106 posts, read 9,704,608 times
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Default hard money loan

Quote:
Originally Posted by gkleoni1 View Post
We have not moved, we are building in Mint Hill and had a contingency upon the sale of our home that we released on Tuesday. My husband & I are both prepared to lose that money if we have to. Our close date is set for 8/18 so we have until then to get this house sold!! All we can do is do our best. I strongly believe things always happen exactly as thye should. I will think of every possible way get this house sold and do what I can we will see... Thanks again guys!!

Just a thought. Maybe before you lose your money and give up the house you want you should investigate the cost of a hard money loan. Don't know if the interest will be less than the loss you might take in not meeting the 8/18 closing.

Perhaps someone on board can answer this?
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Old 06-22-2009, 02:38 PM
 
1,039 posts, read 2,667,304 times
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Quick update... We have lowered the price a good bit and new showings are already starting to line up. Plus the old prospective buyers supposedly will be sending us a signed contract with the loan pre-approval letter and have been told they must lock a rate immediately (same day). We will see... Thanks again to everyone. I am always willing to hear constructive criticism and learn from my mistakes!
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Old 06-22-2009, 03:36 PM
 
169 posts, read 411,946 times
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Glad to hear things may be looking up. I'll keep good thoughts for a quick, smooth sale...
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Old 06-22-2009, 06:13 PM
 
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Quote:
Originally Posted by gkleoni1 View Post
Quick update... We have lowered the price a good bit and new showings are already starting to line up. Plus the old prospective buyers supposedly will be sending us a signed contract with the loan pre-approval letter and have been told they must lock a rate immediately (same day). We will see... Thanks again to everyone. I am always willing to hear constructive criticism and learn from my mistakes!
Just curious--will you offer the "prospective buyer" from last week the new lowered price?
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Old 06-22-2009, 06:27 PM
 
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Quote:
Originally Posted by johne482 View Post
Just curious--will you offer the "prospective buyer" from last week the new lowered price?
The new lower price is slightly higher than our current verbally negotiatated price but a lot lower than our original asking price. I hesitate to give out exact numbers b/c this is the internet afterall. Plus when you put in your offer to buy my house tomorrow John, I don't want you to have an unfair advantage... Bidding war anyone? hehehe
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Old 06-22-2009, 06:50 PM
 
7,106 posts, read 9,704,608 times
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Quote:
Originally Posted by gkleoni1 View Post
The new lower price is slightly higher than our current verbally negotiatated price but a lot lower than our original asking price. I hesitate to give out exact numbers b/c this is the internet afterall. Plus when you put in your offer to buy my house tomorrow John, I don't want you to have an unfair advantage... Bidding war anyone? hehehe

Don't think I can afford it. Sorry. Just sent email to my agent with offers on two houses we will make in the morning. Besides I wouldn't have a clue how to buy a "normal" house. ie: not foreclosure, short sale, Reo, craphole.

Good luck,
je
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