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Buying a House is a Pain in the ....

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Buying a House is a Pain in the ....

Old 08-28-06, 05:53 PM
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Buying a House is a Pain in the ....

Let me bring you up to date -

After 7 months, my wife and I finally got an offer on our condo. The only kicker was that we had to close in 4 weeks (Sept. 8th).

We quickly scrambled to find a house - found one we liked, put an offer on it. Long story short, the seller's decided that they couldn't find a house for them to buy and backed out of the deal. Time wasted - 1 week. We found this out on Friday morning and quickly put together an offer for our back-up property (Aug 18).

The offer was submitted on Friday, at 4:30pm with an expiration of 5pm the next day. The agent claimed he was out of town and could not contact the sellers. We received a counter offer on Monday - but the seller's agent had my agent draw up the paperwork because he was "in the field" all day and thought it would be best for him to do it in the interest of time.

We faxed in the signed counter offer on Monday (Aug 21) evening. The seller's agent did not get the seller's signatures until Wednesday night (Aug 23). This is where it gets interesting....

The seller's are in the process of getting divorced, so they are motivated to sell. However, they are upside down on their mortgage and the agent claims that the bank has the final say if this deal goes through or not. He claimed to get approval from the bank on the counter offer, but said a decision would be made by no later than Friday (Aug 25).

Sure enough, my agent tries to contact him on Friday - no answer and does not return his phone call. My agent contacts him on Sunday and the seller's agent says he needs to call him back. Never does.

We are now 2 weeks from close on this property and still do not have their bank's final seal of approval. There was no clause in the contract spelling out that the deal depended on bank approval.

I have instructed my agent to contact the seller's agent's broker to put pressure on him. Him not returning phone calls is extremely unprofessional and if he wants to close this deal, he needs to get us an answer. We're 2 weeks out from our closing date and I don't know if my wife and I are going to have a place to live.

I'm giving them until tomorrow, 5pm, to have a definitive answer around if this deal is going to close or not. No answer = we walk away from the deal and explore other options. I just have a sinking feeling that the agent/sellers are holding out for a better offer (we're $5k under list) - the listing is still showing as "Active" even though we've had a signed contract for a few days now.

I just needed to vent - this whole situation has been driving me crazy.
Old 08-28-06, 06:06 PM
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Originally Posted by Tygan
I just have a sinking feeling that the agent/sellers are holding out for a better offer (we're $5k under list) - the listing is still showing as "Active" even though we've had a signed contract for a few days now.
Does the seller know your situation? If so, expect a big squeeze for the extra 5K in the next couple of days.
Old 08-28-06, 06:18 PM
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No, the seller doesn't know our situation - they just know we want to close on the 8th.
Old 08-29-06, 08:49 AM
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if you really want to sell fast, call the seller, make a deal and let your agents take care of the paperwork. this way you know the agent isn't lengthening the process for more commission.

7 months is pretty close to average selling time except for the last 2 years
Old 08-29-06, 08:51 AM
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If you get screwed over... Gas can. Burn their shit down.
Old 08-29-06, 09:36 AM
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If they are upside down, doesn't that mean their property is losing value? Why would you want to buy it? Just curious.
Old 08-29-06, 09:38 AM
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Another option is to just put your stuff in storage and move into an apartment for a couple of months or longer while you look for the house you really want. That way you do not feel rushed, which is probably a good thing for a decision as big as this.
Old 08-29-06, 09:59 AM
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They are upside down because they took out an equity loan for 125% of the value of the house...say to convert credit card debt into mortgage debt or to buy a car.

Pretty dumb move if you ask me.

We are happy with the house - it is the house we want. It has everything we were hoping to get in a house.

Our agent called last night - he finally got a response from the seller's agent and he said that the bank is still working through the numbers with the seller's. We should know something in a couple of days. My agent seems pretty confident that we won't lose out on the house, but it's likely we'll have to change our timeline for closing.

No big deal, we can live with my wife's parents for a few weeks if we have to. We're also asking the buyer of our condo (who is buying it as an investment property) if we can rent it from them for a few weeks if our timeline for closing is extended.
Old 08-29-06, 10:03 AM
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Cool. I hope it works out. We will be doing the same thing (buying house/selling condo) within the next few months and although looking forward to getting the house we really want, I'm sure it will be a taxing experience.
Old 08-29-06, 10:36 AM
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I'm in the process of buying a townhouse in a co-op development. You are scaring me.
Old 08-29-06, 11:13 AM
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Originally Posted by Vibiana
I'm in the process of buying a townhouse in a co-op development. You are scaring me.
I thought this wasn't going to be for 1 or 2 years. And you can expect this kind of stuff if you ever sell a condo...

But, onto the OP:

If it took 7 months to sell the condo, sell the condo. Put stuff into storage, move in with family or friends or rent a short-term place. Unless your market is completely different from the rest of the US, most people advise to sell your house first (or be under contract) before looking to get your own house.
Old 08-29-06, 11:25 AM
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I've bought 2 homes, and they were both VERY easy purchases. Granted, they were both new homes with no previous tenants, and I bought straight from the home-builders who bent over backwards to please me. There was also a 1-year warranty where they'd fix ANYTHING for a year, no problem. Add to that the fact that a new home costs pretty much the same as an older home (within the same size and location type), and I doubt I could ever buy an old used home.
Old 08-29-06, 12:33 PM
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Originally Posted by The Bus
I thought this wasn't going to be for 1 or 2 years. And you can expect this kind of stuff if you ever sell a condo...

But, onto the OP:

If it took 7 months to sell the condo, sell the condo. Put stuff into storage, move in with family or friends or rent a short-term place. Unless your market is completely different from the rest of the US, most people advise to sell your house first (or be under contract) before looking to get your own house.
I decided to go ahead with it. I've looked at four units so far and am going to look at another one on Thursday. I have a bit of money put together and it makes sense. BTW, the one in the cul-de-sac was too small. But the neighborhood DEFINITELY doesn't have a grid plan.

I agree with your advice to the OP about renting or crashing with friends/family. Don't buy a house yet -- find the one you want.
Old 08-29-06, 01:13 PM
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..a pain in the WHAT??? The suspense is killing me.
Old 08-29-06, 01:15 PM
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As I stated before, this is the house we want....it has everything we were looking for.

When we signed the contract on the house, the seller's were going to meet our close date - then came the explanation regarding the issues with the bank, etc.
Old 08-29-06, 01:18 PM
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Originally Posted by Bandoman
..a pain in the WHAT??? The suspense is killing me.
A pain in the huge, pregnant belly.

Bandosprog will have his own room in my townhouse. Wanna come and have unsupervised visitation, sugar bunny?
Old 08-29-06, 01:19 PM
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Unsupervised? Wow, that's a better deal than the PA courts have given me.
Old 08-29-06, 01:41 PM
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Go for it if it's the house you want. I bought the house I wanted before mine was even for sale (I did have a for sale sign in front but no realtor or expectations) Good thing the new one was under construction.

Incidently, the second home is closing Thursday so I'll be paying 1 mortgage again like normal people, yay!

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