This morning my real estate agent informed me on voicemail and email that the house i was going to buy next Tuesday was not going to be purchased. I’m a first-time homeowner and the home was just dashed away from me. So as you can imagine, i am too depressed to actually write out what happened, so instead, i will copy/paste the emails.
So i called her, talked about the situation and how it blows ass. I told her that i’ll get back with her about what i’m gonna do now. When i got home from the hospital, i checked my emails again and she forwarded me this from the seller’s agent.
The part that really pisses me off is that the seller’s bank out in bloody California has been playing along with all of us the whole time. Up until today, they were fine accepting my offer. I just have feeling with the $700B federal payout, the bank is crawfishing me.
The worst part, i feel at least, is that i was able to lock in on this for 5.5% interest. I do not see me being able to move into something i could consider within a reasonable amount of time and still be able to keep this rate.
Now i also feel a little bit bad because i’ve annexed half of my parents basement with moving boxes. I just now realized i will have to cancel the furniture delivery too that was scheduled in 2 weeks because i won’t have a house for the guys to move things into.
I don’t get excited about many things, but this, my own townhouse to call my own, had me feeling really good. Now i want to be held as i cry myself to sleep listening to the Kathy Lee Gifford lullaby CD.
Ouch, sorry you had to go through that. In plain terms this sounds like it was the homeowner needing to sell to get out of their mortgage, buyer (you) and seller (him) had agreed but the bank who owns the existing mortgage killed the deal?
The one thing that I learned buying a home out here in a fiercely competitive market (SF Bay Area) is that it’s kind of like dating - you’ll get turned down many times but there are plenty of great matches out there, and no matter how ideal a particular home seemed there are tons more just as good.
So have a beer, grump about it for a day and then move on. I lost out on something like six homes (at the time it was a bidding war out here) before buying my place. At first it sucked but then I realized it’s going to happen and no home was as ideal as I’d thought it to be when I first saw it. If a deal falls through it just wasn’t meant to be and you wouldn’t want to get stuck with a headache anyhow.
Well, that sucks. However, my mother gave me really good advice when I first started looking at houses - DO NOT FALL IN LOVE. Do not “have” to have one. There are more. If you get emotionally invested in a particular property, you end up spending too much on it or handwaving away major stuff in the inspection or whatever. So yes, this is frustrating. But on the other hand, your house is still out there.
I am looking again, but i am still seeing the same overpriced townhouses and run down duplexes as before with the same prices too.
I don’t know what a “tax sale” actually is, i emailed my agent asking and just waiting for a response.
Yep, for some reason they picked today to kill the deal instead of a month ago.
I certainly didn’t fall in love with this. It wasn’t really “loveable” but it was something i could definitely work with and meld into my “home.” It’s location would put me just about 7 minutes from the hospital instead of the current 15 minute drive. And, it would have let me carpool with someone else i work with and we could park onsite at the hospital instead of parking 1/2 mile away and get shuttled back and forth while the parking garage is being constructed.
I don’t think it’s located in Carroll County then.
OK, disclaimer…tax sales are not my area of practice, I’m not your lawyer, you don’t know me, laws vary from jurisdiction to jurisdiction, and I may be completely full of shit and talking out of my ass at the same time.
However, from what little I remember, a “tax sale” is a risky proposition, at least in my state. In theory, you “buy” the property for the amount of taxes owed…but the catch is the owner has some period of time to “redeem” it…ie, pay the taxes himself, and reclaim the property from you. The mortage holder might qualify as the “owner” for this purpose, and would probably redeem the property.
Oy, how I wish someone would have given me this advice. We found our dream home… a For Sale By Owner, perfect price, perfect neighborhood, the Perfect House[sup]TM[/sup]. We placed a competitive bid only to have the sellers choose someone else to buy their home and I cried for thee days. A week later, their deal fell through and the owners called us to see if we were still interested.
In that week, we had placed an offer on what I now call our “rebound” house. Our offer was accepted and it was a legal and binding contract.
Long story short, it cost us $7500 in penalties to get out of the rebound house contract so that we could buy the Perfect House[sup]TM[/sup]. It was worth every single penny.
The ass that forced us to pay the $7500 was later convicted of embezzlement (unrelated to our deal) and we still live in the Perfect House[sup]TM[/sup] to this day, over 14 years later.
Here it is the tax debt that is auctioned off, and the owner has several years to scrape up the money to pay off the tax sale certificate before the certificate holder can move towards foreclosure. The person who purchased the tax sale certificate gets an absurd amount of interest when it is redeemed.
House buying is usually a real pain.
It’s a HUGE amount of money, it affects where and how you live, your commute, your neighbours and even what parties you can throw.
And you have no control over the transaction until they sign.
When I was buying my first house, I had the mortgage in place and the seller’s agreement.
The house was near my job and near a railway station.
It had a good view and was in good condition.
It was a reasonable price.
It had taken me a month to find, and I had already paid fees to assess the property and to a solicitor to handle the legal stuff.
Literally 15 minutes before I bought it, the mortgage company changed their mind and pulled their money out. :smack::mad:
Fortunately my solicitor was superb. He called round a couple of local firms and got me a mortgage in 10 minutes.
Sometimes yes, sometimes no. We just bought a foreclosed house, and it was like a regular house-buying transaction. The difference was that we were dealing with a bank instead of an owner, and therefore had a committee of who knows how many rather than the one or two people a normal sale would deal with.
We had an offer in on a short-sale ourselves, but it sat so stinking long that the original house we were interested in (and had lost to a higher bid) came back on the market. We withdrew our bid on the short-sale house and re-placed it on this one, and got it.
There are a bunch of them going at auction around here too. This is one of the most foreclosed-upon markets in the country, and if they don’t eventually sell, they go to auction. That looked like a royal pain in the ass, so we didn’t mess with any of those.