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Thursday, August 14, 2014

Upset

I've refrained from writing publicly about this disaster I'm experiencing because on the internet, when someone posts a problem, suddenly everyone is an expert on that topic (just look at the Robin Williams depression situation). In this case, where my buyer's financing fell through last Friday, on the same day I took possession of another house, I really didn't want to listen to strangers who suddenly become real estate experts advising me of what to do. I know that sounds bitchy but it's been a roller coaster ride of a week.

I now own two houses. My husband and I had to use our own savings, rather than a portion of the proceeds of the sale of our previous property, to close on house number two. If you knew how much, you'd want to vomit. We did it without having to borrow from anyone, but it's absolutely stunning we are in this situation. It can happen and it happened to us.

I still can't believe it.

Monday is D-Day. If the buyer can't secure a mortgage and have the money to our lawyer by end of day, we have to re-list the house.

In this market, it could sell fast. It could also sell for less, or it could sell for more.

For those who don't know what happens, even I feel lost, it's my understanding our buyer is on the hook for any financial losses we sustain. Our buyer knows this. It's still not clear to me who is paying for house #1. It sure as hell can't be us. I'm told it's the buyer. Well that's great if the buyer can, but what if the buyer can't?

I know. Lots of questions. I have a pow wow with my lawyer in the morning. I'll keep you all posted.

17 comments:

Bicky said...

Even though I took a real estate law course, I feel in no way qualified to offer advice.

I hope you get it all settled tomorrow. Hard to enjoy the new place with the old one still hanging around, I'd imagine.

C.J. Smith said...

We're settling in but we sure don't feel settled with this huge albatross around our necks. I hope this buyer pulls through. I know you have your fingers crossed.

Bicky said...

^ Toes too!

deepfish said...

Best of luck, noadvice, but prayers, and a question:
Don't these deadbeats who failed to qualify lose their deposit?

George said...

Been there done that. We lucked out when another buyer took over from the original one but the stress was a bit much. We had 3 kids under 5 years old and a surly teenager (didn't want to move) at the time of that move and that didn't help any.

Hopefully your situation will resolve too. You'll never know such a feeling of relief as when the paperwork is finalized and you again a one-house owner.

BTW Cindy my wife is a real estate law clerk with 25 years experience and is an expert on the subject. While she won't give advice, she can explain things better and with more clarity that a lawyer.

Skin Man said...

So sorry!

Peter said...

Here's hoping some B-grade FI will come to the rescue of your buyer and get you out of this lurch.

Sending positive thoughts your way today. Keep smiling, CJ. This, too, shall pass.

Squiggles said...

Oh, that is a bad situation. And no advice from me as to what to do. Except pray?

Here's hoping everything works out for the best.

C.J. Smith said...

We have to sue for the deposit.
What happened was also beyond the control of the buyer. This has been equally stressful for both parties.
I appreciate the support. It's been overwhelming and scary. And I can't wait for what George said - that feeling of relief.

Sylv said...

I'm so sorry! Hoping for a quick resolution/re-sale if necessary.

Al said...

Keep it and rent it.

KA-ching!!!

C.J. Smith said...

Renting it would be ideal if my husband and I were prepared to be landlords, but we're not, but most importantly, the equity in the house is valuable to us and part of the reason we picked our new home and agreed on the price we paid.

TomW said...

Wow, that's very sucky, and must be extremely stressful for both of you. Hope things get sorted out ASAP.

April said...

I am trying to find something supportive to say but my mind is failing me.

Have faith that things will work out as they are meant to work out. Sometimes the lead up isn't ideal, but the outcome is better than expected.

I have all body parts crossed for you.

ms325i said...

Sorry to hear that Cindy. Keep your chin up it will all work out.

Michael Suddard said...

Hopefully it will happen!

Otherwise monetize the blog and I'll click ads 10 times a day to help. :)

JulieBean said...

I'm so sorry! I reallyhope it all works out CJ.
I can't understand how anyone makes a committment to buy a house does not have their financing in place. I know you said it was out of their control, and I admit I am not knowelegable in real estate, but how can financing fall through? I did purchase my own house and knew enought that I had to secure my financing before going out to look at anything.
I would definately sue them for the deposit and any losses.