House #12: No Contract

November 1, 2009 · 5 comments

A quick follow-up to my post last week about the second offer on The Mini House

Unfortunately, after not hearing back from the agent for another 24 hours, my wife called her (from my phone, as she wasn’t picking up calls from my wife’s phone), and finally got her on the other line. The woman made a bunch of excuses about having an emergency dentist appointment, not being able to get in touch with her buyers, etc. In the end, the takeaway was that our counter-offer wasn’t going to be responded to, and that particular deal was dead.

Btw, as my wife reminded me, this is actually the third offer we had received on this property. Offer #2 came almost immediately after Offer #1 fell through, but we were fairly convinced that the buyers weren’t financially qualified, and chose to reject their offer outright.

So, we’re now waiting for some lucky buyer to submit Offer #4, and hopefully that will be the one that sticks… 🙂

5 responses to “House #12: No Contract”

  1. Mike Z says:

    Not sure of the holding cost but could you maybe refi the loan and turn it into a long term rental and just move on? Some of the house I buy are always destined to be rentals

  2. Shae says:

    Who says that the 3rd one is a charm?!? The 4th one has been a charm for me more than once. LOL! I’m sure you’ll get that buyer soon. Hope the baby is doing great!

  3. jp moses says:

    I hate it when Realtors start avoiding calls…OK, let me rephrase. I hate it when ANYONE avoids calls…simply because they don’t want to have to give you bad news. So frustrating…and immature.

    Having said that…GO LUCKY NUMBER 4! 🙂


  4. J Scott says:

    Hey Mike –

    We still have a good bit of room to make a profit on this one…if we ever get desperate we could lower the list price by another $10K and sell it very quickly. Luckily, the holding costs aren’t too bad, and we have a 12 month loan on this one that still has over 7 months left, so there’s really no rush…

    Good thought though!

  5. J Scott says:

    Shae, JP –

    We’ve had a couple properties go to the fourth offer, so this isn’t really too surprising (unfortunately :))…

    Buyers are tough in this market, and the fact that we can find three or four separate buyers for our houses is a good thing…even if it takes that many to get the deals closed…

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