House #4: No Go

October 7, 2008 · 0 comments

Well, it looks like House #4 is eluding me on all fronts…

First, The Yellow Stain House is a no-go, as the bank rejected my revised offer, and claimed that my new offer wasn’t anywhere close to what they would accept. While I would have likely upped my offer a couple thousand more dollars, between the foundation issue, the plumbing issues, and the roof issues, I wouldn’t have been able to offer much more than that without risking losing money on the deal.

The interesting thing is that the bank has to now put it back on the market and try to find another sucker…I mean buyer…for the property. And this time, because the agent knows about the issues (my agent even sent her an email with a list of issues), she is legally obligated to disclose the problems to any potential new buyers. Of course the agent may not follow the rules, but assuming she does, she’s likely going to find it very difficult to sell this property.

Who knows, maybe I’ll have another shot at it when the bank can’t find someone else to take it off their hands…

I also got a response on another offer I submitted two weeks ago (#2 on the list). My offer was accepted. But, not to get excited too soon, I went back to the property to check it out (as it’s been two weeks since I’ve been there), and lo-and-behold, in those two weeks, there was apparently a major water issue somewhere, and the house had mold growing from every corner. I had the option of going back to the seller/bank with a reduced offer, but after all the drama of the past few days, and wasting money on inspections for The Yellow Stain House, I decided to just back out of the offer and not deal with mold issues at this point.

Lastly, I received a response to my third offer made two weeks ago (#1 on the list), and that offer was rejected. Just as well, as I really wasn’t excited about that house (it had mold and was about 30 minutes from home).

Overall, I’m completely drained after chasing these three offers, getting two of them, and then losing both. It feels great to get a house under contract, but there’s a lot of work involved in going through due diligence (inspections, turning on utilities, financing, contractors, etc); starting that process and then losing the deal is a downer…and ultimately creates more work (turning off utilities, canceling contractors, etc).

Luckily, the wife and I will be taking a weekend vacation this weekend, and my brother will be running the business for a few days. This will be my first time taking more than one or two days off in a row in several months…I’m ready for the break…

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