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House Sale Fell Through

October 1st, 2014 at 01:05 pm

Well, our buyer's really screwed things up and now they can't get a loan, even though they'd been pre-approved, so our house sale has fallen through. It's rough luck, but just goes to show how important it is for young people to do their research before trying to buy a house. They made some big mistakes that I guess are not common knowledge, except around here on the blogs.

Strike one was buying a new car a few months ago. You always wait to buy the car after you buy a house, not before. The debts are looked at in different ways and it is always easier to get a car after buying a house, but not the other way around.

Strike two was listening to the loan officer when she told them to pay off some old debt to raise their credit scores...old debt that had fallen off their credit reports, but was reactivated by them paying them off. It tanked their credit scores even worse. They should have paid down debts that were current.

Strike three was that in paying off those debts they no longer had enough money for the down payment we would have required for a seller carried mortgage.

So it's over and the house will go back on the MLS. Hopefully the Canadians that were interested in buying it as a vacation home still are, but they were with a different agent, not ours. Or else someone else will want it, someone who felt like they missed the opportunity when it went under contract.

Please pray for us that we will see a new buyer and soon.

17 Responses to “House Sale Fell Through”

  1. JulieAlbright Says:

    Oh crud. I was hoping your question on the forums this morning wasn't bad news. I know you must be so disappointed and just sick of the whole thing.

  2. creditcardfree Says:

    I'm sorry for you that it isn't going to work. Their mistakes clearly did cost them. Will keep you in my prayers for a sale. Will the price be the same or are you considering a lower price?

  3. LuckyRobin Says:

    Julie, I am disappointed but there was a certain unreality to the whole situation. I don't think I really believed it was going to go through without a hitch to begin with, so I didn't let myself get my hopes up to begin with.

  4. LuckyRobin Says:

    CCF, I am not sure. I think we will put it back on the market at the current price and then if there are no new nibbles by the end of October we will drop the price again.

  5. scfr Says:

    While I'm sorry to hear that you don't have a sale, it's possible you dodged a bullet with the whole seller financing business.

  6. Ima saver Says:

    So sorry to hear that the sale did not go thru. I owner financed a house once and it was a disaster. Maybe this was for the best. (I hope)

  7. LuckyRobin Says:

    Ima, that seems to be the consensus, that it generally turns out to be a disaster for those who do it, so I suppose I am lucky it didn't turn out that way.

  8. LuckyRobin Says:

    Scfr, yes, I am starting to think so, too.

  9. wowitsawonderfullife Says:

    Oh what a heart break! Hope things get better soon!

  10. rob62521 Says:

    Sorry the deal fell through. Hopefully it will work out and someone else will snatch it up.

    A few years ago I was selling my mom's house "as is." The bank providing the loan for the buyer informed me I had to get the paperwork done to make sure there were no liens...I paid for that and come to find out the buyer couldn't get the loan because he hadn't paid his credit card bills. I told both the buyer and the loan officer that they wasted my time and money ... the buyer for not telling the truth and the loan officer for being so pushy. Grrrr

  11. Another Reader Says:

    In your shoes, I would think about dropping the price now. Waiting until winter sets in and the buyers go away won't help the property sell. When spring comes, qualified buyers will ignore the listing as stale and wait for another price reduction anyway. If you price the property attractively now, you could get it sold and not have to carry a vacant house over the winter.

  12. Petunia in a Flower Garden Says:

    Dang! I hope another, well-prepared buyer will appear for you soon.

  13. PNW Mom Says:

    What a bummer....so sorry it didn't work out....fingers crossed another buy comes along soon.

  14. CB in the City Says:

    So sorry to hear this. Hopefully, the young buyers have learned a lesson, and you will get the right buyers soon.

  15. FrugalTexan75 Says:

    I am sorry to hear this. Majorly stinks.

  16. rachel021406 Says:

    Such a bummer. But I know the perfect buyer will head your way soon!

  17. Miz Pat Says:

    Oh rats - This has just been a bummer. I pray that you get a good buyer and the deal you want.

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