After all this time, having two close dates and everything ironed out, the sellers accepted a new contract and we're left standing here going what the heck happened? 187 days WASTED!
Been the buyers in a short sale since Jan. 11th. And we're getting down to the end of it. We got an extension on the close from last month and we were supposed to close on the 27th-11 days from now. 6 months wasted into this and we messed it all up! We asked the sellers to fill the porpane tank so we could get a full inspection done, we even said when the sale closes, we would pay back half. So guess what they did? They got a new offer and accepted it over the weekend and we're screwed! 6 months gone and wasted and wow do we feel stupid and taken advantage of! The new buyer gets to step right in and take over without having to wait for anything. The approval is all done, they just get to do nothing and they get the house we have dreamed about since Jan.
It's so unfair and I am so hating everyone involved! All we wanted was a little bit of help because of all the bad stuff the sellers did, they were eating up all our cash. All we wanted was them to put propane in we were going to pay them back even and this is what we get???? So not fair!
SHORT SALES SUCK!
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@Sharon, I hate that this happened to you for sure. Not all short sales are like this one... The listing agent is the vital part of the short sale and the buyer agent is also extremely important. It is so very crucial that your agent pre screen and pre qualify every short sale that you want to look at. The listing agent history and success, the lender, investor, second mortgage, liens, etc...... you have to know all of this going in as a buyer agent/buyer to be able to decide if the short sale is something that is possible. An experience buyer agent will be able to see the red flags if there are any and will be able to advise you.
I can only assume that you do not feel like you were getting a very good deal on the house or didn't feel like you received any sort of discount from non distressed listings based on your other posts..... otherwise a few thousand in repairs would not be a big deal.
Thanks, I really do appreciate that. We knew going into this it was going to be rough. We thought we were getting a good deal and we had no intention of dropping out. We were just waiting to tie up the details and we wanted them to pay for the propane. In fact, they told us on Friday they were going to come up with some kind of plan to pay for it so we were fine. So this all came out of the blue. It was just under handed.
and the reason why the propane was an issue was because we were worried they had done something to or they knew there was a problem with the furnace so that it would need to be replace. We added up all the money it was going to cost to fix this, repair that, remove that, correct that, pay for this and then adding up our closing costs on top of all that and we were getting well over $25000! CASH! And we REALLY didn't see a problem with asking them to pay half the propane. I guess we were stupid and should have just ate another $500, but there went our notion of fair...after all the the other costs they were making us eat. I guess we just pushed them too far.
Our agent told us up front it was going to be a long battle. And he did point out the red flags as much as he could. He was totally blind sided when he found out about the other offer too. I really like him and I will forever say that he did the best he could do under the circumstances.
The sellers agent was going to make Shorts her "specialty". I heard thru the grapevine that this sale killed that for her. And it has been so bad on her that she had to go the doctor for medication so she could deal with the stress. I can only imagine what it was like having to deal personally with the sellers in this case.
Sharon, that is why it is so critical that they buyer agent prescreen the listing and the listing agent... Sounds like this listing agent has little or even no short sale experience and you should have been advised to probably not bother with this listing. Just curious how you get to $25,000 in ceiling fans, propane and landscaping? How much was your offer?
We had two loans for closing so double closing costs. We knew that was going to happen, so we were budgeted in.
From the contract, we knew we were going to have to replace all the curtains and the washer and dryer as well and treat the pool, change locks...that kind of stuff... $4500 at least. That was fine.
These were some of the "surprise" costs that popped up.
Propane $500
Fix roof damage $1500
Replace refrigerator $1500
Remove debris $75
Replace 4 ceiling fans $600
Replace fixture over the cooktop $1500
Correct landscaping, $150 (we were just going to fill in holes) or
Replace landscaping $500
Replace broken window $200
Clean yard $200.
That's over $10000 that would have to come out within the first month. After having pay all closing costs and those related expenses. And that didn't count our down payment either.
We offered 275,000 the house was valued more at 325,000
Obviously we were buying with our hearts and not for the equity. The place a perfect for our needs thou.
$275,000 with $25,000 worth of updates and repairs still leaves you with $25,000 in equity, maybe more after you make the repairs.
sharon you just outlined for me why you should have done the inspection up front. Had you known about these issues up front, you could have adjusted your offer into the lender and also provided the inspection report.
If the house was valued at $325,000 and you add up all the things you just highlighted PLUS your offer, you are still getting a heck of a deal.
Again though the point is WHERE was your buyers agent protecting you through this? Why can the sellers just back out? Something is NOT right.
I do agree, it was a good deal and thus another reason we are heart broken. I really don't know what our agent could have done? I do agree then contract lapse wasn't good. But otherwise, none of the other stuff could he have prevented.
I am being told the other offer was cash and completely as is, no questions asked.
I am finding it more and more annoying to think the seller agent was allowing us and leading us thru the transaction without a contract. That's deceptive and wrong.
What do you mean "without a contract?" did you have a signed purchase contract? If so, the selling agent and seller are bound by the terms of that contract and so are you. My point is, they just can't take another offer because they FEEL like it or because you asked for assistance paying gas.
The question is.. what is your agent doing about it? Has your agent contacted the listing agents broker? What state are you in? Does your contract actually expire on a the short sale or does it take signatures to cancel? I can assure you that if I were your agent, you would not be left with unanswered questions...
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