I haven't gone into a lot of detail on the sale of the house because it's been a stressful subject around DeuceFamily and I'm trying to keep it light here. But today brought deep disappointment and furious anger and I have to get it out.
The house shows well (or did before there were boxes strewn everywhere) and is in one of the few remaining hot real estate markets, and we had an excepted offer after 11 days. Great. DeuceDad and I haggled quite a bit with the buyers because they wanted cash at closing to pay their closing costs. We new that this was a risk because the property has to be appraised for the amount they want to finance in order to get the loan. But we figured we would know in 2 weeks tops, plus even the price we settled on is in line with what houses are going for in the neighborhood.
FOUR weeks later.
The generous amount of time we allowed them to get their mortgage commitment has come and gone, but we allowed additional time because they assured us (through their banker to their agent to our agent to us) that they were waiting for "paperwork." Four weeks later, we're sure that their is a bigger issue than paperwork.
And now we've lost 4 weeks.
And we have our mortgage commitment on Ugly House.
And our offer is contingent so it's not like we're trapped, but we want ugly house. It's a good opportunity for us.
The thing is that there is no recourse. We have no recourse at all whatsoever besides the fact that we get to keep their earnest money. And even in that respect we were way too flexible and accepted a deposit of only $200. So that's the booby prize for trying to be nice.
Oh, I'm a compassionate person, don't get me wrong. People lose jobs in the middle of a mortgage application and can't come through. That happened to us. But they strung us on for weeks and just didn't even try. Their application didn't get rejected, they never finished it!
I'm a fool. Next time, it's the standard 10% earnest deposit, and the standard times to get contingencies met or the buyers can forget it.
I'm so mad right now!
I don't actually feel better now, but now you know. Hopefully we'll celebrate soon. I'll let ya know.