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blah... back to square 1
I have been super busy lately working on what needs to be done to our new house, packing our stuff, picking out color schemes in my head. Our closing day came and went, with no closing, and now we just found out we lost the house after being under contract for 6 weeks. I am so discouraged.
I want to share a few more details because I know some of you are looking for homes and I don't want you to be caught in this situation. The bank accepted our offer on a foreclosure, and then it came to light that there were multiple liens on the house. The bank owed the city $600 per day in fines, so at this point there are over $250,000 in fines that the bank owes the city. They are not willing to fix the house to bring it up to code, and then go to court to reduce the fines, so they wanted us to take on the house as is, owing all of the fines. Of course that was way too big a risk for us to take, but now they think a new buyer will be willing to take all that on. Make sure you read everything carefully, particularly a hold harmless agreement, so that you do not get swindled like the bank is going to try to do to their next buyer on this house.
I am super disappointed because it was so perfect for us, the price was great, and we were going to get the tax credit. Now we need to scramble to get another house quickly to try and qualify for the credit, but prices may come down a bit more after the rush for the credit is over. I am so ready to move already!
Re: blah... back to square 1
I'm so sorry this happened to you
I wish you luck in your search and hopefully something even better will come along!
Quite frankly, we heard so many horror stories about what's going on in the market right now due to the "credit rush" that we are kind of sitting back and waiting until it dies down a bit. It's been nuts.
That stinks. I can't believe that after waiting for 6 months all this came up. But you know what they say everything happens for a reason. I am sure your dream house is somewhere out there waiting for you.
Good Luck!
Sorry you lost the house.
However, there is a possiblity that you didn't have to pay all those fines... just put the house to code and pay for the permits... fines go away.
We bought a house "as-is" knowing it had issues w/ the city (owner did work w/out permits and got caught). I went to the city and asked what happens. They told me all I had to do is put it to code. Since we knew we had a ton of work to do to the house anyway, that wasn't an issue for us... we took the risk. We also knew we were making out like a bandit w/ the price we paid!
Well, GL on the search!
"If we couldn't laugh we would all go insane" -- Jimmy Buffett
So sorry to hear that. That's crazy, I can't see how anyone would want to take a deal like that, but I guess the banks have nothing to lose.
We were incredibly lucky to find a home that was not a foreclosure or short sale. There were a ton a bids on it, and our offer was originally rejected, but the other buyers plans changed and they dropped out, so we got it and still got a great deal on it.
Even when things go relatively smoothly it's still a stressful process. However, it's worth it in the end.
Good luck with your search.
So sorry you lost the house
. I know how excited you were!
I'm sure you'll find something soon though.
that really sucks!!!
its not fair that actual potential buyers are having to pay for the mistakes the banks made in the past...the best of luck to you
hopefully the market will get a little smoother for buyers...fingers crossed!
He's my fairytale, a dream when I'm not sleeping.
<a href="http://s279.photobucket.com/albums/kk121/behapybride/?action=viewMy Blog: One Project at a Time Blog
My Chart
CP 05/09
BFP on 7/26/09 - M/C 8/13/09 @ 7 Wks
BFP on 10/28/09 - M/C 11/9/09 @ 5 Wks 2 Days
1/25/10 - RPL results everything normal but have low Progesterone
BFP on 06/09/10 - EDD 02/20/2011
My Blog: One Project at a Time Blog
My Chart
CP 05/09
BFP on 7/26/09 - M/C 8/13/09 @ 7 Wks
BFP on 10/28/09 - M/C 11/9/09 @ 5 Wks 2 Days
1/25/10 - RPL results everything normal but have low Progesterone
BFP on 06/09/10 - EDD 02/20/2011