Felicia
<font color=blue>Proud Policeman's Wife<br><font c
- Joined
- Aug 18, 1999
- Messages
- 560
Other than giving it away??
In mid July we put our house on the market and found a house we wanted to buy.
House we plan on purchasing:
We put an offer on this house and the sellers accepted. They got the contract drawn up and asked for us to put a 5% down payment.
House we are selling:
Within one week of being on the market, we had two families who had a bidding war and ended up $25K over our asking price. We chose to go with the family that were renting an apartment and would be able to close the fastest. (The other family still had a house to sell themselves) We had the contracts drawn up for them and asked them to put a 5% down payment also.
We were both scheduled to sign our contracts and put the down payments on the same day. DH and I go the lawyer and do our part and assumed the buyers of our house were doing the same.
We get a call that night from the realtor saying they backed out of buying our house
! The reason was she is a teacher and the school district she works for was having money problems and she would be getting a pink slip. So no job, no way to pay mortgage. They knew it was a possibility for over one month (it was on the news) but never told us that it would effect her position. (she is an art teacher and the district cut art and music)
When we accepted their offer, our real estate agent stopped advertising and showing our house, because they thought it was "a done deal" that the family would purchase it. So... now we go back to square one. The 'back-up' family still have to sell their house which is over priced so who knows when it will go.
According to our attorney, if we don't sell our house by the time our new house is ready to close... we will lose our down payment ($30K). We cannot get a bridge loan, already looked into that.
I don't feel our real estate agent and her broker are doing all they can do to sell our house. They would be getting the commission on the house I am buying and the house I am selling so why not work for it??? All they do is put a little blurb in the paper once a week. DH and I paid for an advertisment in the paper one week before hosting an open house and the broker got mad at us. Too bad... I gotta get my house sold!
What else can I do???
In mid July we put our house on the market and found a house we wanted to buy.
House we plan on purchasing:
We put an offer on this house and the sellers accepted. They got the contract drawn up and asked for us to put a 5% down payment.
House we are selling:
Within one week of being on the market, we had two families who had a bidding war and ended up $25K over our asking price. We chose to go with the family that were renting an apartment and would be able to close the fastest. (The other family still had a house to sell themselves) We had the contracts drawn up for them and asked them to put a 5% down payment also.
We were both scheduled to sign our contracts and put the down payments on the same day. DH and I go the lawyer and do our part and assumed the buyers of our house were doing the same.
We get a call that night from the realtor saying they backed out of buying our house

When we accepted their offer, our real estate agent stopped advertising and showing our house, because they thought it was "a done deal" that the family would purchase it. So... now we go back to square one. The 'back-up' family still have to sell their house which is over priced so who knows when it will go.
According to our attorney, if we don't sell our house by the time our new house is ready to close... we will lose our down payment ($30K). We cannot get a bridge loan, already looked into that.
I don't feel our real estate agent and her broker are doing all they can do to sell our house. They would be getting the commission on the house I am buying and the house I am selling so why not work for it??? All they do is put a little blurb in the paper once a week. DH and I paid for an advertisment in the paper one week before hosting an open house and the broker got mad at us. Too bad... I gotta get my house sold!
What else can I do???