Caught in the Real Estate CRASH & BURN!!!!

[Poultryprincess]

WOW, the is hitting the fan!
Put our farm up for sale.
2 days later had a "Low Ball" offer
which turned into a Real offer with a
10 day condition of the buyer doing their "Due Dilligance"

A week after, buyers are in Mexico when we found out the deposit cheque BOUNCED
They did Not meet the 10 day condition, nor numerous dates to give us a new Certified chq
Property was back on the market for a day.

#2 buyer came in with a clean deal, only condition was Lawyer approval.
#1 buyer decided they would try again for the property.
This resulted in a price war

Even though #2 came in lower than #1, we decided to accept their offer.
We already had experienced Many missed deadlines, & fudged paperwork.
( #1 wife is a Real estate agent, husband a Mortgage broker. They know better )

The day AFTER we accepted #2 offer, they are phoning wanting out.
They said they felt pressured & want their deposit back.

#1 came back with another bid, just above our 1st accepted bid
- but MUCH lower than they offered a few days ago during with price war.
( paper work came back with more conditions & a day late)
Needless to say, hubby refused it

I think the hunt for a new farm is out the window - , ,

[WLLady]

Sounds like you should walk from both of them!!!

[Poultryprincess]

YES that is Exactly what we did!
Thank goodness we hadn't put any offers on another property

[Shnookie]

That's crazy! Do people put in offers just for something to do?

[Poultryprincess]

What REALLY surprised us is how much the rules have changed in the last 15 yrs.
I thought if you put a deposit & walked, you LOST your $
BUT NOOOOOOOOO it is NOT the Sellers to keep
You have to "prove" to a judge that you have suffered a Loss & he decides IF & how much you get
WTF is that????? What is the incentive to keep folks from doing dummie deals?

I understand #2 wanting out, I hear folks get into a bid war but they haven't been approved for a mortgage that size.
But #2 wrote some dumb ass letter with their offer Pleading to own our place...so we assumed they had the $
Then they asked the agent to cut his commission so their offer could be more.
( we told the agent - NO you don't have to cut your pay, we will accept the offer "as is" )

Our lawyer said today he was supposed to close NINE deals, but FIVE of them FOLDED
He said there is a Crisis happening with the Real estate deals because folks are over extended.
With interest rates scheduled to go up, they don't qualify for the deals they are writing up!

[ross]

Yep just like happened in the US over extended . I've got a young nieve nephew who just been in sales recently even quit his day job . Goin grazy with all the goin on up & down sold not sold . Tried to warn him to slow down but wouldn't listen. I guess we all like that once new baby & all . Hope sorts out for all . Luck

[Killerbunny]

I still remember 18% interest back in the day - anyone else? I guess we just didn't buy what we didn't NEED back then.

[WLLady]

i remember the 18% and 22% mortgages! and 47% on credit cards!!!!!

[Chicky Lady]

Sorry to hear you're having such a tough time selling. My husband and I do a lot of real estate and as a result have had lots of negative experiences like yours. We've found that every time something like this happens, it works out better than expected in the end.

[kenya]

Sorry for your tough time, my nephew thought he had his house sold 10 times, I couldn't believe people did that. Some backed out 3 days before they were supposed to get the house. In the end he finally did sell it.