Friday, September 14, 2012

Gigantic set-back

Can you say "I hate old people's caretakers" with me?

We put an offer down on the Wilson's Road property. It was a reasonable offer considering the property was on the market for over 18 months and nothing was going on.

So we offered 20K less than the list price and asked for closing costs and all the appliances in the house ( fridge, washer/dryer, generator, freezer, etc). We waited...

And waited.

And then we heard from our realtor (the "buyer's agent"). He was not happy. Apparently the owner of the farm, a 92-year old woman, took out a reverse mortgage on the property after she tried to sell her dead-husband's business for a profit and found out that one of her sons had managed to drive the business into the ground. Instead of a profit from selling the business, they had a negative. So it sounds like they took a reverse-mortgage out on the farm and then stupidly listed the farm for LESS THAN WHAT THE REVERSE MORTGAGE WAS? Who the FUCK does that?

You don't go house shopping and when you find the property you want to put an offer on say "Hey, I know you said it was only X amount but I want to offer you 50K more!" NO ONE DOES THAT!

What really happens is what we did - we found a property that was on the market for over 18 months and offered 20K less than list and asked for appliances and closing costs.

The other realtor came back and said not only could the seller NOT afford closing costs, but they couldn't afford to pay the realtors because they listed the property for less than the mortgage amount.

Major disappointment. I LOVE THAT HOUSE! It's perfect for what we need as it is with minor adjustments. Most other places need more significant renovations.

This sucks.

At least we're renting now and don't HAVE to vacant the premises in a set period of time. We can afford to wait...and save more cash for the things we'll need.

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