October 4, 2012

We Didn't Get the House

So we submitted an offer on Tuesday evening with the parameters that we would hear back in 24 hours or our offer would become null and void.  24 hours came and went, our realtor tried reaching the seller's realtor over and over saying this was "very odd".  I knew we had gone in low but expected a counter, that was the advice we were given so I was confused when we simple got no response.  Frankly I'd never heard of someone just ignoring an offer (especially when I know we are the only activity on the house).

This morning (Thursday) our realtor awake to a email from 1:30am from the sellers agent, odd indeed.  The seller is choosing to ingore our offer entirely, they gave us an itemized list of "updates/upgrades" the home has and informed us that they value the house $10k above the list price.  WTF?  I could list several reasons why that simply isn't true but the most important one is that our market simply won't command such a price for a home with only a few upgrades (some of which aren't included in the sale of the home).  And apparently the seller got the $8k first time home buyer credit 3 years ago, the rules of that credit say you have to live in the house 3 fill years or repay the $8k, so he's factored that into the price of the house.....yeah we aren't going to pay for your decision to sell.

So V and I are walking away.  I'm sad because we do really like the house but like I've said before it's not even worth the list price and certainly not worth $10k over that (at least not in it's current state with an unfinished basement, no a/c etc etc etc).  That house will set the standard for others we look at and I feel like our journey to home ownership is going to be much longer now but it is what it is.  The chances of us being in a new home before the end of the year at super slim.  But the silver lining is that we will continue to build up our savings and pay down my student loans and everything will work out in God's perfect timing.

Much Love,

1 comment:

  1. We just lost a bidding war. Our initial offer was $8000 over list and we did not set a time frame to hear back from the seller. They drug their feet, lied, stalled until they had another off five days later. Then told us to come back with our "highest and best." We threw in another $2000 and said that's it. After 48 hours of deliberating and them calling our lender and buyers agent, we get a forwarded email from our agent that the seller went with another offer. We loved this house. It had everything we could ever want in a house but we could not justify paying anymore and stretching anymore for it. It makes me sad but it's at times like this in life where your faith carries you through!Thank you for posting this. Blessings to you and your family.