I played the game and lost in round one.
We had a home picked out to purchase. On dy one we offer a n amount for the property and they realtor for the seller says that they need more money to pay the closing costs, so we agree to the counter offer.
We paid the inspection fee and waited ten days for the decision to buy the home or cancel the contract. On day ten, we are told that there is an issue with the build line. The house is 14 inches over the build line encroaching on the street side. The realtor said there had never been an issue with it before. The title company said they would continue to look into the issue.
So we go ahead an order an appraisal to be done. The next day the sellers tell our realtor that they can’t afford to do the repairs and asks that we pay for them so the FHA loan will go through. We said no to their request.
The sellers seem to be waffling back and forth about selling. They finally give us access to the property for the appraiser to come after cancelling prior -appointment; we are charged by the appraisal company for their missed appointment. We have a builder contractor meet us and the appraiser is there. The appraiser comes out of the bathroom chuckling and shaking his head. The are live ducks swimming in the bathtub. The appraiser puts in his report then adjusts it later; to the asking price.
The contractor measures everything and we start looking for materials and buying them to pick up on the day of closing set for three weeks in the future. I arrange for the utilities to be turned on of the day of closing. I arranged for three contractors to begin work the following day of closing. We are having to have dirt work to correct the water flow onto the home. We are having buildings built, and we are having new flooring and painting done through out the home.
Seven days before closing we are hit with the bombshell that more is owed on the property than the sellers realtor has stated on day one. We immediately terminate the contract for breech of contract on the sellers part. I have to cancel the utilities, insurance carrier, and contractors. I have to cancel the materials purchased.
The stress and strain on us for the five weeks of underwriting, waiting on the results from the commissioner in charge of property easements, abatements, and assessments of right of way, was grueling. We lost time, money, and a little bit of sanity; and the opportunities of finding another house in our allotted time frame.
Now I am onto round two in my striving to buy a house. Already it is above board with the sellers realtor, and we should be able to purchase it within the month of June 2019 if the appraisal and inspection reports come back positive. My realtor is looking out for us this time around again. We are being cautious and prudent in our decisions. Emotions are not a factor this time around. We are trusting in our realtor to keep us informed again.