cjik
Welcome 2010!
Member since 2/06 8879 total posts
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Mad...Flakey Buyer! (Long Story)
For one reason or another, the buyer of our co-op has been putting off signing the contracts. Initially her excuse was that some paperwork was missing with the contract (though our lawyer insisted he did include it in the packet to her lawyer). Next, the paperwork got lost in the mail, though it was eventually found. At the time, we thought these were just unfortunate events, though now I wonder.
So, the paperwork finally arrived at the end of the week. The buyer was travelling for a few days, and her realtor and attorney assured our realtor and attorney that she was coming in to sign the contract last Wednesday in the evening when she returned.
In the meantime, we had to either sign a contract on a house we found, or pass on it (the buyer's had another offer and they wanted a commitment from us). We delayed as long as we could, but based upon the information we had, we decided to take the plunge and sign. There were very few other homes in the price range and neighborhood we wanted that we liked, and we didn't want to be left with nothing.
So, Wednesday comes and goes with no word that our buyer has signed, but the weather was so bad we didn't think that much of it. Thursday end of the day we heard she had not kept the appt. with her attorney. By this weekend, we found out that she was waiting for her sister to wire her the money she needed for the down payment! She planned to put a lot down on this co-op, and frankly, that was the only way she could afford the mortgage. We had been assured that she had the money already, however it turns out our realtor didn't investigate this thoroughly--her word was taken at face value. We did know she had been prequalified for a mortgage, that her credit scores were very good, and her income was verified. In retrospect, I wish we insisted to see financial statements showing that she had this money in liquid assets, in HER NAME! But we didn't, so this big goof may cost us.
It may all still work out, though no one has heard from her the past couple days and she is not returning calls to the realtors or her lawyer. Not good.
I'm really mad that she was dishonest about her financial situation. We still would have considered her offer, but I think we would have held off on buying until we knew she secured her down payment. Now we also have lawyer fees to pay, possibly for nothing.  
Well, we are learning from our mistakes. If she comes through, we want to see proof that she has the money she needs. And in any future transactions, I would want the same. Now, I'm hoping we'll get another offer soon or this will be resolved. We decided if nothing happens at the end of the Spring, we may try to rent our place instead for a couple years. We did pay off our mortgage here, so financially, we can carry this place for awhile, but we don't want to carry it forever.
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: Mad...Flakey Buyer! (Long Story)
No, though that time is coming soon. We need to know where we stand with her--and if she does come up with the deposit, we will demand that she show us she has the money for the down payment also.
We really should have been more vigilant, and so should our realtor. I'm mad at him too for not really checking this thoroughly.
We did get some good news--the people we are buying from don't have a house to move into themselves yet, so we can extend the closing date if this falls through. So at least that gives us a little time.
Guess this is our house-buying nightmare--most people seem to have something go awry.
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
|
Re: Mad...Flakey Buyer! (Long Story)
No, no other offers. If we had some, we would have pressed her to get her act together.
As time goes on, I'm getting more annoyed with our realtor than with the buyer. We need to talk to him about how he is checking out buyers--I want him to request more info than he did with this one in future.
As some of you said, it could still work out, though I think we need to plan as if it isn't working out. People are still looking at our apartment, so maybe something else will come up. The realtor is going to begin running ads for our place again today if she doesn't come through, and spring is coming, so we'll hope for the best.
We drove by our house yesterday, and I do love it! Houses like this one in our price range are few and far between, so I do feel better about us moving ahead with that.
Thanks for your support!
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