House deal fell through

novahobbies

novahobbies

Well-Known Member
Well, crap. Guess the bank decided to get greedy. They had approved a buyer for the townhouse we are looking at for $115K 2 weeks ago. Their funding fell through, so we snapped on it. Wife signed for the same amount (she REALLY wanted this place) and the seller approved.....but the bank didn't. Seemed to think "hey, we got two people for $115, maybe we can get more...?"
Now they want $125k. Eff 'em. It's out of my range. And I am now faced with finding a place to move to in 4 weeks, 'cause this place has SOLD.
StReSs.......... o_O
You know, I have an associate who has the cash. I'm completely tempted to form a private LLC, lowball the freakin bank and see what happens if an LLC puts in a cash offer at 95K. Best case scenario, the bank goes for the lower offer because its CUF and I buy the place from the LLC in 6 to 8 months, whatever the minimum is.
I'm just so freakin bummed........
 
flower

flower

Well-Known Member

I don't see why a bank would have any say??? Unless the sellers owed more than they thought, and must satisfy the debt to sell.
 
novahobbies

novahobbies

Well-Known Member
Flower, the home has been foreclosed on, and the bank effectively owns it. Nobody living in there (though I suspect a squatter, but I digress....) so in actuality it's the SELLER who has no real say in the process...they're just hoping the bank sells the house for any acceptable amount so they don't get their credit destroyed any more than it already has been.
The bank in these cases pretty much hold all the cards. It's their game. I just need to find a way to change the rules. I may have options, I may not. I'll know more tomorrow.
Needless to say this was a "open wine" night after that news. I'm still bummed, but a little less uptight about it at the moment. (hic....)
 
flower

flower

Well-Known Member
Quote:
Originally Posted by novahobbies http:///forum/thread/384748/house-deal-fell-through#post_3371664
Flower, the home has been foreclosed on, and the bank effectively owns it. Nobody living in there (though I suspect a squatter, but I digress....) so in actuality it's the SELLER who has no real say in the process...they're just hoping the bank sells the house for any acceptable amount so they don't get their credit destroyed any more than it already has been.
The bank in these cases pretty much hold all the cards. It's their game. I just need to find a way to change the rules. I may have options, I may not. I'll know more tomorrow.
Needless to say this was a "open wine" night after that news. I'm still bummed, but a little less uptight about it at the moment. (hic....)
Well, who knows...maybe something better is right around the corner. Maybe they won't get another bid and your offer will stand. If you signed papers..it should have gone through.

My life sucks right now...I'm off work because my kness gave out..so have a drink for me too.
 
novahobbies

novahobbies

Well-Known Member
This is off of Boca Rio road (runs parallel to the turnpike) just north of Hillsboro and south of Palmetto Park Rd. It's a pretty nice area.... I'm trying to avoid going TOO far west. Delray has some decent places, but you get into some less-than-ideal neighborhoods pretty quickly there. Same goes for Deerfield. Since Wife is in the final selection for a new job off of Commercial Blvd, we're trying to avoid going any farther north than we already are. I like Coral Springs area, but the prices in that town still haven't dropped back to realistic levels.
 
novahobbies

novahobbies

Well-Known Member
Yeah, I admit we got our hopes up too much about this place. It was, for lack of a better word, perfect for us. Three bedrooms including a huge master suite, a roman tub, a view of the lake out the bedroom and living room windows, and space to keep a mother-in-law for extended visits as well as a potential bambino down the road.
But I'm letting it go. An extra 10K, paid up front in cash, is just not in the cards for us.
Besides, I don't know if mum-in-law would have agreed to staying in the storage closet under the stairs.
 
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