No deal on SFH#1
July 17th, 2006 by KenricSee, this is why nothing is ever closed until it’s closed. You see how buyers and their agents can flat out lie to you until the very end.
This is an email from last Friday:
“The buyer has signed all the docs and sent it back here but I don’t know what time it will get here. Just want to keep you guys posted.”
This is an email from this morning:
“My client looked through the docs and stated that his mortgage is too high and he cannot afford that kind of payment especially when he wants to rent out the house.
He also has his primary home mortgage that he is paying. So he is canceling the deal stating that his payment is twice what he wanted it to be.”
Now I just need to get the earnest money released to me to close this chapter. I also don’t consider earnest money mine until it is in my bank account. This is why I stress the importance of getting a decent amount for earnest. I have definitely incurred some costs due to this sale (rent, extra utilities, late mortgage and HOA payments, moving expenses) of probably around $1,700. So the $5,000 earnest should cover my troubles.
Posted in Real Estate | 3 Comments »
Stumble it!
That sucks bricks. If the EM was in escrow, you SHOULD be able to get it back w/o any problems (knock on wood).
By Steve on Jul 17, 2006
Man.. Some people are so shady. It’s not that hard to estimate what your payments will be on a loan, so this guy had no business going this far into the deal without that knowledge. And he was planning on renting this out? How could he even determine if it was a good deal without knowing what his cashflow would be? Looks like inexperience cost this would-be investor $5,000.
By Shaun on Jul 18, 2006
The guy didn’t check what his payments would be before he started signing on for the deal? Sheesh.
By Jason_MI on Jul 19, 2006