We lost it.

[ha98ed14]

I can't believe we're back at square one. This totally and utterly sucks. It happened in 24 hours, the seller just changed their minds. One guy at the selling bank said yes and the one the next level up said no, so that was the explanation. They won't sell it for the price it appraised for. And our lender won't lend on more than that. I'm so pissed. Disappointed. God, back to square one. WTF am I going to do now??? Me and everyone else in this market.

[elektra]

No way! Ugh. How can the seller not come down? I mean I know they have their conditions or whatever since they are a bank but if the house is appraising for lower than what they can accept, they may as well just take it off the market for now!
A girlfriend of mine is looking for a house too and they are not having any luck either. So dissapointing. :(

[MontrealMum]

I'm so sorry to hear this :( I haven't followed all of the most recent ins-and-outs of your buying/bidding situation because of things going on here, but I know enough to know you've been on quite the roller coaster. And I am just so sorry, it must be terribly frustrating and disappointing. Here's hoping you find a perfect fixer-upper soon :grouphug:

[BelleoftheBallFlagstaff]

I'm sorry!!!!!! I wish you good house hunting mojo!:hug:

[egoldber]

Oh how terrible!!!!! And they are a BANK? Do they not get that a BANK will not lend out more money than a house is worth????

[maestramommy]

Gaaah! That just sucks, I'm sorry! :hug:

[JBaxter]

SOrry there was a story about something similar in our local paper. 28 properties were up for auction for forclosure. there were no bids on 18 of them because the bank wanted to start bidding above appraised value ( by 25-50 grand). The banks complain about all the forclosures but want to recoup 100% of their money. In this economy its NOT going to happen esp with properties that need work

[ThreeofUs]

oh, so sorry! what a PITA. :hug:

[KpbS]

Oh no!! So sorry to hear that. I was hoping they would be reasonable about the price difference.

Hang in there. :hug:

[happymomma]

I'm so sorry that it happened to you. I don't understand why the bank doesn't realize that they can't sell the house for more than the appraisal price. That sucks!

[tamie]

That just bites! Sorry for all your frustration!

[JTsMom]

:grouphug: I'm sorry. :( Here's hoping you find an even better place.

[KrisM]

I'm sorry! I can't believe they didn't come down for you. Really, they think someone is going to pay that much over the appraised price?

[amandabea]

Ugh, I'm so sorry! I actually can't believe the bank.

[elizabethkott]

ARGH!!!!!
How increadibly frustrating!!!!!
I'm so sorry.

[niccig]

Oh no. I'm sorry. Talk about a frustrating. You would think the bank would want it of their books as quickly as possible. It just does not make sense.

[malphy]

I'm sorry to hear the news! That really bites!!!
:hug:

[LarsMal]

Wow- that really sucks. What are they thinking?!?!? Like others have said- they are a BANK- why would they think they could get more than the appraisal? They should be happy to get anything at all and cut their losses.

I hope something even better comes along for you. :hug:

[bubbaray]

That totally sucks.

There is a better house out there for you.

P&PT that everything works out for the better!

[MamaMolly]

That is just such crap. I've been following everything and the lesson I'm taking from it is to get every.thing. in writing. I'm so, so sorry. Here is hoping that you will be in your new *even better* home soon. :grouphug:

[ha98ed14]

That is just such crap. I've been following everything and the lesson I'm taking from it is to get every.thing. in writing. I'm so, so sorry. Here is hoping that you will be in your new *even better* home soon. :grouphug:

Yeah, that's a good lesson to take. I didn't really have that much control over the negotiating to get it all in writing because the agents did all the back and forth. I know our agent is a good person, not shady or crooked, so all I can guess is that this is a first for him too to have a bank pull out. He hasn't had a deal go bad in 5+ years.

Truthfully I am really depressed about it. I feel like I just want to sleep all day and shut out the world so I don't have to deal with the fall out from this. The biggest problem is dealing with my current apt complex mgr. Our lease is up at the end of this month. I extended it one month, but they are making it really hard to go month to month. They want to squeeze us for everything. Just sucks. I know it's not my fault, but I feel like I have SUCKA tatooed on my forehead. We have near perfect credit and no debt except one student loan. We just don't have a ton of extra cash to pay the dang bank what they think their house is worth. We can only pay what we can get a loan for. But I don't think I will ever be in a position to pay cash for a house... So depressing...

[niccig]

Truthfully I am really depressed about it. I feel like I just want to sleep all day and shut out the world so I don't have to deal with the fall out from this. The biggest problem is dealing with my current apt complex mgr. Our lease is up at the end of this month. I extended it one month, but they are making it really hard to go month to month. They want to squeeze us for everything. Just sucks. I know it's not my fault, but I feel like I have SUCKA tatooed on my forehead. We have near perfect credit and no debt except one student loan. We just don't have a ton of extra cash to pay the dang bank what they think their house is worth. We can only pay what we can get a loan for. But I don't think I will ever be in a position to pay cash for a house... So depressing...

Go eat some chocolate or ice cream or some comfort food. The deal not working had NOTHING to do with you. The bank wants more money that it appraised for. You can't do anything about that.

Even if you had the extra money, I don't know if it would be wise to buy a house for a lot more than it's appraisal. We bought 4 years ago, and even though we have some equity still, our house value has dropped dramatically - it's depressing to know that we paid so much more.

[arivecchi]

I agree with the previous poster. I know it seems hard to deal with this right now, but I so wished something had gone wrong with my home purchase back in 07 so that we had sat on the sidelines and waited before buying a house. I am pretty certain we will lose a lot of our equity when we sell. Renters are in such a great position right now. You WILL find something even better. Don't know what to say about the rental issue. Hopefully, you can come up with a fair compromise with your landlord.

[Kungjo]

Yuck! I feel for you. Sorry you lost the house. I know that it's disappointing to get your hopes up and then have it dashed like that.

We're getting so frustrated with our house buying situation, that we're ready to walk. See previous bitching post. :(

Hugs!

[DebbieJ]

So sorry!

Just wanted to encourage you with our story. We have been househunting since February. The market is really crazy right now. People are selling because they are in financial distress, but they are still asking too much for their homes (because they want what they owe, like someone else mentioned). So the declaration that it's a "buyer's market" isn't exactly true, at least around here.

My husband and I have seen DOZENS of houses. House #1 was a short sale. Our offer was accepted by the seller. Even before the bank agreed to anything, we had our inspection and found mold, so that deal was done--we walked away.

House #2 was a flip. The seller was a real hardball on price, but we played his game. Then we had our inspection and found some serious mechanical/plumbing issues. The seller refused to fix them because then he would not make a profit. So we walked from that one, too.

House #3--we almost didn't go see it because the online pictures were so bad. It was our last ditch househunting session before we left for vacation and we were pleasantly surprised. We wrote an offer and it was accepted that night. We should be closing in the next two weeks. This one is BY FAR the best house of the three and we got a FABULOUS deal! We are SO happy things turned out the way they did.

So your house is still out there--you just have to go find it! :)

[gatorsmom]

Oh how terrible!!!!! And they are a BANK? Do they not get that a BANK will not lend out more money than a house is worth????

This is exactly what I was thinking. To OP, i"m so sorry you are dealing with this. I know you have a lot on your plate right now and don't need this.

Try to be positive or embrace the sour grapes- maybe there was something really wrong with that house anyway, like it's on a major fault line or sitting on a radon- hub. hugs.

[DrSally]

I'm so sorry! My hope is that something unexpected will happen that will make things turn out so much better.

[SnuggleBuggles]

I'm sorry that happened. ((((hugs)))) I hope things work out soon!

Beth