Tuesday, May 21, 2013

Real Estate Woes

So I've been on this journey of trying to buy houses and being outbid, enduring the pre-foreclosure on the condo I've been renting, to the opportunity to buy said condo because the owner decided a short sale was the way to go, so I feel it's only fitting to share the most recent news.

The owner didn't accept my offer.

The realtor listed the property at $165,000 and I put in an offer that was $10,000 above asking price. He told me he had already talked to the owner and she was comfortable with my offer. Legally, however, the realtor had to put it on the MLS and blah blah blah, which obviously resulted in more offers. He presented her with several, mine included, and low and behold, she saw the figures and accepted an offer from a shark INVESTOR, who put in a bid at $70,000 over asking price. Basically, right after the post on Friday, I found out I didn't get it. And I was pissed. And emotional. And yes, I cried. Not only had the realtor gotten my hopes up, but I let myself get a little excited about the prospect of staying. I knew it wasn't a sure thing, but he made is seem like the deal was nearly in the bag. I was already figuring out how I was going to afford to update the kitchen and the bathroom, when I could rip out the carpet in the dining area, what type of curtains I was going to put up, and how I was finally going to get a nice washer and drier. Alas, my dreams were dashed.

Of course I have the right to stay through my lease and the investor apparently was willing to keep my rent at the current rate (though who knows for how long), otherwise, I could leave with my security deposit and whatever money they'd give me in a "cash for keys" type offer.

So, as I'm trying to determine what I'm going to do, the realtor calls me again. Now he wants to set up a broker walk-through and an open house. I'm confused because I thought it was a done deal, but he informed me the greedy little bitch owner didn't accept any offers because there were suddenly several smaller units going for more money and apparently the bank wouldn't accept an offer so low. So now the new listing is at $230,000. Let's recap for a minute though, because I know my math a little better than that. She had an offer for $5,000 over the new listing price and SHE REFUSED IT. Does that make sense to you? If she had an initial offer that was over the new asking price, you would think she would have taken it, but I can only imagine that she's going to try and get every last penny out of this out-dated condo so she doesn't owe anything. I can't say I blame her entirely for wanting to recoup a loss, but what happened to integrity? When did people start thinking it was okay to STOP paying their mortgage for no good reason? Especially when I was essentially PAYING IT FOR HER. I would think that would be considered fraud, but hey, what do I know? I just have morals. I know she's going to walk away from this condo with even more cash in her pocket than she already has from me since she stopped paying her mortgage. She'll be able to pay the bank back what she owes and get more than a little for herself, too. What goes around comes around though and even though I'm more than a little bitter at the moment, I'm trying to just let it go. There's nothing I can really do about it anyway.


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