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October 09, 2008


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I commend your patience on this. So many buyers become emotionally invested in a particular house and lose their objectivity. Not you.

Yep, its certainly a bummer when you go through the whole process of getting the house that you really want only to have it crumble at the last minute. Been there, done that. I agree with your sentiment about things happening for a reason. I also think that buying one's owner occupied house should not be an emotionally driven decision. Of course you have to like your neighborhood, your neighbors, the house's style etc., but ultimately emotions should be left out of the equation in my opinion. Emotional attachment to the buying decision often leads to poor choices. Anyone else have a thought on this?

Just curious - what was the one thing which was the deal-breaker?

I'm curious too. I may be looking for houses soon and I'd like to know what one thing would cause someone with vastly more experience to withdraw.

Sorry that wasn't clear. I'd like to know what -I- should also use as a dealbreaker, since I trust your instincts in these matters.

If I were them, in this market, I would bend over backwards to fix the problem on the report and get you back to the table! Who else are they going to sell to?

Too bad about the house. At least it wasn't something like the second credit check some lenders are doing now before finalizing the sale. I know someone who is selling his house, and a week before the closing, the lender ran a check on the buyer. The buyer's score had dropped a couple points since the beginning of the process, and the lender put a stop to the deal.

At least you ended the agreement on your own terms.

I have found that no deal is finished until the Close of Escrow. Especially in the current market. In fact, just 2 days ago I wrote an article about how to handle getting a buyer on a home. Especially in the current market where banks are scared to loan money, it can be rough to sell a house. Your example seemed like a disagreement between the buyer and seller. I've heard of horror stories of loans getting pulled out from under the buyer just a day or two before the Close of Escrow. That really sucks.

Steven/Noah --

What makes one buyer uncomfortable and not willing to buy is not an issue for another one, so there's no standard set of rules. You have to know what will and won't work for you and stick to your guns.

In our case, the water to the house was well water and it tested above acceptable levels for some contaminants. Some (most?) people would be ok with these since there are systems to handle much of them. But we weren't comfortable with any proposed solution, so we stopped the process.

Thanks for the update. My in-laws have a well, and it gives them nothing but trouble. I'd probably have rejected it as well.

Better luck next time, FMF.

As for the robots out there that say don't get emotionally attached - I think that is nearly impossible to do after you find a home that really feels "home-y". The key is to know the cost/benefit and be ready to walk if that isn't in balance. I'd be pretty upset to move to a new home I wasn't emotionally invested in or "loved".

Sorry to hear it, FMF.

I'm sorry to hear it too. FWIW, we have to make about 5k in repairs cited in the inspection report, radon gas being the big one. We're not hesitating to do it. We want the deal to go through.

Good call - you can buy it a lot cheaper in 6 months!

Consider yourself lucky on not getting the house. It is financial suicide to buy a rapidly depreciating asset like a house, especially since so many sellers are in complete denial about the financial situation at hand. I'm sitting on a couple hundred thousand dollars and will wait until greedy sellers get real about the current real estate market.

In times past, buyers had to write sellers letters and bid $50K over asking to get a chance to buy a house. Karma is a bi***!

I ran into this on a house we bid on, but eventually found our perfect house and we moved in on October 1st. I felt that it was just a step towards something better, just as you do. Don't worry, another house will be even more perfect for you :)

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