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Hello Everyone,
I have been following the forums here for a while now and have been researching buying a home for at least the last year. My fiancé and I started looking at homes in February and made several offers on standard sales and foreclosures, trying to avoid short sales because of some horror stories we had heard. As time went by and our offers kept getting declined, we decided to start looking at short sales and what would you know, got not only 1, but 2 offers accepted in the same week.
Well one of the houses wasn't going to work for us after all so we decided to not move forward with that home and decided to move forward with the other home that was accepted. We were under the impression that since short sales can take a while and you're never guaranteed for the deal to go through that we were still going to be able to look at houses, but our realtor said we couldn’t look at homes anymore since we had an offer accepted, even though it’s only been accepted by the sellers agent and not the investor.
This was my first point of irritation with the process. As time has gone by, its been about a month now since we got our offer accepted, I have seen other homes in the same track that are significantly larger sell for $7k-$15k less than the home we offered on. So I began looking at recent sell prices for the area, something I should have done before making the offer, but I trusted my realtor’s opinion on our offer price so I went with it, big mistake, possibly. We offered $190k on the property and homes in the area are selling for about $170k-$185k.
Now I understand that if the appraisal comes in less we can show that to the investor and hope they then accept the appraised value, but this isn’t a for sure thing and if they don’t accept then we are now out the costs of the appraisal and home inspection($800). I’m just kind of confused on what to do now, do we just say forget it and walk away from this short sale and try to start looking at other properties with a new realtor or do we stick it out and chance it with this property?
To be completely honest this isn’t the home of our dreams and there are better homes out there, but we actually have an offer accepted and the ball is rolling so this is why I don’t know what to do and am just asking for some advice. Any help or opinions would be greatly appreciated it.
You are allowed to pull your offer. You should be fine with getting your earnest money deposit back, if you gave one, but you will not get back any other money paid for appraisal or inspection. If you aren't 100% sure this is the house you want, back out. Also, find a realtor that you trust.
Trust your instinct. Get.
We walked away from a short sale after the bank came back with their offer. BOY was our realtor pissed. But I didn't care. They were the selling agent only and ignored us for 2.5 months.
Until there is a signed purchase agreement, there is always a way out.
Why buy a house that isn't your dream?