Boy, I make a new thread and by the next day it's all about bull sh*t...how'd you all get into fertilizer as a topic of discussion?
I keed, I keed.
So, here is how things turned out, the day after I gave the seller a 1000 dollar check as a partial deposit before going back the next day (would have been tonight) to give him a larger check:
It's never good at 9:20am and you've just left one bank with a cashier's check to deposit into your other bank to cover the check you wrote the seller last night, and your mortgage broker calls you and tells you, "I just spoke to the Broward County Appraiser and the house isn't worth what he's selling it for, and the bank won't grant a loan for a home priced 19,000 over the value of it...so listen to me, get to the bank and put a hold on that check right now!"
I was heading to my other bank anyway to make that deposit and to deposit my paycheck, so I went (but realized I'd forgotten my paycheck at home-D'oh!) and put a stop on the check. Thank I talked to Harry again, who had just spoken to the seller. The seller went off on him and yelled and cursed at him, and told him to go f*ck himself! LMAO! And this shmuck is a professional buyer and seller? What the guy obviously doesn't understand, because he is apparently not the experienced investor and seller that he implied he was, is that if he purchased a property for yada yada amount of money, he can't sell it 3 months later for 19,000 over the appraised value of it. A buyer with cash could buy it if he wanted to, but banks will not approve a home loan for 19,000 over the value, because it's too much of a risk to them.
So then he calls me up and tries to convince me to that Harry doesn't have a clue what he is talking about, and that he put a lot of money into the house above what he purchased it at. So I told him, that's great, I understand and appreciate the amount of time and money he put into repairing and upgrading the house, but the banks don't care, and will not buy the house for 19,000 over the appraised value. So he kept going on and on about the "true value" of the home because of what he'd done to it, and I repeated again, that the bank won't purchase the home at that price, ergo, I can't buy it at that price. I told him if he dropped the price by 20,000 or more, then there wouldn't be a problem. He didn't tell me to f*ck myself like he told Harry, but he reminded me that he had a woman on the hook who had already been approved for the full amount and she wanted the house, so...I said: Whatever, I don't believe you, that's a classic sales pitch, but if she's fully financed then good luck to her when she buys the house from you.
I was not in the least bit surprised when I passed the house on my way home and the "For Sale" signs were back on the lawn.
There is always a chance that when he realizes he can't sell it at that price, that he'll drop the price. If I haven't found anything by then, maybe I'll go back and look. If not, oh well. I shouldn't say oh well, because I was anxious to move into that house, but you can only do what you can do, and you can't do what you can't do, thus, you can only do what you can do.
And that is the story of how I "almost" bought a house! =P
Laurette Spang Forums
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