Friday, June 20, 2008

A Word on Contracts, Agents and Communication

Wow, we almost bought a house. We have not sold ours, but we almost bought one. We intended, and told the agent, we wanted to make a contingency offer, which is a promise to buy the house once certain criteria is fullfilled. In our case, we wanted to buy the house when our house sold. This meant that other buyers could offer on the house and if the seller accepted on of them instead, we'd lose the house. We really liked that house!

But the contract that was drawn up set the contingency on us getting pre-qualified for a loan, not selling our house, so when the bank said, "yes, you qualify," we were locked into buying a house while still paying the mortgage on this one. That would work until September, when I am no longer working and no longer receiving paychecks. Eep!

Long story short, the agent was really pressuring us about this; every time something came up that would block the loan, he had a more complicated way to try and solve it. We had the bank re-run the numbers with just my husband's salary, which did not qualify us (and that's a more accurate portrayal of the future anyway) and terminated the contract. It's pretty standard that if the buyer does not qualify for funding the contract is void. The agent was still trying to find a way around this, but honestly, enough was enough. Everything looked so good for a while, then it started to sour pretty quick. If we're blessed, our house will sell for the asking price or near it, and this house will still be on the market in Wheatland.

In other news, I have my ultrasound this morning, so I might know if Baby Bean is a boy or girl. I'll keep everyone posted.


Jesse said...

Ya life come up like that but everyone know thats how god made it. I will really miss as our la teacher. My aunt Ti Hubert will be the one thats in your place. To tell the truth she actually pregnant too! This one is baby number two. And I'm really excited. Well I'll pray for the sale of the house and a healthy baby. Keep in touch.

Jesse R.

The Fabulous Mrs. F said...

I just had a chat with her about 7th grade surriculum and everything (she lives around the corner from me). She didn't mention the pregnancy, but there was a baby name book on the counter, so I wondered.

Next year, you really need to check out the Speech team (Ms. JK coaches it. I told her about you.) You'd be a natural, I think.