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*Sigh* Contract Fell Through...

post #1 of 7
Thread Starter 
So some of you may have read my thread where I was going absolutely batty living with Rob's parents as of late. Last Thursday, we signed a contract for six acres of land. Our realtor (also a personal friend of ours), had relayed information that the seller was willing to pay $4000 in closing, and would build an access road if he got the $70,000 asking price. Now that is extremely cheap for this area, considering an acre has been going for an average of $50,000 these days. We figured he was desperate to sell, especially since he no longer lives in the state.

We offered the full $70,000 with the contingency that a road would be built, since his realtor had mentioned that to ours. We also said that it would have to pass a perk test, the survey needed to say we could build a home on it, etc. He had until tonight at 7pm to respond to it. Well at some point today, the seller called our realtor and told her he would not take our offer, he would not put in a road, and the only contingency he would allow was it passing the perk test. He didnt care if we could build a house and didnt care if we could get to the property or not. Rob said that he should just f-off then.

I'm extremely upset I was so excited that we were going to have this in the works. I was getting content with the fact that we would be in the process of buying land, and having a home built by mid-late next year. It seemed like a complete go, and the seller turned into a

Now we are back to the waiting game We went through SO many banks and lenders trying to be financed, and on Thursday morning we got the okay from a bank that they would do it for us. There is barely ANYTHING in this area remotely close to affordable. The places that ARE affordable at the moment are the less developed, more "country" places, all WAY too far from our jobs and the college we go to.

Rob is going to try and get his dad to sell us some land, even though we will be right in their backyard. Beggers cant be choosers though. I just want a house and a decent amount of land. *Sigh* Just needed to whine a little bit.
post #2 of 7
that's horrible, but sounds like for the best. I wouldn't want to deal with that guy. Perhaps his realtor screwed up and he really wanted more
post #3 of 7
Sorry about your loss on the contract. But I like to think of it as you will be getting something better soon.
post #4 of 7
Thread Starter 
He agreed that $70k was his asking price, also what we offered. Apparently his realtor screwed up when it came to the access road, telling us it would be done if we offered the full asking price.

Argh, someone I work with said it probably was for the best too, something may be wrong with the land if he doesn't want us to do the rest of the stuff.

One other good thing about it is that we get our $1,000 deposit to the escrow account back, and dont have to worry about spending $2,000 on a land survey right now (paying for classes this week as well). AND, I'm learning a lot about mortgages and home buying. I could become a realtor in my spare time

I just want a place to call my own
post #5 of 7
If it makes you feel any better, here's what happened to me when I was buying a house.

I found a great place - absolutely beautiful house, pretty good price. My parents liked it too, which if you know any Asian parents, that's saying a lot. So we made an offer, all that stuff, and in the contract, we stated that we would pay for the inspection, but since termites are common in this area, if we found any, the seller would exterminate them for us. She agreed to that contract.

So the inspector found termites, but then the seller refused to pay for extermination. At first we couldn't get ahold of her or her real estate agent, then we found out that when we sent in the contract to them to change it so my dad would be on it, they removed the part that stated she would have to pay for the extermination.

So rather than deal with a very shifty seller, we backed out on the deal. It was sad - I ended up having to move to an apartment. But a few months later, I got my hands on a steal of a deal - 1100 sq. ft., 2bd, 1.5 bath for an incredible price. I pay about as much for my mortgage as I did for my 1 bd/1 ba 600 sq. ft. apartment.

So maybe, this falling through just means that something even better is on the way!
post #6 of 7
Perhaps the seller got a last minute deal that he like better???
Its hard trying to find property with a few acres that you don't have sticker shock when the price is revealed.
I'm surprised that the seller didn't have a perk test done already as the results can affect the price of the home construction. We have 2 of our 5 acres on a separate parcel and its very sandy soil which in my area is a very rare and desirable thing (if we decide to sell sometime in the distant future)
Good luck on your efforts to obtain some property.
post #7 of 7
If you're both in college, isn't there a chance that you'll get great jobs in another area after graduation and want to move anyway? I'm thinking maybe you're supposed to wait to buy a home. Just a thought.
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