Someone beat us with their bid, now they have a contract and we don't....Pls Read!

**bradshaw0506** · 12-05-2008, 08:25 AM

My family and I made a trip to Texas for Thanksgiving and when we returned we had sparkly, shiny stars in our eyes over a home we saw at the last minute. We had our agent out there on Monday & Wednesday getting estimates on the repairs before we made an offer because it was a foreclosure being sold "as is." While they did that I got my financing in line and was ready to sign the contract.

So yesterday just before we put in our offer our agent got word that someone else beat us to it by 1 day, however they had not done all the foot work we had and may back out of the deal when they see what needs to be done. Our agent encouraged us to make our offer anyway, so we did.

A few facts: 1) No FHA or VA loans due to condition of the home, 2) Sold "as-is" and seller won't budge on that. 3) It needs all appliances, 4) The condition of the home? It's the foundation, and all three estimates came back around $10k to fix it. When fixing a foundation it could possibly damage the plumbing and if so then you have plumbing repairs costs on top of the foundation work.

So the question is...From your experiences, how likely are these people going to back out? Would you if you discovered all of this or would you throw in the money and make the house yours? Just pretend you had the money, would you still do it?

I'm curious to see what everyone says....Thanks in advance for your 2 cents.

**markbrian** · 12-05-2008, 01:00 PM

In this day and age, contracts fall apart all too often. It is quite possible the buyer either didn't know about the problems. They may be getting in over their heads. And they may not be able to get the loan to buy it. Or they get cold feet at the last minute. Never give up, it ain't over till the fat lady sings! The foreclosure i bought this year went under contract but did not close, the agent called me about 3 months later. Why/what exactly happened I do not know and do not care. I got it at my price.

On the other hand do you really want to buy a home with these problems? Because you may be required to disclose the problems when you sell it someday. Even if you have fixed the problem, the next potential buyer may be scared off.

**bradshaw0506** · 12-05-2008, 01:23 PM

Thanks Mark!

I'm hoping that they aren't fully aware of what needs to be done. We did our homework before bidding, and we got specific financing that would help us renovate the home.

I just hope whomever it is gets scared. I want that house, I want to live there, I want to raise my kids there, we want to retire there. This isn't a 5 yr deal and then sell it off. We would love to have this property as a permanent residence for the next several of decades.

....I'm clicking my heels together.....

Please be scared!
Please be scared!
Please be scared!