Nothing ever goes my way - We didn't get the house

My2Beauties wrote: Yeah right at the closing table, I knew it seemed to be going to perfectly. Basically, this may get long so be prepared. Anyways, we were financing through FHA ok, FHA works with this program called the Esther Foundation. The Esther Foundation says that if the seller pays $395 they give the buyer a gift of 3% down on their home. My real estate agent nor the seller's real estate agent had never dealt with Esther before, so my real estate agent contacts my lender and says now how exactly do I need to word this in the contract so the seller knows exactly what is coming out of his pocket, I asked him the same thing. Basically the way I explained above is exactly how it was explained to us, for the fee of $395 to the seller, the buyer gets 3% down on their home. We figured it was a you stay int he home for 5 years type of deal and if you don't you're penalized, that is how most gifts work! We were fine with this, we'd planned on staying in the home a minumum of 5 years anyways! Well, when we get to the attorney's office, because of a hold-up with the flood insurance policy the Hud1 (however you spell it or whatever it is) wasn't given to our agents the day before closing as it normally is. Therefore they didn't get the Hud1 until we all got there. They're looking over it and everything looked fine except the cost to the seller next to the Esther Foundation said $4220 instead of $395 - we figured it was a mistake or somehow the other monies was credited back to them somehow somewhere else on the form. So, the attorney steps in there and we ask about it, he explains that the program doesn't work the way we had thought, he said Esther is completely funded by the seller, the buyer gets the gift of $3825 but the seller must fund that gift plus pay the $395 fee, it's a charitable donation. So we're all like this is not how this was explained to us. Obviously the seller isn't wanting to do that. So we contacted our lender ot make sure and here he is, oh I thought I explained it that way! The house appraised for almost exactly what we were paying so we had no wiggle room whatsoever. So then this is where I was totally turned off by the seller and decided I didn't want his stupid house anyways. The seller is an investor, he had just finished closing on another house that morning, he had a big fat $30,000 check in his pocket. While we're on the phone with the lender I heard his real estate agent tell him she had more bad news about another house he had a contract on, she said the guy won't be able to get the loan now and he goes why not and she goes because he lost his job this morning! He flat out says "not my problem, he signed a contract so I'm suing him, I could care less if he lost his job, business is business!" Well - I know he's an investor and he does this to make money but um... the guy lost his job, take his $500 good faith deposit and leave it at that, why sue him for more money! I mean to me that was just heartless. So anyways, we then offered to take away our home warranty of $400, take away the half of flood insurance that he was paying which is $388 and then our real estate agent offered to take away $1000 off her commission She is DH's cousin, she's family so she was really upset for us that this was happening. I felt bad, I really didn't want her doing that. This seriously only left him getting about $1800 less than his list price! He still said no! we offered him full price on the house and he wasn't willing to do that. He had the audacity to say well I can take out a second mortgage on your home for that other monies and I'll just put a lien on your house until you pay me off the difference! We were both like absolutely not no way no how buddy! Brian was a really mad at this point anyways, he was already worried about his aunt as it was, she was in the hospital having a second stroke, then he has this to worry about. So when we came back in the room after using the restroom and just re-grouping and talking amongst ourselves with our agent, we walk back in there and he has rounded up some figures and he says if you guys can come up with $973 we can close today and we're like hey we can't just pull that kind of money out of our butts - then he starts asking if we can borrow from someone. Here he is with a $30,000 check in his pocket, about to make $24,000 off of us and he's really worried about $973. We told him we would talk with him over the weekend and regroup and come up with something else. We basically sat on it and talked it over and we decided that because the comprables used in that area all had garages and still sold for less, plus the fact that the house had every other appliance except a stove and we had to get a new one of those and for the fact that we were going to shell out $64 a month for flood insurance because it was in a flood plain and that equates to a house that costs about $10k more that we weren't bringing any more money to the table and that the comps in that area are going for about $6000 less than his list price and we weren't willing to give up every single last bit of our equity! He came back and refigured some more numbers and said that he would pay $500 more dollars and he asked our realtor to take another $100 out of her commission, which left us with having to bring $342 (this was jsut this morning that I received this email) but the kicker - he wanted another contract written up with another $500 good faith deposit that made our good faith total $1000 and this time, oh he made me fume, he said our good faith would be non-refundable if for some reason he could not have us at closing by this Friday! I declined and told my realtor I was not willing to do that, I can't drive closing day! I mean come one now, it took us 2 weeks between this contract and the last closing, like we can do it all in another week! I'm sorry! He was arrogant and cocky, he wasn't willing to take another $973 cut when we were giving him full price offer on the home, it's a buyer's market right now anyways according to our lender and she said the average home she underwrites has been sold for 5% less than the list price, which in his case would have been nearly $7000 off, we didn't lowball him at all! He was very cocky and just very hard to deal with when it came down to it. He said he is certain that house will go for list price! More power to him, the $973 he was worried about he'll pay out to re-list the house and another month's interest payment! He can shove it up his butt! So now, again, we've lost the house we had our heart set on! Evidently there is just a house out there that is meant for us to be in and we just haven't found it yet, because I can't take too much more of this! We are going to start looking again tomorrow! Now we have to take furniture back We have nowhere to have it delivered to! I'm just really bitter about the whole incident and how someone who was about to make over $50k in one day can me so darn greedy! I don't want him to have my money anyways! So now we're back to square one. I just received the release and signed it and told him to stick it! He can have it. We've decided to take our lender's advice and look for a house that costs about $10,000 more and we'd have the same payment! We c an probably get a much nicer house anyways! If you read this all, thanks for listening!


ETA: INcase you're wondering, by law the seller cannot give us down payment funds therefore Esther acts as the middle man and that is why there is a $395 fee, because I asked that question why would he pay $395 to give us $3825. Also FHA does not have 100% financing, so even if he dropped the price of the home by the amount of 3% we'd still have to go through some type of program that gives us at least 3% down in order to finance! Just incase anyone was wondering, because I asked the same questions!

Kaitlin'smom replied: I am sorry. Buying a house can be so stressful. Ours almost did not close, ite was 45 minutes of heck the day before ours. I bet you will find a better home. Just keep looking and relax, try not to stress over it.

Greedy man, that just sucks.

C&K*s Mommie replied: So sorry he was such a cocky jerk, and strung you guys along all the while trying to squeeze every penny from you! What a *$*%&!@!!

Certainly, there is another house out there for you. I am so happy that your agent, you & your DH had the mindset not to fall for him and his games of asking to fork over more money at the last minute.

Please continue to keep us posted on what you do get, and I hope you do find a bigger, better place with no strings attached and no greedy people holding those strings.

gr33n3y3z replied: the right one will come along
sorry that you both went through all of that but now you know what to look out for

Jackie012007 replied: WOW what a slimeball! I'm so sorry you had to go through that but hopefully you will find an even nicer house for the same payments!!! Good Luck with your househunt

jcc64 replied: I'm so sorry, LeaAnn! I can feel your disappointment jumping out of that post, but I think you did the right thing. People like your seller are acutely aware that once you commit yourself to a house emotionally, you are more likely to drop a few hundred here, a few thousand there, just to see the deal all the way through. I'm glad you kept your heads and didn't allow yourself to be railroaded by this guy. It sounds like there's a better deal elsewhere, and though it's frustrating and stressful right now, take your time and I guarantee you something bigger and better will come along.
Every closing is wacky is some way. We all have horror stories. Checks are flying out of your hands like dandelion seeds on a windy day. It sounds like you and Brian did a good job keeping control of your interests- this will surely serve you well next time.
sorry, hon!

MommyToAshley replied: I'm so sorry. It sounds like you made the right financial decision for your family. Hang in there, you will find your dream home.


What a slimeball.... I can't believe he would sue a person that just lost his job. If it were me, I probably wouldn't even take the poor guy's good faith money. Sometimes money=greed, which seems to be this person's case. Glad he didn't make another dime from you!

holley79 replied: I'm so sorry sweetie.

Maddie&EthansMom replied: Oh hun...what a nightmare!! What a complete JERK!!!! You were so smart not to follow thru with it. There really is something better out there...I promise you.

Buying a house is so stressful. Hang in there.

Kaitlin'smom replied: okay I will just have to put a hex on that guy and hope he is stuck with many houses for a very long time and has to uses all his money for them not to be re-po'ed....moooohaaahaaaa

did that help?

My2Beauties replied:
Yes that did put a smile on my face! I'm ok - thank you guys for everything and all of your !!! It really just wasn't meant to be, I'm a firm believer in that! It'll come through for us, we'll find the right house! I'm going to start looking again tomorrow!!!!! I really hope he gets stuck with this house and the next person bids him really really low!!!!

Our Lil' Family replied: Wow what a jerk. I am glad y'all backed out. Sounds like you did the right thing.

I know it's hard when we get our hearts set on something to just do whatever it takes to get it. Good for you for standing your ground, you did what is best. I hope you find something just as nice or better maybe, very soon!!!!!

Kaitlin'smom replied:
Good I am glad. Still sorry he was such a PITA, but I to believe this was not the house for you and one is waiting for you.

Cece00 replied: What an ass. I wouldnt have wanted to buy the house, either, after all of that. I work in a mortgage company & deal with sellers/buyers/real estate agents/etc every day & sometimes I cant believe how ppl will act over a house, small amt of money, etc. Its crazy.

redchief replied: Patience, LeAnne. Sorry you went through all that, but you learned a lot too, and it didn't cost you tons of money as it does some. Now you can look forward armed with what you learned. Good luck!!!

C&K*s Mommie replied:

aspenblue1 replied: I am so sorry.

mysweetpeasWil&Wes replied: I'm sorry about the bad news LeaAnn! Another one will come along...

Brias3 replied: Oh, that is just RIDICULOUS! I cannot even believe some people! I'm so sorry you had to go through all that stress. Like you said, there's a house out there waiting for you.....things are bound to look up! s to you!

Boys r us replied: What a load of horse poo!!!!!!! I'm so sorry LeaAnn! you know..he was totally trying to call your bluff. He probably figured you all were so in love with the house and had your hearts set on it that there was no way you'd walk away from the deal! You showed him and that is what someone like him needs to learn!
you know..Rick and I have learned that settling for less than full price on a house we're selling is WELL worth it when you consider that A) if you've borrowed money for the investment..then you won't be making another month's payment to the bank AKA throwing the money away or B ) if you didn't use the bank's money to buy the investment home & instead used your own money...when you consider having that 100k or whatever the amount of the home is tied up for another 2 or 3 months is costing you another deal as an investor..b/c we in 2 to 3 months we could have bought another house, fixed it up and have it ready to sell. So he really sounds like he's not all that intelligent of a business man!!!

Anyhow, I'm very sorry! I hope that another house lands in your lap soon and that this all works out for the best in the end!

coasterqueen replied: Sorry it didn't work out LeaAnn.

Unfortunately investors don't make money if they are nice to everyone, but I know the situation still stinks.

I only know what it's like to close on a brand new house we built ourselves, so I can't imagine dealing with realtors, investors, etc.

You'll fine another one, just be patient and try not to get emotionally attached til it til you have the keys in hand. I know hard, but might make it easier next time.

My3LilMonkeys replied: That is terrible!! I hope you find a better house quickly.

My2Beauties replied: Thanks everyone. I definitely know he's in it to make money and I know he has different things he has to take into consideration when settling on a price, but like Nichole said that measly $800-900 (his figures change every day) that he is worried about he will only pay to re-list the house and then pay another month's interest payment or whatever. It stinks but I know now not to get my heart set on the next one and take it all in stride! Nichole I wanted to hear from you because I know this is exactly what you and Rick do and I just knew he wasn't making a wise decision. We signed the release, he hasn't come back yet and signed it, he may still have a change of heart, but I highly doubt it. Per the e-mail from his agent, he is 100% positive this house will sale for what he's asking! So be it, let him try! I have more houses to look at tomorrow morning, no use crying over spilled milk!

Boys r us replied: Well, good luck tomorrow LeaAnn!! Some people in the business are just too greedy for their own good. Like I said, he could have let the house go for the difference and taken the money he has invested int hat house and moved on to the next project..he's an idiot! To be honest..someone who is that tight, I woudl have a hard time trusting! You know..he may not have done everything in the house up to par..may have cut some corners that end up costing YOU later simply because it sounds like he's a penny pincher!

maestra replied: I'm so sorry- stuff like that happened to us when we were selling our house and buying this one. Sometimes I think the lenders will just tell you anything to get you to think everything is going to work out, then rip the carpet out from under you!


And the greedy investor. All that for a grand.

luvmykids replied: I know thats heartbreaking but it's for a reason, and as for that greedy jerk, what goes around comes around .... Good luck tomorrow, KUP!

BAC'sMom replied: Sorry it didn't work out You'll find another house in no time.

luvbug00 replied: