Townhouse sale potentially falling apart, may have to relist

minneapolisiteJuly 3, 2012

So remember the townhouse which sold so quickly it was too good to be true?

It was too good to be true. All of the offers we received were contingent on FHA financing, but it turns out that as of April 2012, our development is not FHA-approved.

The buyer really wants the house and is trying to get approved for traditional financing, but if that doesn't pan out, I guess we will have to put the house back on the market.

If we re-list the house, I think I would like to list it $5,000 higher than we originally did. We aren't in a hurry to sell. We would prefer to move out by August 15, but our new house won't be ready until Oct/Nov so we have some time to wait for a buyer if we must.

Thoughts? Comments? I-told-you-sos? :)

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minneapolisite

Responding to myself, in case anyone cares. :P

Our real estate agent called up all of the other potential buyers. One of them came back with a competitive offer with conventional financing. According to our math, this offer is actually several thousand dollars better than the previous offer, and it has the same close date. Crossing my fingers that this deal doesn't fall through!

    Bookmark   July 3, 2012 at 3:09PM
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azzalea

Sounds like the problem may have resolved itself. Hope things work out for you.

    Bookmark   July 4, 2012 at 11:49AM
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minneapolisite

Just waiting to hear a response to our counter offer now. :)

    Bookmark   July 4, 2012 at 2:53PM
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kathyg_in_mi

Really hoping it works for you this time. We had a deal fall thru on our last house and it is devastating!
Kathy G in MI

    Bookmark   July 6, 2012 at 10:01AM
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minneapolisite

We now have a signed purchase agreement. Same close date as the original offer, $4000 more in our pockets! By July 19 everything should be finalized.

    Bookmark   July 6, 2012 at 11:06PM
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kirkhall

Nice!

    Bookmark   July 7, 2012 at 1:15AM
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azzalea

Oh, I'm so glad it worked out for you. May the rest of the road be smooth and bump-free!

    Bookmark   July 7, 2012 at 7:54AM
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cmarlin20

Isn't it great when these problems make it better...

    Bookmark   July 7, 2012 at 4:09PM
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