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Forum » Buyer for my house pulls out at the last minute
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Thread: Buyer for my house pulls out at the last minute

post 1641850343 06-29-2021, 10:43 AM
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Buyer for my house pulls out at the last minute

We were supposed to have back to back closings yesterday.

We spent all weekend packing up two 26 foot trucks. The buyer for my house was in NJ and paying all cash. So it’s time to sit down at the table and start signing and my realtor calls me on the way there and tells me that bro doesn’t have the funds. He had never even tried to gather the money until late the day before. We call brah and he says he’s been busy with his kids sports and hasn’t had a lot of free time! So give him an extra few days, but he calls us directly and is crying like a little biotch this morning and said it’s just too much to deal with and he’s giving up!

Meanwhile we are in a hotel, the peeps that we are buying from had been moving all weekend as well. Now they are screwed as well.

I just got through having all of the utilities turned back on. It blows misc! My realtors office is already planning on going after my buyer with a heavy lawsuit. I get his ernest money (5k) which doesn’t cover my moving expenses at this point.

Just a lesson for you young peeps, know what you are getting into before you sign on the dotted line.
post 1641850543 06-29-2021, 10:46 AM
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I'm already seeing signs of the market cooling down. In about 6 months get ready to see mass defaults... Muthafccckers be offering $700K for a 1,200sqft shack... in what universe is a tool shack worth $700K and in what universe would the average American be able to pay a $700K mortgage with a 5% downpayment?


A correction is coming.
Everything I post is satire.
Tricknology Grand Master.
post 1641850603 06-29-2021, 10:47 AM
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Earnest money??


Market still crazy, prob can sell it for more and withing 48 hrs. Unless it's a chithole in chit location?
Ol' 71st street. The devil that birthed me.

606 G0D.
post 1641850833 06-29-2021, 10:51 AM
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Originally Posted By N0stradamus⏩
A correction is coming.
Nice prediction Nostradamus.

Locked and loaded with cash for when this all comes crashing down, it will take longer than 6 months though banks let you go entirely too long before they start taking too much action. Hoping this comes correct by spring next year or fall at the latest. Gives me time to stack a little more cash and all of the leverage.
Positivity crew
post 1641850883 06-29-2021, 10:51 AM
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This why you really shouldn't plan for anything until the deal is done ideally
post 1641850913 06-29-2021, 10:52 AM
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Your realtor should have asked buyer to provide proof of funds prior to presenting, or at least getting you to agree to, their offer.
post 1641851063 06-29-2021, 10:55 AM
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Originally Posted By topperstyle⏩
You’re argument assumes the people who are buying 700k homes are only putting down 5%.

Meanwhile huge lines of people paying actual cash.

Keep renting boyo
1) I'm not a renter
2) 25% of $700K is $175K, the average American can't even pay off their credit card debt which is around $6K ~ $7K for the national average, as if they could afford a 25% downpayment on an inflated $700K tool shack....
3) Muthafccckers be biting off more than they can chew just like in 2008


Correction incoming.
Everything I post is satire.
Tricknology Grand Master.
post 1641851073 06-29-2021, 10:55 AM
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I just sold my house. $25K in earnest money was nonrefundable after a 7 day inspection period.
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post 1641851233 06-29-2021, 10:57 AM
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Feels good to be a rentcel
post 1641851283 06-29-2021, 10:58 AM
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did the realtor not get proof of funds at the time of the offer?

Also people coping for a crash will be in for a huge awakening when velocity kicks back up.
Remember the formula: m1 supply x velocity.

M1 is at all time highs, velocity is still low. When it kicks up in the next 6 months - 1 year, you're gonna think the 700k shack was a steal. srs. 2008 was very different.
post 1641851313 06-29-2021, 10:59 AM
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If its a cash offer they have to show prove of funds well before closing day. This seems fishy
post 1641851323 06-29-2021, 10:59 AM
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Originally Posted By HayZues
Earnest money??


Market still crazy, prob can sell it for more and withing 48 hrs. Unless it's a chithole in chit location?
No it’s a good area and in the 600k range in the Northern ATL burbs. It’s growing fast which is one reason I want out.

We already have another offer with in 24 hours. It’s more of a pain just moving everything back.
post 1641851423 06-29-2021, 11:00 AM
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Damn, bring back toys r us? We should?

I was driving around fox Chapel and looking at pier one imports being closed? I was like damn let’s bring it back...

Make up for their Covid bs

Fuarking lol at narcotics anonymous
post 1641851463 06-29-2021, 11:00 AM
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Originally Posted By Berts⏩
If its a cash offer they have to show prove of funds well before closing day. This seems fishy
They did provide proof when we signed the contract, but he didn’t have it when the time came to sign the deal. He’s a very strange dude.
post 1641851493 06-29-2021, 11:00 AM
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Originally Posted By N0stradamus⏩
1) I'm not a renter
2) 25% of $700K is $175K, the average American can't even pay off their credit card debt which is around $6K ~ $7K for the national average, as if they could afford a 25% downpayment on an inflated $700K tool shack....
3) Muthafccckers be biting off more than they can chew just like in 2008


Correction incoming.
Its not going to be a "correction"

the market was in a bubble to start with....

inb4 realtor ****s and loan originators come in to say that the market can't crash because its up over 100% lmao can you fukking believe these people?
Boycott foodservice industry crew
post 1641851663 06-29-2021, 11:02 AM
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Originally Posted By gtrzrus⏩
They did provide proof when we signed the contract, but he didn’t have it when the time came to sign the deal. He’s a very strange dude.
he's not strange, he's a panic buyer. New Jersey is easing restrictions. Get your house sold ASAP.
Boycott foodservice industry crew
post 1641851843 06-29-2021, 11:07 AM
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Originally Posted By topperstyle⏩
You’re argument assumes the people who are buying 700k homes are only putting down 5%.

Meanwhile huge lines of people paying actual cash.

Keep renting boyo
"people"


you mean corporations
post 1641851883 06-29-2021, 11:07 AM
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Lobby your government to stop allowing foreign investors from buying up all homes. That is why homes are so expensive.
post 1641851903 06-29-2021, 11:08 AM
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Originally Posted By rectifryer⏩
Its not going to be a "correction"

the market was in a bubble to start with....

inb4 realtor ****s and loan originators come in to say that the market can't crash because its up over 100% lmao can you fukking believe these people?
The CDC and the Biden Administration has said that this will be the last extension on the eviction moratorium. Of course, states legislatures can still extend it within their own states, but eventually they will run out of money for rent assistance, the moratorium will end eventually...


Correction incoming.....
Everything I post is satire.
Tricknology Grand Master.
post 1641851983 06-29-2021, 11:08 AM
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Originally Posted By rectifryer⏩
Its not going to be a "correction"

the market was in a bubble to start with....

inb4 realtor ****s and loan originators come in to say that the market can't crash because its up over 100% lmao can you fukking believe these people?
we are in clown world boyo. yes it should crash but its been manipulated. the stock market should have perma corrected last year but was pumped

you seen REITs buying up whole neighborhoods
post 1641852003 06-29-2021, 11:09 AM
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in what world did you only take a 5k deposit?
post 1641852103 06-29-2021, 11:10 AM
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Originally Posted By elterrible987⏩
we are in clown world boyo. yes it should crash but its been manipulated. the stock market should have perma corrected last year but was pumped

you seen REITs buying up whole neighborhoods
I'd like to see your data suggesting funds or companies are buying up more than normal. Last data I saw was 33% of residential sales were commercial versus 31%. I don't see the 2% as cause for panic. JMO but data is sparse it seems.
Originally Posted By EnforcerOTF⏩
in what world did you only take a 5k deposit?
I am pretty sure you're not entitled to more damages that what is on the deposit. Pretty sure the legal argument is going to amount to "well if you made such grand plans why didn't you ask for a larger deposit?" and they'll be right. But if the broker is going to drag it out then more power to them, its hard for me to even get brokers to keep the earnest.
Boycott foodservice industry crew
post 1641852303 06-29-2021, 11:14 AM
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Originally Posted By topperstyle⏩
Strong assumptions itt.

Nothing to see here, though. Just banks and foreign investors buying everything cash and even waiting inspections.

10% “correction” at best, then it’s back up. Get used to it.
yeah show me the data LMAO

Those components were strong BEFORE this year and doesn't explain or account for anything....
Boycott foodservice industry crew
post 1641852343 06-29-2021, 11:16 AM
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I bought a second home like 4 weeks ago, and I still haven't moved in. Sucks that, that happened to you OP. It may not be possible, but always buy another house first, and then sell the other after you've moved.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
post 1641852383 06-29-2021, 11:16 AM
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Originally Posted By cgh⏩
Lobby your government to stop allowing foreign investors from buying up all homes. That is why homes are so expensive.
what does that have to do with anything you nimrod. Stop trying to insert your xenophobia into a random thread.
post 1641852403 06-29-2021, 11:17 AM
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fuk! pulled the trigger too soon bruv innit?! SHT!! wow!
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post 1641852593 06-29-2021, 11:19 AM
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Originally Posted By Godfrd824⏩
I bought a second home like 4 weeks ago, and I still haven't moved in. Sucks that, that happened to you OP. It may not be possible, but always buy another house first, and then sell the other after you've moved.
sell both your houses srs
Boycott foodservice industry crew
post 1641852733 06-29-2021, 11:23 AM
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Who the fukk closes and takes possession on the same day?

Every time I've bought or sold a house we close and take possession like 14 days later.
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post 1641852773 06-29-2021, 11:23 AM
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Originally Posted By rectifryer⏩
Its not going to be a "correction"

the market was in a bubble to start with....
^^^^

The US economy hasn't actually grown in the last 10 years, assets have just inflated.

Given that the stock market has almost perfectly tracked the M2 money supply since 2009, we will see a correction as soon as JPow raises interest.
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post 1641852893 06-29-2021, 11:26 AM
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Originally Posted By jimmybobjim⏩
what does that have to do with anything you nimrod. Stop trying to insert your xenophobia into a random thread.
It's not driving the current 30% real estate spike (that's 2% mortgages and inflation FOMO), but foreign investment has been a frog boil that's steadily pushed Pacific Rim real estate beyond local wages for the last 25 years.
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