The condo was supposed to close next week, but our realtor called today and said that the deal is off. :o(
The buyer's underwriter learned that over 11% of the condos are owned by one person so no one will lend on one there. What the heck is that? But it's true. So we will have to find a cash buyer or rent the condo out. And that will not let us pay off this house. What a bummer. I told Dad I refuse to be depressed. But it's a blow. The one guy offered us $60,000 cash if we would take it, but of course we knew it was worth more. Now we are wondering if we should have taken his offer. We will have to see how things work during the next couple months. At least we got it back on the market in good time to get more lookers.
Wow. That stinks. I've never heard of that rule.
ReplyDeleteThat's too bad. I still think you will be able to sell it, though.
ReplyDelete