Thursday, March 3, 2011
We didn't get the house.
As some of you may have seen on Twitter, we put in an offer on Tuesday. After much debate, we decided to go in with a contingent offer at almost full list price. Although we qualify to be able to carry mortgages on both our current home and a new one, we are not keen on the idea of having to pay two at the same time. We can do it, we just don't want to do it. Still, the seller's realtor hinted that they would not be happy with a contingent offer, so we considered going in noncontingent... but ultimately just couldn't do it. As much as we love the house, it was just not worth the risk right now.
As we discussed with each other and our realtor, we all figured that it didn't make any sense for the seller to ignore our contingent offer. They don't have any other offers on the table right now, so why not look at and deal with a contingency? Even if they accept it, they still have the right to continue to market the house to noncontingent buyers, and should they receive a noncontingent offer during our contingency period, they have a right to "bump" our offer (at which time we would also have the right to remove our contingency). Seems like a win-win situation for them, right?
Well, it would be for sellers with a brain. Apparently, this seller isn't one of those.
Less than an hour after submitting our offer, we received word that they had rejected it. "They loved everything about it," we were told. "Except the contingency." The sellers said that they couldn't emotionally handle a contingent offer. I guess that's their prerogative, but...
We were really disappointed. Our realtor was downright pissed. She says that they are ignoring the whole purpose of the contingency system, and she thinks that their realtor is being irresponsible with her advice to her sellers.
Now, as much as it pains us to do so, we are attempting to move on. We've kept our eyes on the listings, and we actually went to see another house yesterday, but we found ourselves comparing it to the one that we lost. It's hard to believe that anything will ever pop up that was as good a deal and in as good condition as that one was. It's a real bummer.
Of course, we could change our minds and go back to them with a noncontingent offer and still get the house. But, although it is very likely that we WILL sell our current home before we would be in a situation in which we have to pay two mortgages, it's a very hard pill to swallow. Right now, our only glimmer of hope is that perhaps we will get someone in here that will love our place and we'll get a nice noncontingent offer of our own that will put us in a position to be able to go back and make a (substantially less risky) noncontingent offer on the house WE want--but obviously, all of this would need to happen before someone else puts an offer on the house we want. *sigh* We had a showing yesterday (they won't be making an offer), and we have another scheduled for tomorrow (pleasepleaseplease).
I'm trying to keep the faith that things will work out like they are supposed to, but I'm not going to lie: It's hard.