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After talking with my broker today, I have heard nothing. I suggested that unless I get an itemized update on the requirements for the loan regarding house repairs and that is all positive, I would not put one more minute, dollar, our cup of gas in on the project. I have spoken with the owners, but I have to drag out every discussion about every issue. Without having the list there, I cannot remember every item on the list. And I often get very weak or simply no answers about some of the items I have asked about. If they have bailed on the deal, then we should just be honest and quit the deal.
As I said, I have heard nothing back since this noonish discussion. No email no phone no visit. I am guessing this is bad news. I am sure that someone has spoken to whoever by now. If they are making up their minds, it is a bit late. If they were not in this from the beginning, and I do not think they were, then this has been a huge waste of everybody's time. Perhaps they have just hit the wall. It is a rather harsh time to do that though, two feet from the finish line. I suppose it happens. That they love the house and do not really want to move does not help things.
I guess I simply have to wait for what I am expecting to be bad news. There goes $1,500, a bunch of paperwork, some actual work time, lost sleep, and such. I probably will just skip even looking until next year. Thank God I do not need the V.A.'s approval for rentals. I may look around a bit further afield when I go to rent though. I like Logan, but it is still city. I might find an affordable place a little more rural with access to more of the things I like. I guess time will tell.
Owch...
ReplyDeleteOTOH, if you buy a year (or two or three) from now, you will likely see prices markedly lower, enough to make up for the $8k you are foregoing now. There are some strong downdrafts about to hit the housing market again.
ReplyDeleteI don't know about interest rates though. They may be headed higher and stay that way for a while.
All true. Nothing is certain in these times, one way or the other. Is any house, as is, built on financial sand? Or is the future the holder of potential?
ReplyDeleteI don't mind losing the $8k for a better price. But it would take a real economist to decipher the truth of value. Then again, if I were in it for value, I would probably never buy, except in cash and maybe not then. Land, like most things, if it isn't producing is using. It is a cost, not a value or such.
I am not sure how economists gage that, but then I don't trust most economists. If they had something, they would be rich and would not be "advising"? Just a thought.