We didn't get the house we put the offer on even though it was better than the competing offer. Since we have government assistance through our FHA loan there has to be an appraisal done by someone working with the government and there's a greater chance they will find the property unfit and refuse to give us the loan. It's protection for first time home buyers but in this case that protection hurts us because the bank that owned the property knew the other buyer's loan wouldn't be refused based on an appraisal. Also, apparently the other buyer is a single mother so we didn't even stand a chance.
Bummer.
The good news is that I scraped up around $3,500 in a hurry so now when we do find a place we'll have a good starting point and we can start looking immediately.
I'm going to spend the rest of the afternoon convincing myself that the property wouldn't have been right for us and it is bound to collapse in the next big storm.
Comments (2)
I'm sorry guys. That's an unfortunate situation but hey it's your first time out. No doubt you guys will find something that you will make a home and I'm sure it will be amazing.
Posted by jess | March 6, 2008 2:04 PM
Posted on March 6, 2008 14:04
I'm sorry you guys didn't get it. Everything happens for a reason though!
Posted by Megan | March 6, 2008 2:41 PM
Posted on March 6, 2008 14:41