Home buying horror stories

@amyann16 (414)
United States
June 15, 2007 10:43pm CST
Do you have a home buying horror story? My husband and I went through so much the last year in buying our first home. We were preapproved for our loan so were excited to go out and find a home that we liked. We knew that we wanted a home with 3 bedrooms, 2 baths and a nice basement, yard and attached garage. We found a house that had 4 bedrooms, 3 baths, 1.3 acres and a 3 stall garage, and a finished basement w/ a bar area-- and it was in our price range. We were so excited and put a bid in on the house. It was accepted and we set a date a month later to close on the house. On the day of closing, we receive a call from our real estate agent that the closing would not be occuring that day (this was 3 hours before we were going to get possession!) because the sellers owed $17,000 and hadn't figured out a way to get this resolved yet, it would be another 1-2 weeks before it would be figured out. Well those weeks went by and it was extended again, and again, and again. This went on for 6 months.... In the meantime, there was a huge tornado that hit about 1/2 mile from the house and tore off some shingles, so every time it rained it would let water in the house. So now there was water damage! At the end of the 6 months, our bank told us that we could not extend further. So we had to stop the extensions. We ended up finding out (by reading in the paper!) that they sellers were foreclosing on the home, even though we had an agreement to buy it. We ended up having to pay closing costs on a home that we were not going to be able to buy, it was over $800! We went to see a lawyer to see what our options were. Basically we have 10 years to pursue the sellers in court for small claims, but it may not do us any good because it doesn't appear they are financially sound, at least right now. It was a very stressful 6 months for us because we had fallen in love with that home. But now we have found another home and are very happy. The other home ended up going to sherrifs auction and then to a realtor who sold it in the last couple of months. We drove by it and the new owner is busy fixing up the home now. I'm sure there are other horror stories out there about buying a home.
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