twinsmom65 Posted September 29, 2008 Share Posted September 29, 2008 Well, 3 more weeks until we fly to Perth. Everything was going along smoothly until today. Our house was supposed to close on Friday Oct 3rd, infact we were due to go the lawyers on Wednesday with a key and sign off on all documents. Well the guy that was going to buy the house called us directly today and asked if we would do a vendor take back 2nd mortgage. He doesn't have his financing in place and yet firmed up on the deal. So now it looks like we won't be closing the house deal on Friday. I already told him he is in breech of contract, however, due to the fact that we are leaving Canada and will be non residents of Canada, to sue him would not be in my best interest. So the only thing I can hope for is that I get his $2000.00 deposit. The bad news is that we have sold our furniture the house is empty and we have missed out the summer market. So basically we are up a creek with out a paddle. To say I am stressed is an understatement, we both quit our jobs on Friday, due to the fact that the house would have been sold and we were going to spend some quality time with family and friends. So now we have no jobs and have to continue with the mortgage payments. Not the best scenerio to be in 3 weeks before we fly out. Oh well enough of my dribble, just needed to let off some steam after a very frustrating day. Karen Link to comment Share on other sites More sharing options...
Guest spottymercedes Posted September 29, 2008 Share Posted September 29, 2008 What a nightmare!:no: Just what you don't need right now. Its the thing everyone dreads and prays will not happen. I don't know anything about the housing market in Canada, but can only guess it is similar to everywhere else right now. Is there a possibility of renting the house out until it sells? I don't really know what else to say.:sad: Keep your chin up. I'll be keeping my fingers crossed for you. Link to comment Share on other sites More sharing options...
Herbster Posted September 30, 2008 Share Posted September 30, 2008 What a shame; you poor things... Don't panic and think it's all over, are you sure there are no other mortgage options for your buyer?? :elvis: I'm not familiar with the Canadian system, is it very different from USA - always seemed to have so many options to buy property (compared to UK?) Obviously things are pretty tricky Up North at the moment, so appreciate Mortgage Bankers are not the happiest peeps in the world at present. What does your Lawyer suggest, apart from just taking the deposit? I suppose rent-to-buy with a hefty down payment wouldn't be an option and once he has 20+% equity (2-years) then he'd have to hand over the rest? Would Auction be a possibility, a hasty Open House... Let's hope your Agent has a backup plan/buyer; trouble is you're in Moving Mode now, not Selling, so your Agent is going to have to work extra hard for you to come in with a concrete offer - you'll probably have to slash your Asking to get a deal tied up quickly... What a bummer... Finger's crossed that if he really wants your home he can come up with a workable solution... Or you can secure another solid buyer... QUICKLY... Love & Hugs XXX Link to comment Share on other sites More sharing options...
Guest hartleys Posted September 30, 2008 Share Posted September 30, 2008 Hi Karen You poor thing I cant imagine how you feel, im not in a position to advise you but i will keep my fingers and toes crossed that it all gets sorted really soon. Good luck Lisa x Link to comment Share on other sites More sharing options...
Guest cazbeckham Posted September 30, 2008 Share Posted September 30, 2008 Hi KAren When you said everything was to close on 3rd October - was that your completion/moving date or exchange of contracts. Everyone in our chain wants to move on October 17th but contracts are not exchanged yet - should have been last week, and i have not even booked shippers or flights or let people take the furniture away we have sold them till the contracts are exchanged. Once exchanged it makes it difficult for people to back out as their non returnable deposits have been taken, so I will not do anything about bookibg shippers/flights/cancelling direct debits etc until my contracts have been exchanged. Not sure what the system is in Canada. Hope everything turns out OK in the end for you Caz Link to comment Share on other sites More sharing options...
TaniaColin Posted September 30, 2008 Share Posted September 30, 2008 Hi karen Hope everything sorts itself it, aren't some people a complete waste of time. Try to keep your chin up Tania X Link to comment Share on other sites More sharing options...
twinsmom65 Posted September 30, 2008 Author Share Posted September 30, 2008 Thanks guys for your positive words. It is hard to believe, these things rarely happen in Canada, as when you firm up, techincially the house is sold, and going to lawyers office to pick up your key is more of a formality. So here we were ready to leave the property this week, and he springs this upon us. We are trying to figure out what to do, there was a lot of interest in the house when we had it on the market, so we could get our agent to give those people a call. Another option is to rent it out. Not sure what we are going to do yet, at least I am not as stressed as last night. Amazing what some sleep will do. I am sure things will turn around, one way or another, come hell or high water, we leave in 3 weeks. Again thanks for your words of support. Karen Link to comment Share on other sites More sharing options...
Guest tony and sheena Posted September 30, 2008 Share Posted September 30, 2008 Hi Karen, God, that's bad news. After everything going so smoothly too. I hope you get sorted soon. Keep in touch and let us know how you get on, Best wishes Sheena Link to comment Share on other sites More sharing options...
jaq4chop Posted September 30, 2008 Share Posted September 30, 2008 Hi Karen, Sorry, I got booted out of chat earlier. I hope your agents has some luck with the other interested people & everything works out for you. Speak to you soon. Jaq xx Link to comment Share on other sites More sharing options...
Guest Sexy Welsh Aussie Bird Posted September 30, 2008 Share Posted September 30, 2008 Hiya Karen, OMG how things can change in a matter of days ! Stay positive hunny and I am sure things will somehow sort themselves out for you, I am a true believer in " Whats meant to be , will be ,,, ", speak soon babes, Sian xxxx Link to comment Share on other sites More sharing options...
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