As bad as our housing situation is currently, Thomas and I have decided to absolutely NOT roll over and just take it. There has to be a way out of it.. or if not that, a way to at least get more than a kick to the curb and our down payment swindled by almost-con artists.
So we’re playing both sides of the fence. Talking to the owner (or more her real estate agent) to see what exactly they want, and talking to the broker who is attempting to run off with our down payment to see what they can do, if anything.
Currently, it looks as though we have two options. Neither really satisfy me to be honest. Neither are as good as it would have been had the deal just gone through as planned, but that’s not going to happen.
We either buy the house from the owner through a short sale. She’s screwed no matter which way she goes, which is why I don’t understand why she didn’t just go through the broker and NOT screw her credit or take a HUGE financial hit since she could still be liable for upwards of 50k after the short sale goes through. The house is now worth about 20k less than it was a year ago when we had it appraised, and through a short sale she can only sell it at appraisal value and makes no profit. This would mean we’d have a lower mortgage value, which might mean a lower monthly payment- which we NEED.. but we’d still have no down payment, which ALWAYS looks good to the bank- especially since this whole stupid situation screwed our credit when it should have improved it.
The other option is to stay with the broker. Move out of our house, and move into one of their open houses and roll our down payment onto that house.
Just doesn’t sit too well with me. For one, the ONLY open house they have is across the water- away from all of my friends and family.. out of the elementary school I practically hand picked since it’s one of the best public schools in the city (and this city is notorious for terrible schools). It would be $100 more in rent per month.. and we have no idea if it’s even nice or what it looks like. We looked at this companies other properties before we decided on this one- they were down right scary. I don’t particularly even like the area it’s general location is in.
Plus moving is a BITCH. it is my least favorite thing to do on earth. And leaving this house would mean leaving ALL the work we put into it. The weeks of painting.. And we’d have to take off all of the fixtures and doors and other upgrades we did- because no way in hell am I leaving those behind.
And we’re definitely still going to look into a lawyer possibly being able to help us get our down payment back. I know the owner somehow skated out of being sued by lawyering up and threatening their shady dealings, so they folded. Maybe they’ll do the same if we do the same as her.
One day at a time I guess. At least we found out today via the real estate agent that the house is NOT going to auction at the end of this month. One less thing to worry about.
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