I mentioned in yesterday's post that we made an offer on a house. We actually made the offer last week and have been negotiating with the seller since then. But we couldn't make a deal.
This is the house we wanted:
This house is a repo and is government owned. Our experience with repo's has been that it's difficult to purchase one at best and it can be even more difficult depending on the selling agent and/or the government office you're dealing with.
Two-and-a-half years ago we found a house we wanted. We called it the stone house. We worked and worked and worked to make a deal but the listing agent was horrible! He wouldn't get back to us. He gave us wrong information. He approved deals and then cancelled them. We finally had enough and walked away. We really wanted that house but we couldn't get the listing agent to do his job.
The next house we made an offer on was also a repo. It went a lot smoother than the first one because the listing agent did his job.
We're not sure what the problem is with this one - whether it's the government office or the agent. All we know is that we can't agree on a price and they're asking for 10% non-refundable earnest money. The problem with that is that with a repo, the government can do anything it wants and we have no recourse or rights. That being the case, handing over a non-refundable earnest money check in the amount of 10% is a little scary - no, a LOT scary. So we rescinded our offer and we're back to square one.