As luck would have it, the day after I posted about having a buyer lined up for my house, it all fell apart. I’m a little bit bummed about it, but these things happen. That’s why we had a plan B lined up, just in case.
Well, he can’t come up with a down payment. At first I was wondering about what type of down payment the bank was requiring of him, but after a few questions I found out he’d been approved for a FHA loan, and was only required to put down 3.5%. Depending on what price we agreed on, that likely would have been somewhere around $2,000.
I don’t want to be a hypocrite, since I put $0 when I bought the house. But, that was back when the banks were giving away loans. And I did have money in the bank, which I used to start fixing up the house. Apparently he was hoping his mom would gift him the money for the down payment. When she told him no, he had to walk away from his plans to buy a house.
I know a lot of people live paycheck to paycheck, and putting money aside is difficult. But if you can’t come up with $2,000 for a down payment, you probably shouldn’t buy a house. Let’s face it, there are lots of things that happen when you own a house that end up costing more than $2,000. A new furnace comes to mind.
I knew that he was concerned about the down payment. But I assumed it was because he thought the bank would want him to put down a large amount, like 20%. He’s been toying with the idea of buying for about 4 months now. When he contacted me he said he might be able to come up with the money around June. But he understood if I went ahead and listed the house.
I’m not waiting around to see if this guy can come up with the money. Going into Spring is the perfect time to put a house on the market. This weekend we’re going to spend some time cleaning up the garage and wrapping things up. I’ll be contacting the Realtor to see about getting it listed.
I’m disappointed to lose a potential buyer, but I’m excited to be moving ahead in the process. Maybe it won’t work out? Maybe we’ll struggle to find a buyer, or have issues getting a good price for the house? But we won’t know until we get there. It’s finally time to move forward!
– Cindy W.