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Discussion Starter · #1 ·
We are moving to the Northwest Territories the end of July. Have already been there and bought a house. An offer was made on our current house while we were in the NWT, which we accepted. It was subject to a home inspection and financing. Not a big deal, both are the norm. Home inspection was completed on Friday. Deal was to be finalized on Saturday by midnight. Saturday rolled around and they requested an extension to get their financing approved because the mortgage company had not yet processed their paperwork. Requested an extension to today at 1900 hrs. We reluctantly agreed, only because this is a busy time of year for mortgage companies and the like. It's now 1805 hrs. Our realtor just called. They still have nothing from the mortgage company. So....the deal is toast. Hubby is currently floating around on a Navy frigate off the coast of Vancouver Island and his cell phone is off or he is out of the coverage range. He doesn't know about this.

As mad as I am, Dwayne is going to come unglued. (Our realtor is so angry, I could almost feel heat coming through the phone)

I have not had a good feeling about these purchasers from day 1. They were over 24 hrs late in coughing up the $5000 deposit and I said to Dwayne, "I hope this isn't an indication of things to come...." Unfortunately, my spider senses were accurate.

Bev.
 

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how sad

financing is terrible to pull together right now

we nearly lost a sale of a house way after the conditional period as the financing was much harder to set up for the buyer than they expected ...
it was incredibly stressful to be 2 weeks away from our own closing on a house with our other house falling apart :(

hoep you get another offer fast!
 

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You must get to keep the deposit, no? Otherwise, what's the point of a deposit?

Sorry to hear you're leaving Ottawa -- but it should be an adventure in NWT!
 

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Ooooooooooo... "spider senses" I love that expression. I know them but never put that name to them.

I hope you don't have to begin at square one again. :(
 

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if the offer was conditional on financing no you don't get to keep the deposit if the conditions aren't met ...
if the financing had fallen apart at the last minute aftre the deal was complete then you could keep the deposit...
 

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If you don't have another buyer lined up, why not just wait out the financing for a day or two and see what happens? I've been through this and know how stressful it gets, but sometimes it's possible to lose sight of the forest for the trees. If they want the house, what's a day or two? Better than starting over from the beginning.

The deal may not be toast, it may just be that the mortgage company sucks and it wouldn't be the first time that happened.
 

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****, that sucks. Hope that you find someone else soon.

What will you be doing in the NWT?
 

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Have your realtor call their mortgage company. Someone needs to find out who is the real cause of the hold up. I got a refi done in 3 weeks from start to closing. Like Robin said; it could just be the particular mortgage co they are dealing with. Also, did they have a letter stating they were pre-qualified before the offer got on the table? When I did RE, I didn't take any offers without a pre-approval letter.
 

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Discussion Starter · #12 ·
Back to square one it is. Our realtor just called, the purchaser's realtor can't seem to get in touch with his clients (??!!!) and it is after the cut-off time of 1900 hrs. Our guy is still pretty steamed...but mentioned that he has some calls to make and hopefully will get some new people through here by the weekend. So, out comes the vacuum, dusting rag & Windex in anticipation of some potential buyers.

These people had 15% of the asking price for their downpayment but needed 20%, so they were dealing with CMHC (Canada Mortgage and Housing Corp) for mortgage insurance. It was CMHC that didn't come through on time. Wankers.

I am just so disappointed because once we accepted their offer, there were no more showings of our house. We missed out big time because while we were on our house hunting trip in the NWT, there were numerous military folks doing the same thing here in Ottawa. Once they saw that our house had a sale pending, no one would bother to look at it. :(

What will you be doing in the NWT?
I have a SWEET job to go to. I am replacing my best friend who is transferring out. I will be working in Commercial Crime, which deals with fraud investigations. Straight days & I can walk to work! Hubby has about a 5 minute drive to the hangar. Cooper will think he is in heaven, because on days that Dwayne isn't flying, he will take Cooper to work with him. Cooper can hang out in Dwayne's office and get spoiled by everyone.

I'm off to give the house a bit of a going over! Sell this house!!
 

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Crud, sorry- not much that is more stressful then having a house on the market- except having a sale not go through! Hang in there and I hope it sells real soon!
 

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Welcome to the world of "house selling". Try not to get to worked up and irate, cuz this kind of stuff happens all the time. If selling a house is bad, don't try building one.
 

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Sorry, Bev. Don't be too pissed though, this is all too common (where I live anyway). My sister had 5 deals fall through before she finally sold her house.

You'll sell it! :)
 

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I am just so disappointed because once we accepted their offer, there were no more showings of our house. We missed out big time because while we were on our house hunting trip in the NWT, there were numerous military folks doing the same thing here in Ottawa. Once they saw that our house had a sale pending, no one would bother to look at it. :(
That's where IMO, your realtor fell asleep on the job. He/she should have still continued to market it explaining to any potential buyers , the property was under contract but the vendors are seeking "back up offers". If buyer #2 is keen, they will sign a back up contract to the effect that if the 1st deal falls over, the property is then sold to them. Hopefully, the realtor will have "pre qualified" them to ensure they are in a position to buy BEFORE signing a contract.

Sometimes you might have to compromise regarding price or some other detail but as long as both parties are happy, there's no reason not to accept the offer.

I'm speaking from experience here. One house we sold was subject to the buyers getting finance. While they were waiting for approval, our realtor came to us with a back up offer for $3,000 less than the original selling price. We signed because it was no big deal. The best thing was, the bank had already approved them. Within 10 days, the 1st deal crashed because they couldn't get finance. The house was automatically sold to buyer #2 that afternoon. :)
 
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