When Losing Isn't So Bad

Today I learned that our contact for the house that we bid on in a northern Illinois suburb will go back on the market.  Actually, the house never left the market, but had a contingent status on it.  We had until May 15th to get a contract on our place - stupid since that only gave our Realtor 6 weeks to sell our place (this was at our realtor's behest) - in order to make the contract on the suburban home "ours".

When our attorney told us that the sellers decided to kick us out, I think he was surprised that I was happy.  I think my exact words were, "That's awesome news!"  I don't think anyone understood our reasoning for being so happy.  Yes, we spent money on the inspection and on the loan fee.  And, yes we spent time and energy on negotiating the contract as did our attorney.

But, when we bid on the house it was a March 2007 prices and the selling prices on homes have come down in the past 2 months.  So much so that the price that we did bid on the house seemed to be a little - okay ridiculously - high.  For God's sake - the house said it was a 2 bedroom, 1.5 bath when in reality it was was a 2 bedroom, very tiny 1 bath, and a closet that held a toilet (this was supposed to be the .5 bath).

Our home will still be on the market until our contract with our Realtor runs out.  All told we've spent about $2,000.00 on this home buying endeavor, but we've learned some valuable lessons.  If it turns out that we decided to stay in our place, I will be okay with that.  Don't get me wrong, I wince that we would have spent $2,000.00 to stay in the same place, but I will think twice before I use a Realtor and I am wiser about negotiating prices.

Comments

[carrie]

You know, I don't even know you and I'm glad your contract on that house expired, too. You just didn't seem excited about it. From the description the house doesn't sound any bigger than a condo, anyway.

[Amy]

Oh, I'm so happy for you. Your heart was never in it. Now, come live by me.

[aida]

I agree with the first two posters. Now there's more time for you and the family to enjoy the lake, the museums, the restaurants, and the wonderful hustle and bustle of the city!