The deal was that the previous owners built a home in Daybreak but couldn't sell their Sandy home. So their contractor bought it from them and we were going to buy it from the contractor. We had worked the contractor into a killer, killer deal. So what's the problem? You can't do an FHA loan on a home bought or sold within the past 90 days, and the contractor closed on the house last Monday. We are pretty adamant about going FHA because it's such a great deal. If we do the same deal on a conventional loan, our payment will be about $300.00 more per month. So, we are back to square one. There is of course the possibility that the house will still be on the market in 90 days.
RAR.
8 comments:
Oh Grrr! I'm sorry guys!
Man, that is so frustrating! Sounded like a great house too! We'll be hoping it is still around in 90 days!
Oh no, I'm so sorry to hear that.
That stinks. Hugs!
Oh, I'm so sorry! How disappointing!
Well, that sucks! I'm sure you'll find the right house, at the right time!!! An even better one or it'll still be around.
Oh sheesh
Ok -- So I have no idea what the real estate contracts in Utah are like, but if they are anything similar to Colorado (which is a long shot I know), why don't you guys go ahead and make an offer with a closing date 120 days out. This would let you put your loan conditions deadline out past the 90window -- you never know, the contractor may accept an offer even if closing is postponed for 4 months.
Just a thought -- Kathleen
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