So as you all know we have had our house on the market since about September of 2012, in October we accepted an offer. Well we kept our house on the market and had a few more showings but never received another offer as we hoped we would.
In April we heard from our buyers that they had accepted an offer on their house, so we got pretty excited and started the wheels moving on our end with our new house. We had a contract with them to close on June 28th but they were confident that it would happen sooner as in the end of May.
Well as we made it into the middle of May without hearing from them we knew the end of May was no longer going to happen. So we started packing for the end of June and so did they. At the beginning of June we started to push to see what this were at. Only to find out that their buyer's bank screwed up and never scheduled an assessment. So they pushed and rushed one done. All this while we both were still planning on closing at the end of June. On June 6th we received some bad news.Their assessment had come in under the asking price and the owners dropped the price 3 grand under the assessed value only to have their buyer's pull out of the deal.
So this left us in a tight spot what we're we going to do? And what we're they going to do? We had them check into a bridge loan or other financing but they were unable to secure anything. Because we have held this contract for almost 9 months and could no longer afford to keep it we told them that the contract will express at the end of the month.
We did give them the option of extending the contract till the end of July with no contingencies. They did not accept it.
So now we on still on the market without any offers. So if anyone you know is interested in a six acres hobby farm north of Milwaukee, Wi let me know.
Now the time comes for us to decide what we are going to do about our new house. Do we purchase it and pay that this house sells sooner than later or do we pass on this huge opportunity? Another option would be to rent this house out month by month till it sells. Time will tell.