Homerun goes bad any advise on would be appreciated.

[Christopher Chunn]

Well guys I had my first deal slip from my hands. We are currently renting at the time and was in search for that awesome deal for our first home purchase. I came across a flooded home and made a offer. I got the home under contract for 50k, rehab was gonna cost me 70k. And I got the appraisal back today at 185k. I was soooo excited. We were supposed to close on the 30th of this month using the 203k loan. After a month of hard work, paperwork, contractors, Home Depot picking out our rehab material. First home at a awesome steal. O and 1200 dollars out of pocket for appraisal, elevation certificate, and inspection. What could go wrong only a couple days before closing? That's what I thought. Got a email from the closing company saying the seller wants to back out. We were officially supposed to close today due to the contract expiring today, but the appraisal took longer to come back than usual. I asked about a extension before all of this happend and the lender said we will just ask for a extension at the new closing date, which would be next Tuesday. Not sure what to say or do or where I went wrong but this has been I hard lick to recover from. I talked to the seller and tried to plead for a extension and she said sorry she changed her mind. (What she meant to say is she received a higher price ovislly. I even offered her more money on the home. Didn't work either. Any advise for the next deal would be appreciated. This has been a big bummer today.

[Jay Hinrichs]

@Jeff Greenberg  I kind of like the board of realtor forms in SC.. they have auto 10 day extensions for financing issues like these..  this is why a VERY good mortgage broker is an essential part of the team.. this mortgage broker did the work and did not close the loan so he or she had no pay day.

buyer is out time money and frustration.