Originally posted by @Stephanie P.:
@Rick M.
How do you know the other investor "didn't have any ammo and is holding the deer captive until he has the resources to buy the ammo to shoot the deer." He may have already spoken to his lender/partner, knew his limitations, saw an opportunity and took action. That's the way this works.
Unfortunately, you were the one that wasn't prepared to buy and you weren't protected with a financing contingency which, in this world, is a prudent business practice. The only reason to not have one is if you're a cash buyer and you've already done a comparative market survey so you feel comfortable with the purchase price and you've done a property inspection to give you an idea of any repairs or deficiencies that exist. Take the prequalification process to its logical conclusion and you're qualified, but the lender doesn't like the property for some reason. What if the appraisal comes in way low. Are you still going to buy that house? Most people would/could not and the financing contingency would allow them to get out of the contract.
Please don't take this wrong and I truly don't mean to bash you, but I feel you're not listening to the wealth of knowledge on this thread, you're clouded by something that happened that was totally avoidable with just a little due diligence on your part. Let it go and go get another one. Lots of deals out there.
Stephanie
Ok I guess it’s Me Vs. BiggerPockets. I’m up to the challenge; I don’t mind being the David to your Goliath
The reason I know this “buyer” is holding the property captive is my broker is close friends with the sellers broker and they were talking shop last weekend, the sellers broker said that their “Buyer” is dragging his feet in getting the funding that he promised the seller (to what that means I don’t know). The seller’s broker said he should have showed me the property and not cancelled my open house the day before I was to walk the property. After being canceled on and heartset on buying this property, I told my broker to send over the paperwork showing proof of funds that I could close after a home inspection.
I’ve since then let this property go for a month now it was only this weekend I was told about the above mentioned statement. That’s what was grinding my gears is the fact this wannabe investor looks like he got in over his head with an offer he can’t make good on meanwhile an investor that did his homework (Me) and made sure he could and would make good on his word is now looking into building his property isn’t of buying a perfectly good one. Hence why I made the thread about building because I didn’t want to deal with this nonsense/lack of inventory and am looking into building the property I want. I’m new to this real estate game and am open to others knowledge, not blindly discrediting others wealth of knowledge that I was unrightfully accused of. The thing that baffles me is this community, not knowing my competition, didn’t give me the benefit of the doubt and standby me. Great way to take care of your own Biggerpockets.
I'd like to apologize to Andre. He was making a thread about trying to get a 100% FHA loan no money down (Which is something I would like to know more about) and instead a comment that I made high-jacked his whole thread.
