I’m a first time home buyer and I just lost a house because the seller decided to not extend the contract and they had a cash backup offer. It was my dream home, 4 acres, small cbs house, for 225,000. I lost money, time, effort. It fit my income and everything. I was under contract, approved by underwriters and last minute was denied a conventional loan due to a bad roof on the home which I had planned to fix anyways.
I am so down. It sucks. Am I suppose to just wait till the market cools down? It feels like its impossible to buy a home. With rates increasing to pre-covid levels now its even worse. I found out about cash to close programs, that basically give you cash to buy a home, and then you get financing to pay them back. Thinking about doing that.
Anybody got any tips to get over this loss? I feel more hurt and down than anything else. Did I dodge a bullet or did i get screwed over by the system?
submitted by /u/carloswith3