Third Deal Falls Apart

3 Replies

Well, just like that, my third deal fell apart. I can really only blame myself, because my situation is what caused it. I am relocating across the country in a month to Omaha, Nebraska, as I mentioned in a prior thread.

Well going over my finances, and realizing how much it was going to cost me to move across country, and the fact that I would be moving pretty soon after I purchased the property, I came to the conclusion that financially it would be a bad move to attempt to do both. 

Unfortunately, I will lose my $1000 earnest money deposit, and the $600 that I paid for an inspection, which is $1600 total. However I consider that a small price to pay because I would have been stretching myself way too thin.

I apologized to the seller, and he was not happy, and I am worried that my reputation as an investor will suffer as a result. 

well good thing your moving. Jk. He may be upset but I bet he liliked getting $1000.00.

I wouldnt feel bad for backing out. Why make a bad deal just to make this guy happy. I wouldnt loose sleep over it.  

Originally posted by @Account Closed :

well good thing your moving. Jk. He may be upset but I bet he liliked getting $1000.00.

I wouldnt feel bad for backing out. Why make a bad deal just to make this guy happy. I wouldnt loose sleep over it.  

 Thanks. I'm trying not to worry too much about it, as we all know deals fall apart all the time. 

One of the big reasons I didn't want to do this deal is because I know that I want to buy when I get to Omaha.

Do you know investors who might be interested in the deal you backed out of closing?

I wouldn't expect any money back, but it could help your reputation.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here