Asked by Andrea, Grand Rapids, MI • Fri Oct 3, 2008
We are a 2 home couple, both me and my fiance owned homes when we merged. We had tried to rent it out for awhile with devastating results ~ $1000's of dollars in repairs. The city had also found out we were renting it so out taxes went up ~ $200 a month. We finally got fed up with this toilet of a house and tried to sell it, knowing full well we were hoping the bank would approve a short sale. We got an offer 5 days in ~ it is now 3 months later, and with lots of negotiation and $5000 cash from us, we were to close within the week. The buyers offer expired 2 days ago, and now they are backing out. I don't feel we have any options other than to let the bank take it, but would like to know the effect this will have on my fiance's credit.
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