The buyer who was interested in purchasing my $350,000 property for $180,000 has decided to back out (even after the bank accepted the offer, despite it being $170,000 less than what is owed). I rushed like crazy last weekend to clear all my stuff out thinking the property would be in someone else's name by the end of last week.
There are numerous reasons why he backed out, but mainly because of complications with the illegal studio apartment in the attic. It was clearly stated in the MLS listing that it was a 2-family property with an illegal in-law unit.
Needless to say, the bank's $180,000 offer acceptance is only good through April 10th and I received a letter in the mail stating the foreclosure date has been set for April 28th. My agent has relisted the property in MLS and is desperately looking for a new buyer.