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We Almost Bought a Vacation Home

We’re back from vacation. Perfect weather. Perfect boating. We couldn’t have asked for anything more… except maybe a better realtor.

As you know, we were checking out vacation homes [1], and we found one we liked. It was a little bigger than we originally planned (doesn’t that always happen?), so I wanted to run some more numbers to make sure we could break even.

Part of the equation working in our favor is that Penfed 5/5 ARM rates have dropped below 4% [2]. (Oh wow, wait a minute…. I might need to look at refinancing our house again…)

After I crunched the numbers on the drive back to my in-laws, I informed the listing agent that we would be putting in an offer; we just wanted one more piece of information (which they have access to in their office) confirming the rental history on similar condos at the resort to finalize our offer price.

Where It All Fell Apart

That was seven days ago. Two days ago, I got a message that he will “send something soon.” Seriously? Last time I checked, realtors only get paid if a deal closes. He’s not very busy right now (he told me so) and I know he’s alive, I’m following him on twitter!

Part of the reason that I wanted fast action, is because it’s already summertime. I was hoping to close before the 4th of July so we could enjoy it for a couple weeks around the holidays, but I think it’s too late now. The longer it takes to get an accepted offer and close after the bank takes another month to process, the less we’ll be able to rent it out this summer, essentially lowering the value of the property and our ability to use it this summer.

What Should We Do Now?

I’m considering just emailing the realtor and telling him he took too long and moving on. If you couldn’t complete a 10 minute task for someone you knew was going to put in an offer, then you certainly don’t deserve 6% of the sellers proceeds, right?

So that puts me in a quandary. We like the place, but I have no problem moving on.

I also have the owners phone number that I got from the condo showing; I’m considering calling them directly and letting them know that we were interested in purchasing it, but their unresponsive realtor killed the deal. Is that appropriate?

Or can we just have our lawyer draft an offer and send it directly to the sellers?

What do you think? What would you do?

While I wait for a response from the realtor, I’m catching up on some good reads. My favorite this week is Donna’s story on why she travels with mayonnaise. [3]

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