Our offer for the property was outbid by someone else! Somebody bid higher than us by $96,000.

So off to square one. We might just buy a new house in a cramped city and then buy a small acreage nearby. Problem is that the smallest parcel of land around our area is 20 acres.

Perhaps Harvey can just let me borrow a couple of acres to dabble on, but he lives too far.

Don't feel bad. Buying a house is always a gamble.
Sometimes you win and sometimes you lose.
There's always a house out there waiting for you.

Don't give up.

The bid on our house fell through also. They counter offered $162,000 more than our bid. We dropped it like a hot potato(e) (Dan Quayle spelling). In the small town I work in there's over 400 homes for sale right now. I suspect housing will continue to fall, but who knows how the government bailout will impact things. If you're a distressed homeowner barely scraping by each month trying to pay the mortgage, it goes to show that if you let the bank foreclose, there will always be someone to bail you out.

Phillip

Joe & Phillip, sorry you had your hopes up so high & lost out on something you really wanted. I feel quilty our (Mike's) offer was accepted.
The news today was pretty depressing. "If you had a $10,000 401K plan, you lost $600.000 just today".
We went to my bank to sign papers for loan but we will make the building into 2 bdrm residential instead of commercial (it was a 1200 sq ft 1 level insurance building), which will make the interest lower than a commercial loan, so banker has to write it up as so. They thought he was going to use it as his business office/shop. Land is 120ft X 120ft -- 3/4 acre, right next door to his house.
News said banks won't give out many loans & that it's tougher to get one now.
So, if Mike signs for the loan & in 2 months says he can't afford the payments, will he get bailed out? (just kidding). Will the Gvnmnt really give out $$ -- our tax $$$ -- to ppl who are going thru foreclosure??
I really didn't catch how this will work, but it sounds like this to me.
I'm sure there will be scammers trying to get free $ to make their mortgage payments on us taxpayers.
Thank God my house is paid for. But, I'm struggeling with TAXES!
BTW, building went up for sale last Oct for $120,000 & Mike offered 60k then & they laughed at him. He just bid 85 k & they now accepted.

Thanks Patty! But don't worry about me particularly, I move on very quickly. I'm happy for you that you got that house. And for the computations that I have used, I know I was betting to be in the 96 percentile range of probability that our offer will be accepted, but out of nowhere, something that we can rarely account for freakish events, someone did bid beyond the listed price.

So we know that God has better plans for us. We will keep on looking for it. We may be sad for a few weeks, but we are happy at the same time. It's kind of hard to explain.

Joe, God has better plans for you!!! You betcha! No need to explain.
All good things will come in the end...

Joe and Phillip,
Sorry your bids didn't go through. I'm sure you'll end up with something even nicer!
Susan