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Tuesday, July 7, 2009

Letter to the Seller of our Amherst Dream House

Dear Seller,

We are truly sorry that our agreement did not work out. It was never our intention to back out of this deal, and we entered with our hearts set on purchasing this home and filling it with great memories.

It all comes down to finances. We are a young couple working with only one income. It is a rough economy, and I personally have not been able to find work in the past year after graduating with a Bachelor's Degree in Business Administration. With one average salary, it is already difficult to make ends meet to afford the home for the originally agreed amount. We are hoping that I am able to find work soon so that I can help with payments and for us to live more comfortably.

Yes, we did know about the age of the roof as stated in the disclosure, but we assumed that the roof would be fixed by adding a second layer as recommended by our agent and friends. After the home inspection, we realized that the roof is in need of attention right away. While adding a second layer may still be an option for us, it makes more logical sense for us to replace the roof completely seeing how the roof is sloped down due to the cracked rafters. We would need to replace the sheathing to ensure that the roof does work properly and not cause further complications. Our home inspector and roofing expert noted that the roof is near the end of its life. While your experts may have stated that it has many years remaining, we will not take the chances for our own safety.

Financially, we cannot afford to purchase the house for the price agreed upon and replace a roof within the next year or two. It does not make financial sense for us to be in debt over the purchase of our first home. Paying off a $8,000+ bill for roof replacement on top of our mortgage payment and utility bills will put us in a financial strain. By breaking the contract we have lost $2,000 of earnest money and $400 for the home inspection. For us it is worth it to break the contract and lose our invested money in order to avoid being in debt in the near future.

We are truly sorry that we could not go through with the agreement. We really wish that it could have worked out, but we have to look out for ourselves and our bank account. We do wish you the best of luck on finding an owner who can appreciate the home and also be able to afford the house for everything that it is worth.

Sincerely,
Yin and Hubby

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