I Lost a Buyer to Obamacare!

By
Real Estate Agent with Keller Williams Realty 01702953

I've had buyers come and go for various reasons.  They have a job change that affects their ability or need to buy a new home.  Or interest rates change and cause them to no longer qualify for what they want.  But yesterday was a little different.

After working with a great couple in their home search for several months and after making offers on 5 different homes, the buyer called and said they are no longer going to be buying a home.  I knew it was just a matter of time before we found the perfect home for them and I was surprised at their call because they were adamant about getting into a new place before interest rates rose too much further.

The buyer advised me that he just got word from his medical insurance company that his monthly rate was going up due to Obamacare changes going into affect January of 2014.  In fact, they were not just going up, his payment was doubling.  He was devastated because his wife has cancer so they need insurance and they previously had a good rate.  He decided to shop around and could find nothing cheaper than the new higher rate he was going to be forced to pay.

Covered California

Aside from the financial distress my buyers now find themselves in due to the higher rate, they are also depressed because now they cannot realize their dream of owning a home.  At least not right now.  We decided to stay in touch and to keep each other informed as to what is happening in their financial lives as well as the Real Estate market.

He did seem to have a spark of hope in his last comment when he said, "Well, I hope maybe next November people will wake up and all this will be changed and we'll be back where we were yesterday."  Hmm, we'll see!

Posted by

Ray Wright - Inland Empire Realtor

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Ray Wright - Realtor

Ray Wright

Wright Team Realty

Direct: 951-312-3133

Email: Ray@WrightTeamRealty.com

Find me at:  www.RayWrightSellsHomes.com

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Rainmaker
346,285
Jill Watts
Realty Pro, Inc. - Vancouver, WA
Multi Million Dollar Seller in Clark County WA

Government-run health care is such a complicated thing. I'm pretty sure that having the IRS run this program is going to cause even more problems.

Nov 30, 2013 01:44 PM #1
Rainmaker
861,695
Les & Sarah Oswald
Eastvale Team Realty & Property Mgmt - Eastvale, CA
Broker, Realtor and Investor

After reading about your client, I will have to keep this topic in mind as I am trying to find the right home for mine. You never know how people will be affected by this new cog in the wheel.

Nov 30, 2013 01:51 PM #2
Ambassador
1,527,132
William Johnson
RE/MAX Associates - La Jolla, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE
Hi Ray, I suspect as the ACA laws fully kick in, we will be hearing about lots of these situations coming to life. Sad, you lost your Buyers.
Nov 30, 2013 02:04 PM #3
Rainmaker
1,331,190
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

Obamacare will have repurcussions our brilliant Congress never even dreamed of. For all of our sakes, I hope your client is right about November. 

Nov 30, 2013 02:21 PM #4
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1,430,041
Jim Crawford
RE/MAX Paramount Properties - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Get used to it is is just the beginning!  I have heard that lenders are now reluctant to lend because the unknown and variable costs for Obamacare may impede the ability to repay the mortgage!  OUCH!

Nov 30, 2013 11:31 PM #5
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Ray Wright

- Inland Empire Realtor
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