Testimony of Healing April 27, 1992 Issue

When my wife and I learned that our family was about to...

Jonathan Kibbe

When my wife and I learned that our family was about to expand again, we knew it was time to sell our apartment in the city and move to a larger home in the suburbs. The economy of our region was in a slump then, and the plunge in real estate values had been breathtaking. It was not a great time to be selling an apartment.

Nonetheless, within a short time we found a buyer who thought our apartment was just right for him. We agreed on a purchase price, and he proceeded to apply for a mortgage and for an interview with the board of directors of the apartment building. Shortly thereafter we found and moved to a home that met our needs.

I found myself feeling fortunate to have escaped from a challenging situation in the middle of economic hard times—except that soon after our move I learned that our buyer's mortgage application had been promptly denied. Then the board of directors of the apartment building took an instant and seemingly irrational dislike to our buyer. They even hired a lawyer to try to prevent the sale. The price of apartments in the city continued to decline, and there was no legal requirement for the buyer to continue the process of purchasing our apartment.

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