Today I signed a "Release" form to release the seller and myself from the contract on "Dream Home #1." I really had no choice in the matter since their bank had the final say, so I pretty much was forced to sign the release. The bonus is - this will initiate the process for me to get my "earnest money" back. Earnest money is what you lay down for the seller to take the house off the market and show that you 'earnestly' want the house. In my case, this equals 1/2% and would be applied to my part of the down payment (after OHFA covers the rest) at closing. I'll hold on to this money to use as earnest money for the next house.
Tomorrow morning I will be taking a second look at one of the houses I looked at last time when I saw "Dream Home #1." It's similarly move-in ready, with 4 bedrooms and 1 bathroom, and a 2-car detached garage. The potential downside is the neighborhood. I will be walking around a bit and knocking on a few doors to find out more about it. While it's still technically in the same neighborhood as I currently live, it's not quite the same part of the neighborhood and I don't know it as well.
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