Nervous buyers? (real estate, houses, neighborhood)

[Superhornet]

New to NoVa.

Looking at a house that's been Active Contingent and re-listed 3 times since 12/5.

Listing agent says that it will be re-listed next week; recent repairs were to the chimney, some electrical work, and the vapor barrier in the crawlspace was repaired.

These are fairly normal issues that would come up during an inspection.

I am assuming that the previous buyers withdrew their offers after finding out about these issues.

Unless..these were the "easy" repairs.

Original list was $540k, price drop to $525 after the first buyers bailed. Listing agent anticipates re-listing at $525.

Would welcome input from people familiar with real estate in general, and ideally with buyers up here.

[spencgr]

Originally Posted by Superhornet

Unless..these were the "easy" repairs.

Yup, sounds like there is something still outstanding; resulting in the decrease in price. Did you ask the agent if there were additional finding they didn't repair?

[Superhornet]

I will; they are technically the Sellers Agent, so I don't expect much candor from them at first.

He'll ping me when it's formally listed again. We'll take a look (we live two blocks over) and we'll go from there.

My hard limits are foundation or HVAC problems. We will see.

[spencgr]

Originally Posted by Superhornet

My hard limits are foundation or HVAC problems. We will see.

Hard limits? Why not get a trusted contractor and inspector to lay out the state of affairs; before you set limits? Foundation problems and HVAC issues can certainly be repaired.

[Superhornet]

Almost anything can be repaired; at what cost and with what likelihood of long term success are factors.

Many (most?) of the original houses in this neighborhood have required foundation repairs.

[novadogs]

It should raise concerns when a house sits on the market right now.

[BOS2IAD]

OP---Do you have a buyer's agent? If not, you should have one.

[NOVAmtneer82]

Echo comments above- if something is sitting on the market in this area then it should raise a red flag.

[Superhornet]

In general are buyers in this area real skittish? Would a house with minor/repairable issues scare buyers off?

New to the area so not sure how people here roll.

Will have an agent engaged if we end up proceeding with a purchase; haven't even been inside yet.

[ozzyngcsu]

I bid on 5 properties before going with a new build and all of them had the inspection contingency removed. So I won't say buyers in this area are skittish, especially with minor issues.