Anyone had THIS happen? (contingencies, disclosures, agent, agreement)

[Isle_Gal]

And how did it end?

So we had a buyer. Then we had a less-than-stellar inspection. But, in our case, the context IS important. The house is really old. Civil War Era. I forget the actual date. So OBVIOUSLY, there will be things not up to code. When I first read the inspection I freaked ... I didn't know what it all meant, only that it sounded really bad. Then my husband showed me what some of the things actually meant, and I realized it WASN'T so bad. Things that sounded HORRIBLE could be 'fixed' quite easily/inexpensively. The inspector, to say the least, was very thorough. There were some things that were more than minor, that need to be addressed. Termites, some plumbing stuff, some old wiring, and a few structural things. So we're being proactive, getting bids for that stuff. We called for a termite bid, and the guy told us that, actually, it DOESN'T have live bugs. And he would provide a letter to that effect. The other stuff, we're getting bids.

So the buyer hears about this, and she hasn't found a house, likes ours, and she's suddenly interested again. Well - maybe. First we have to write up a response to the inspection and what we're fixing, and who is fixing it.

I should be happy , but I'm actually a bit irritated that she didn't work with us in the beginning. And I am kind of worried that if ANYTHING happens with the old house, she'll blame us. But realistically we have to do what she asks (we would do it anyway for future buyers) and see where the chips fall. Not holding my breath.

Just wondering. Has anyone else have a buyer terminate the contract, then actually end up entering a NEW contract?

[dogmom]

so did she have a contract with you,then bailed? Now that she sees the inspecton is not so bad, wants to write another contract?

wow that is a new one. I would guess that if you have your disclosures in order then she can't come after you after closing...Just my guess..

Kind of odd, but then I have seen some really, really odd stuff.....

let us know what happens!

[crazyma]

(just want to say good luck- my dad had a historic hoime (1834) in St. Marys Ga- it took a while to sell, ...then the da*n yankees, pardon me, ruined it!!! Has no uniqueness now)

[Isle_Gal]

Yeah, that's what happened. Signed contract, closing date, etc. Cautious optimism (I'm a pessimist ) Then the inspection. Then a termination . Now a renewed interest . A happy ending would be great - like she was *meant to have our home.* And it HAS been a wonderful and solid home for our family for the past 6 years. I dunno, I don't like being put on the defensive, when we have done nothing wrong . We are not trying to mislead anyone! Guess it will end how it was meant to end.

[Silverfall]

The thing with old homes is that if the buyer agent doesn't sell a lot of them, then the buyers can get scared off.

I had a listing that was a 1905 listing so "new" on the old home scale. The home inspection showed some problems (as you would expect). I thought for an old home it was a good solid report. Buyers terminated without requesting repairs.

Anyone that expects an old home to perform like a new one, shouldn't be looking at old homes. To me that is a sign of a buyer agent that did not prepare their client well.

[MikeJaquish]

I suggest to any seller that they have their own inspection prior to marketing the home.
Work off all the gigs, and they won't be there to surprise the Buyer and scare them away.

Our next issue of standard North Carolina Realtor forms will have notation in the listing agreement prompting Listing Agents to discuss the benefits of prelisting inspection.

A lot of homes would be a slam-dunk to close if Sellers took care of many easily diagnosed repairs prior to getting into contract.

[Isle_Gal]

Believe me, I wish I had fought for a pre-listing inspection. I believe I did mention it to my husband, who (of course) didn't think it was necessary . Our realtor didn't mention it. Had she advocated it, recommended it, I know she/we/I could have convinced him -- after all, it only costs a few hundred bucks! As they say, that ship has sailed ....

[palmcoasting]

That ship may have sailed but right into a harbor. The buyer is back and if it works out...great! And if it doesn't you already are prepared for the next one. Wishing you the best with this buyer who apparently is very interested.

[Boomerang]

Originally Posted by Isle_Gal

I should be happy , but I'm actually a bit irritated that she didn't work with us in the beginning. And I am kind of worried that if ANYTHING happens with the old house, she'll blame us. But realistically we have to do what she asks (we would do it anyway for future buyers) and see where the chips fall. Not holding my breath.

I understand your irritation. In this situation, I'd proceed with caution. The woman already bailed on you once; what's to prevent her from doing the same again, or as you say, to cause trouble if something "surprises" her after closing? Since she already had her inspection, what other contingencies would she want now...? Hopefully your agent can stress to her that it's time to fish or cut bait. People like this can be enormous time wasters (and when selling, time is money). Good luck!!!

[dogmom]

Fish or cut bait...hmm...i really like that quote