Buyers walked after inspection (agent, sale, inspector, offer)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This was something I never would have expected...we were just notified that our buyers are walking away after their inspection because of a fairly minor repair that will eventually need to be performed (some foundation repointing). This is something that they could do themselves, or pay someone $1500 to do. Insane.
I have to assume that they just got cold feet and decided they wanted out, but I'm still flabbergasted. Do first-time buyers really think that they can sit back and do NOTHING on a 120-year-old home? How incredibly short-sighted and unrealistic. They'll probably end up paying more for a house and then having to put in all new windows or a new heating system or something.
So I guess now I'm back to all my cleaning and staging, pout.
Perhaps they found more wrong than what you were told. My relatives ask me to go with them when they inspect a home they're thinking about buying. I look for things most people don't think about looking into when buying a home. I usually bring with me a tool bag and a flashlight. I'll look at the electrical outlets, breaker panel or fuse box, piping, attic insulation, central air ducts, and signs of recent repair work to hide problems. My folks went with their own inspector and ended up with a home in which the previous owners enclosed the garage to form a living room. They did the work themselves. All additional electrical wiring was run to one side of the breaker panel causing the breakers to trip when my folks ran the computer and something else at the same time. The roofing wasn't sealed properly and so there was water leaking into the attic. The electrical outlets and wires were in such bad shape they began sparking and smoking. Electrician friend of the family replaced all of them at a discount. Finally they'd had enough and moved to another home in better shape.
We didn't get a chance to offer to repair it. I just heard back from my agent that they are walking away. I was expecting some requests for repairs, but never would have expected anyone to flat-out walk. Like I said, I suspect cold feet. My agent was there for the inspection and said it went very well.
I should also mention that our house has new (as in, within the last 5 years): windows throughout, heating system, kitchen, baths, wiring, roof, gutters, insulation, siding, deck, etc. etc. etc. So it's not exactly a huge money pit. It's just a 120-year-old house that is going to require a certain amount of maintenance, as all homes do.
So frustrating to have to go back to square one again.
I should also mention that our house has new (as in, within the last 5 years): windows throughout, heating system, kitchen, baths, wiring, roof, gutters, insulation, siding, deck, etc. etc. etc. So it's not exactly a huge money pit. It's just a 120-year-old house that is going to require a certain amount of maintenance, as all homes do.
So frustrating to have to go back to square one again.
Yes I'm sure it is
Do you get to keep their earnest money at least?
are you going to make the repairs now that you know of them? OR did you already know the repair was needed?
What you consider minor was perhaps not so minor to a home buyer.
Quote:
Originally Posted by redpanda
I should also mention that our house has new (as in, within the last 5 years): windows throughout, heating system, kitchen, baths, wiring, roof, gutters, insulation, siding, deck, etc. etc. etc. So it's not exactly a huge money pit. It's just a 120-year-old house that is going to require a certain amount of maintenance, as all homes do.
So frustrating to have to go back to square one again.
This is why I like prelisting home inspections. It catches the big things.
Honestly if you mention the word foundation and house to many buyers they freak out. What they often don't get is that the furnace on it's last legs could cost more to install then the foundation work.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
