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I went ahead and got lots of things I could live without packed and in a storage unit.
That way the house showed better and those things were the last things I moved into my new house
once the time came. I loved that system and will do the same next move.
I had one buyer back out for no stated reason at the last minute, and I have backed out
on one house because of too many inspection issues I did not want to deal with.
If things come up on the inspection, they are going to have to decide whether they can find another house that suits them as well as yours does for the same price in their preferred location. If they can't they are probably going to deal with the items on the inspection as long as you make a good faith effort to address them in a fair manner. Also, if they offered on many houses before going under contract in the current seller's market, they might be afraid to walk away being that they would have to start their search over and lose money in the process.
That being said, if your buyer is one who kept looking for homes after going under contract, they could find something they prefer more and be willing to lose the DD money. Did their realtor convey that they were excited when you accepted their offer? Have you seen other encouraging signs that they are moving forward?
They put up $1000 in due diligence and $3000 earnest money. The inspection is scheduled for Monday. Closing attorney contacted me for closing information. So stuff has been going on since we went under contract. DD ends 3/30 and scheduled to close 4/18. I guess I’m looking for some actual statistics (which I am confident someone in NC real estate keeps) like 20% of buyers walk for no reason or something. I’ve bought and sold 7 houses in the last 35 years and I’ve never been this anxious.
Step back, rationally, for a moment. The only difference is that now, they don't need a reason to bail, but it will cost them $1K to do so. In the past, if they wanted to bail they likely could have dug their feet in over items in the inspection or found a provision of the contract to release them from it. An experienced Realtor can chime in, but I have to imagine that a seller keeping EMD was a pretty rare situation pre-2011 anyway.
$1,000 isn't a box of popcorn. If they're a little cash strapped its a bit more bitter of a pill than someone with a lot of money, but most people don't get to the point of being high earners and/or wealthy by piddling money away (if they fall in the latter camp). And, the inspection costs money. So, it isn't as if they're test driving a car here. They're invested in the process just as you are, arguably more so.
You can still show your home and take a backup offer. Getting a backup offer shows the current buyer your home is desirable and helps to keep them in the game. However very few buyers and agents are willing to view a contingent home let alone write a offer because they feel it's a waste of time. Unless you have something extremely desirable.
It also isn't a bad idea to go around your home and fix the items that will get flagged. Burned bulbs, gas logs wont light, garbage disposable, rotten trim, bad siding boards, doors that wont latch, and check in the crawl space if you have one.
We have not bought or sold real estate since the new due diligence rule went into effect. Our house is under contract (took 2 days). Due diligence is 21 days. I feel like a hostage. I can’t show my house I can’t pack for my move. So my question is - how often do buyers actually walk away for no reason? I get it if the inspection found something horrible. Or if the house was way under on appraisal - but do many buyers just say, we’ve changed our minds? I’d love some reassurance.
says you. It's your choice, not anyone else's.
now, will agents cross Contingent homes off the list? Sure. But if your house seems a perfect fit for my buyers, then we may very well see it. And who knows, maybe we'll make a backup offer.
As to the question of how many Buyers just say "We've changed our minds"? Less than 5% of contracts fall aprt for that reason, would be my educated guess.
I guess I’m looking for some actual statistics (which I am confident someone in NC real estate keeps) like 20% of buyers walk for no reason or something. I’ve bought and sold 7 houses in the last 35 years and I’ve never been this anxious.
it would be impossible to keep these statistics. Can someone give you a % of "went under contract, now back on the market" ... probably.
A Seller actually should be MORE confident now than before. Sure, you used to have the mental safety blanket of their earnest money, but the reality was:
We could find a reason for our Buyers to back out on the day of closing, and STILL get their earnest money back.
Now, you've got their $1K, and the day they pass the DD date, their $3K. They can't get them back after DD.
Step back, rationally, for a moment. The only difference is that now, they don't need a reason to bail, but it will cost them $1K to do so. In the past, if they wanted to bail they likely could have dug their feet in over items in the inspection or found a provision of the contract to release them from it. An experienced Realtor can chime in, but I have to imagine that a seller keeping EMD was a pretty rare situation pre-2011 anyway.
$1,000 isn't a box of popcorn. If they're a little cash strapped its a bit more bitter of a pill than someone with a lot of money, but most people don't get to the point of being high earners and/or wealthy by piddling money away (if they fall in the latter camp). And, the inspection costs money. So, it isn't as if they're test driving a car here. They're invested in the process just as you are, arguably more so.
Thank you for all the feedback. I'm actually not worried about the inspection. Our house is only 10 years old and we've maintained it well. I just need to take a deep breath and it will be 3/30 before I know it.
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