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Just curious. A woman narrowed down her choices to our townhome and an older single family. She chose the single family. (This was about 3 weeks to a month ago) The house said pending for a while. I drive past the other day (I know the house b/c it is right down the road from mine and my realtor was told which home she chose) and it is now for sale again.
I know financing and home inspection are two big possibilities. Would it take 3-4 weeks to get financing? Or is that the time frame for an inspection? I am HOPING it was the home inspection and that maybe the woman will revisit the notion of putting in an offer on our home. (My realtor is trying to get in tough with hers)
Not putting any eggs in one basket on this since I know it means nothing unless she comes to us with an offer-just kind of curious. If it is that she couldn't get the money, I must admit that I am happy she didn't pick our home as it would have been off of the market for a month!
Most deals fall through over financing. If the borrower has borderline credit/was pre-qualified before lending guidelines changed, it doesn't take much for them to lose their qualification.
Some (but not all) other reasons a contract can fall apart: unable to get clear title, homeowner's association "stuff", appraisal. You are never out of the woods with a contract until you're LEAVING the settlement table.
Most deals fall through over financing. If the borrower has borderline credit/was pre-qualified before lending guidelines changed, it doesn't take much for them to lose their qualification.
Some (but not all) other reasons a contract can fall apart: unable to get clear title, homeowner's association "stuff", appraisal. You are never out of the woods with a contract until you're LEAVING the settlement table.
Tish,
I always say not until disbursement.
In NC it isn't a done deal until the deed is recorded.
I've never received the "I couldn't record..." call, and hope I never do.
Twin, it is still a possibility that the reasons had nothing to do with her. Having your agent contact her agent is a good step. If anything can be put together for place, great. if not, oh well... your in the same place you were before the call was placed.
Don't forget disclosure or lack thereof, inspections, not willing to fix inspection items, termites, mold, the list is long....
3-4 weeks? I'd go with the above items during inspection. That gives the owner time to fix the probs....but sometimes buyers get greedy and want to dictate how and what products to use in the repairs. What drives me crazy is an inspector that points out things that are not NECESSARY...but "would be nice if...." The buyers get to thinking they're getting a raw deal because the perfectly good garage door opener isn't to current codes. It DOES NOT have to be updated until it breaks and is replaced....but the buyer wants the current owner to pay the cost NOW. These kinds of things just make people mad and they lock horns over splitting hairs. I've seen deals fall through over the pettiest things. There is just so far someone can push before one or the other breaks in negotiating inspection repairs.
All the other reasons are valid as well......financing is tougher right now too!
Well, my past 2 days of experience has been:
1: Cold feet
2: buyer just emailed me to cancel his deal (closes tomorrow) because he bought it
because he has a crush on me and can see he and I are not a We.
guess we will just have to wait and see if her realtor will call ours back. (i don't get the agents who don't communicate with other realtors. you think they would want to get a deal done as well)
3-4 weeks? I'd go with the above items during inspection. That gives the owner time to fix the probs....but sometimes buyers get greedy and want to dictate how and what products to use in the repairs. What drives me crazy is an inspector that points out things that are not NECESSARY...but "would be nice if...." The buyers get to thinking they're getting a raw deal because the perfectly good garage door opener isn't to current codes. It DOES NOT have to be updated until it breaks and is replaced....but the buyer wants the current owner to pay the cost NOW. These kinds of things just make people mad and they lock horns over splitting hairs. I've seen deals fall through over the pettiest things. There is just so far someone can push before one or the other breaks in negotiating inspection repairs.
All the other reasons are valid as well......financing is tougher right now too!
When buyers come back with requests like that, it's a sign that their Realtor didn't prepare them for what an inspection report looks like. The inspector is required to list everything that's wrong with the house. Even if it's functional, yet just not up to code.
With my buyers, I prepare them for the fact that the inspection report is going to make the house look like a war zone, but that we're only looking for things like HVAC issues, roof, structural, etc. Things that would really affect the value of the house. If the buyer is present for the inspection, they can walk around with the inspector and they'll realize that a lot of the things on the report look worse than they really are.
Keep in mind that there are different standards in different states though. I just recently sold a $600,000 home in San Antonio to a buyer from Minnesota. They got the inspection report and demanded that EVERYTHING on it be fixed (um....no, we didn't agree to those terms).
Apparently up there you're supposed to have your home inspected and everything repaired before you put it on the market. (this is what the buyer said, so if I'm wrong, blame him ) He thought that we should do the same in Texas because that's what he was used to up there.
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The buyers get to thinking they're getting a raw deal because the perfectly good garage door opener isn't to current codes. It DOES NOT have to be updated until it breaks and is replaced....but the buyer wants the current owner to pay the cost NOW. These kinds of things just make people mad and they lock horns over splitting hairs. I've seen deals fall through over the pettiest things. There is just so far someone can push before one or the other breaks in negotiating inspection repairs.
) He thought that we should do the same in Texas because that's what he was used to up there.
