Current Events > Sale of our house just fell through

(+) Yeah! (+)

First time selling a house and the sale just fell through after we agreed and signed everything. They saw something they didn't like after the inspection even though we dropped our price by $40k

But they signed?

teep_ posted...

But they signed?

Yup, but it was contingent on the inspection

neighbor across the street just had that happen to him, dumbass left the crawl space door open and his pipes froze a day or two before the sale went through. suddenly thousands of dollars of repair work.

By all accounts in this market, assuming you aren't asking for anything crazy over market price, you should be able to move it with another seller. Keep at it, and don't get discouraged. I know it sucks, but you'll get a buyer eventually.

jcmason posted...

By all accounts in this market, assuming you aren't asking for anything crazy over market price, you should be able to move it with another seller. Keep at it, and don't get discouraged. I know it sucks, but you'll get a buyer eventually.

House has been on the market for over 3 months and is below appraisal value. Not sure what the hold up is

monkmith posted...

neighbor across the street just had that happen to him, dumbass left the crawl space door open and his pipes froze a day or two before the sale went through. suddenly thousands of dollars of repair work.

This happened to my mom. She had already bought a house and left showing it to her realtor. Someone on a tour opened a bathroom window and didnt close it. Pipes froze and burst. flooded the main floor and the basement.

My sister sold her house about a year ago now, and it did sit on the market for several months, with a few offers falling through. Personally I thought they were initially asking a bit high, but they eventually got down to a more reasonable range I think, and a buyer eventually worked out. It just seemed like so many folks are trigger-happy at first, but maybe they're also considering other options at the same time. So it might not be a problem specifically with your place, but that they're finding something else at the same time and moving on that.

The persistence should pay off.

What market? Sounds like your area might be less desirable or too remote.

What did the inspection bring up? Dropping price $40k doesnt mean much if there are serious foundation issues that would cost more. Not to mention, its very difficult and costly to line up contractors to do anything right now.

You may want to look into fixing the things that the inspector found.

Cleo_II posted...

What market? Sounds like your area might be less desirable or too remote.

What did the inspection bring up? Dropping price $40k doesnt mean much if there are serious foundation issues that would cost more. Not to mention, its very difficult and costly to line up contractors to do anything right now.

You may want to look into fixing the things that the inspector found.

Right now getting contractors is a pain. I need to fix a pocket door (or change it to a barn door if that is cheaper) but its just not happening now.

We really need to know what the inspection found.

My brother had two people bail on him after signing contracts. This was like 4 years ago in a rural market area. It was a mess.

Cleo_II posted...

What market? Sounds like your area might be less desirable or too remote.

What did the inspection bring up? Dropping price $40k doesnt mean much if there are serious foundation issues that would cost more. Not to mention, its very difficult and costly to line up contractors to do anything right now.

You may want to look into fixing the things that the inspector found.

Its more city, but rural city. They found a crack in the foundation that was fixed and stable and we had the paper to prove it but they didn't accept that because they're looking to remodel.

The 40k dropped was before the inspection. We accept an offer $40k below asking and that brought us below appraisal.

O_Town_Rulez posted...

First time selling a house and the sale just fell through after we agreed and signed everything. They saw something they didn't like after the inspection even though we dropped our price by $40k

Looks to me that their inspection contingency clause worked.