A deal died today. Poor deal. It was a pretty good one. Buyer was happy, seller was happy, we had an agreement… and then it all fell apart.
Introducing: The Neighbor!
Friendly Neighbor alerted Buyer to a problem with the house that she was unaware of. Actually, as it turns out, the Seller didn’t even know about the problem, but there it was. It wasn’t a big one, it was pretty straightforward, and the seller was totally willing to fix it. The thing is that that one problem was the tipping point.
Before that one problem came along, there was already a laundry list of other problems.
There was a lot to love about the home, but there were concerns. By the time we uncovered that final problem, it was the last straw for the Buyer. So instead of delivering the earnest money check, I called the Seller’s agent and let him know that the deal was not going to work out after all.
The seller could have avoided the death and destruction by taking care of the repairs before listing the house. He did make some repairs, big ones, but left a lot of little ones laying around the house.
I know that sometimes sellers think it would be better to wait and see what the buyer asks for after the inspection, but you never know what kind of buyer you will get either. Maybe the buyer will be a do-it-yourself type of person who likes a challenge and won’t mind making repairs. Maybe your buyer will be someone who just wanted to move in and enjoy. In this case, the seller made the wrong bet.