Well you never know a deal is done until the deal is done… Our buyers backed out at the last moment… well actually they did have 7 hours left. So what does this mean to us?
Well for one thing it means we don’t have to move out of our house in mid July. And that my friend is a good thing! We looked everywhere in town (we live in a college town) and there was virtually nowhere that would rent to us for six months. Now when you live in a college town all the apartment complexes think they will be able to rent to students coming into town for a twelve month lease. They also believe they will be at 100% occupancy even though history suggests if they hit 90% it will be the mother lode… So other a a few places in the “hood” we could not find a decent place to stay.
So anyhow our buyers backed out at the the last possible moment. So what did we learn from this transaction? First, we were in the right position to not sell unless we really needed to… (we didn’t); second, not all brokers are out for your best interest (I really thought their broker didn’t do a good job for them); third, have a better plan in place than we did in case someone wants to buy your house earlier than you possibly thought, and fourth, we need to get a motorhome soon in case this happens again.
The history…. we negotiated back and forth and thought we were giving them a great deal… lower than we originally thought! When it got down to brass tacks we finally decided that we were not desperate sellers and they had to meet our “fair” asking price… well, they didn’t. Instead they spent nearly $1,000.00 on inspections, termination fees, and title insurance and backed out of a deal they were within $1,200.00 of securing. Why? We will never know but we have decided it was best for us since we now don’t have to move out in mid-July. That was causing a lot of stress since we don’t retire till March 2nd, 2011.
So it is back to ground zero but we are wiser and slightly richer and wiser… they paid us $100.00 to terminate the contract and they also paid for three inspections… pests, A/C, and full house inspections… so we now have a checklist of all the possible bad things that prospective buyers might dislike… now all we have to do is take care of most of the repairs…… and find another buyer…
…that will not move in before September 1st ;)