Wednesday, June 16, 2010

What could possibly go wrong… :)

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 unsoldmove 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    ;)


  1. I like your attitude. Another buyer will be along when the time comes. Glad you didn't have to let it go with the lower price. Sounds like you are not desperate which is a great place to be. Good luck the next few months.

  2. I had been wondering what was going on with you guys. What a whirlwind!

    After reading your "success" with, we are thinking about putting ours on the "Make me Move" portion. I don't know what you think of them now, since you've had the buyer back out?

    Good luck. I hope you can find a motorhome soon and the next time your house sells, at least you'll have a place to live!

  3. Things happen when they're meant to happen, and obviously this wasn't your time. It sounds like you gained from the experience though - learned some things for the next go-round and $100 to boot. Of course, that $100 doesn't nearly compensate for the stress I'm sure you were feeling during this time, but all in all, it sounds like it worked out best for you. Good luck!

  4. Randy and Pam - yep not being a desperate seller is good but you still hate to see a prospective buyer go away...
    Karen and Al - we are still going to use zillow we have one other person interested and is now checking with her bank to see if she can qualify (iffy at best I think)
    The Gypsy G-Mas - yes we definitely gained from the experience ... hope you are both enjoying the lifestyle

  5. Sorry it fell thru, but the experience was probably good. It made you firm in your plan to go RV full time. I bet you took a good look at a lot of the stuff you still have to get rid of. Now you will have more time to do it comfortably.

    About 30 years ago we had a wonderful home in rural Wisconsin. My husband got a job in Texas and I had to stay with the house until it sold. We had a broker for awhile and then put it up for sale by owner.

    I sold it to a nice qualified buyer. But before it closed, I got sellers remorse(if there is such a thing and backed out! After a stressful weekend when I went down to Texas for another look, my husband changed my mind and we recontacted the interested buyer.

    Luckily they still wanted the house and forgave me my reluctance to sell. As far as I know they are still living there and I am happy they still like the place. It was my dream home! But now my dream home will have many wheels.

  6. Aww that is too bad about the sale, but your attitude of not being pressured into moving fast seems to be a sign that you weren't ready to be pushed either.

    Having been a real estate broker for 9 years, I could say honestly that 1 in 4 contracts either don't get accepted after battles back and forth over the smallest of items... or if they do get finalized and closed, there is usually one party feeling *ripped off* by the other.

    Perhaps a better buyer for you is waiting right around the corner...

    Karen and Steve
    (Our Blog) RVing: Small House... BIG Backyard

  7. I just got caught up and read your blog and wanted to say how sorry I am things didn't work out. I do believe that things happen for a reason and obviously this wasn't the "time" for you guys to sell. Another buyer will come along and the deal just might be much better. I agree with Randy...great attitude!
    You guys just hang in there.

    Mike & Gerri (happytrails)