A week ago I wrote about selling our house in MD. It was an ideal deal, cash with no inspections, and we were thrilled with how easy it was.
But on Wednesday afternoon I got a call from our realtor (let's call her Debbie so I don't have to keep typing "our realtor"); the buyers were asking to be released from the contract. Debbie said that in 35 years she had never had a cash deal fall apart, but I guess there's a first time for everything.
The situation was disappointing, but Debbie had already called the realtors representing two other potential buyers that we had received offers from to see if they were still interested. The potential buyer with the second-best offer was enthusiastically in. All we had to do was electronically sign the "Release From Contract" form and then sign a new contract with the new buyer. This offer involves the buyer applying for a mortgage, an appraisal, and inspections, so there are potential pitfalls, but it might also be more money.
It's funny that the buying and selling of a house can be so personal yet impersonal at the same time. When you list your house you agree to let strangers tromp through it, viewing where you live and disrupting your life. This is both personal and disconcerting. I have no desire to expose my life to strangers, nor do I want to pry into theirs, but I do wish I knew why the original buyers backed out. I'd also like to know a little about the next potential buyer's story, but I will probably never meet him. This is an odd business.
So we're trying this again; let's hope the second time's the charm!
Fingers crossed for a smooth process with NO pitfalls!
ReplyDeletewhhhat? that is really weird but I"m glad you had multiple offers and the runner up people are still interested!!
ReplyDeleteYes, I have always found selling a house to be an incredibly invasive process where you allow lots of people to be judgmental about your life. I really hate the process. Everybody has to expose their underbelly for it to work. I hope this deal turns out to be better than your first one! I also hope you are yours are safe and warm this weekend with minimum disruption. Bring on the chili!
ReplyDeleteI'm so sorry you're experiencing the real estate roller coaster ride. And you're so right . . . the buying/selling of a house is so personal. And yet . . . so IMpersonal. I hope all goes smoothly from here on out. (And "more money" is always nice. . . ) XO
ReplyDeleteI am of course thinking that they had some sudden financial, unexpected crisis. Those appear when you not only least expect it, but when you least need it.
ReplyDeleteHopefully the second time will be the final time.
Thank goodness you had other interested buyers! I have heard of deals falling apart when buyers couldn't get financing, but I think these days they're more likely to make sure everyone has their ducks in a row before making an offer. Fingers crossed second time is the charm!
ReplyDeleteIn the words of the Wise Pooh...Oh help and bother! Thank goodness for "backup offers"!! I hope for perfect inspections and a rapid process!
ReplyDeleteSending all the great house selling juju your way! Sorry the initial offer fell through (it almost sounded too good to be true to me). Thank goodness for back-up offers. Here's hoping it is speedy and uneventful.
ReplyDeleteI always thought that tromping through a house for -- maybe an hour? once, maybe twice? -- was also ridiculous in terms of buying a house. So much on the line, not the least of which is $$.
ReplyDeleteI hope the second time is the charm!!
Ich real estate. I'm glad that they withdrew quickly enough that the other buyers were still enthusiastic. Hopefully that will go better. Do you get to keep the earnest money? Unfortunately in Oregon we don't get to keep any earnest money if someone drops out, which made us want to work with the people who wanted to pull out of our offer.
ReplyDeleteOur realtor said that in MD we could maybe split the earnest money but she's seen that end up in small claims court. It was easier to release the previous buyers from the contract and return their deposit. Fingers crossed that things work out with this new buyer!
DeleteI hope everything works out with your new buyer! Have a good weekend, Bonny!
ReplyDeleteThanks, Debbie! Fingers crossed and I hope you have a great weekend!
DeleteOh dear. I'm glad another set of buyers has easily been found. Fingers crossed that this second time around comes to a successful conclusion.
ReplyDeleteThey probably THOUGHT they had the cash, but then the market took a crash? You never know what motivates people in the first place. A cash offer fell through for one of the condos in our village, but they ultimately sold for more money. Just like you!
ReplyDeleteThis sounds so plausible! Bonny, best wishes for a smooth process with this second offer!
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