Four days into the transaction, the inspection report comes in showing the need for ‘extensive repairs’ running into the thousands. At about the same time, the buyer’s lender call with news … the appraiser can’t find comps to justify the property’s selling price. After several calls and researching further, that obstacle was resolved. In the meantime, I’m trying to convey to the buyer (through his agent) that the reason for the lower selling price is due to the property’s condition. Finally, there is a new meeting of the minds.
But now, the Title Company is announcing the latest news: there is a cloud on the title that needs clearing and will most likely delay the closing. Seller has no idea as to the problem and buyer, very attentively, wants to use this as a bargaining chip.
After getting those ‘tools of the trade’ back on the table, the parties come to terms with the REALITY … buyer wants the property, seller wants to sell the property.
All said and done... that was so easy! My hair is still in place and my nails are intact (stress can do strange things). Now comes the time of the walk through. The buyer brings along Uncle Louie to the walk through who just happens to be a contractor. After opening every drawer, tapping every wall and using a gigantic flashlight to light up every little corner, he announces that the house has termites (oops! The buyer’s inspector missed the termites). Guess what … inspection period is over, all contingencies are out of the way. However, the buyer is adamant about not wanting to share the new home with termites. Do I need to say more?