Yet another reason for some to sell your house fast in Richmond is home inspections. Yesterday I received a call from a prospective home seller who’s house is currently listed on the MLS. In short the seller had accepting an offer contingent on a home inspection in which the buyer was requesting repairs “only” over $1,500.00 Sounds great to the inexperienced ear right? Answer equals Wrong!
Todays purchase agreements with contingent home inspections are very much a substantial leverage mountain for buyers. Along with the buyer’s broker to act as if they are “working hard” for their buyer ~ all on you btw, the sellers expense. Because, ultimately you are paying their, the buyers, realtor/broker~!
So, hear is what went wrong with this seller who called me yesterday. It’s so common I filled in the blank when they paused on the phone. Frustrated and looking for an out (me as a cash buyer, as is, on a referral from a friend) after the home inspection the buyers requested $15K in repairs on a low $300’s K home !!! What initially looked good ” not requesting repairs under $1,500 ” was leverage and in fact they requested $15K worth! This seller countered with $5K and the buyers walked immediately – out, gone, see ya, by !!
Frustrated, this seller called me on a referral from a friend. a) This sellers house was not a fit for me to buy. It really, does not need rehab work b) I was happy to help however I could including passing on a couple local real estate attorneys I have used. But, the bottom line I shared was in reply to the questions 1) I am not a real estate attorney but from experience~1) yes they will walk away with their deposit too 2) yes, they can do that as soon as you countered their offer 3) yes, what looked good “only repairs under $1,500″ seemed good on paper and here is where I filled in the frustrated seller whom called me pause break with – ” and they came back and hammered you on the repair request, right?.
I wont get into the possible legal issues, or not, of what is a “repair” and what is a “defect” and other that are for attorneys. Basically, that buyer will walk, with deposit and after making this sellers house go “dead” by pending on the MLS and other Real Estate sites. And now we are entering the Holiday season and rather than closing, if this seller chooses to re-list, attempt to reboot this listing they will do so at traditionally the slowest time of year to sell. Keep in mind also this is not even a house in need of rehab by any way shape or form.