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Personal Finances / Buying or Selling a Home
|Subject: Re: Selling: more of a rant than anything||Date: 3/4/2013 7:04 PM|
|Author: JAFO31||Number: 124938 of 126963|
VTAlumni: "Just sharing a frustration on our selling process. I'm a very analytical person, so maybe someone can give some insight into something I'm missing here or it was just cold feet from the potential buyers.
We live in the DC metro area which is low volume and currently a sellers market. Prices are just starting to rise here over the last 6-9 months and looks like a lot of renters are trying to get into homes at today's rates. We interviewed a few realtors and found a pair that worked together that we really liked. The one who would be in charge of selling had a system that looked great. He does a lot of leg work to get bidding wars going the first weekend on the market, and with such little inventory it is important to pick just the right price. We were looking at our house selling in the $430-440K range, and before telling him what we wanted to list for he recommended $435K thinking that we'll get multiple people putting offers down the first weekend and could end up with closer to $440K. We were happy.
Our house went on the market Friday morning, the first people waiting in line to view it were a couple that we'd seen driving by our street all week looking at the "coming soon" sign in our yard. They got in to see the house Friday morning and put an offer down immediately for $443K (8K over listing) with 25% down and waiving the inspection and appraisal contingencies. This was just way too good to not accept. We had 3 others very interested that first day and one was in the processes of putting together and offer, but we accepted the 443 an hour before its 7pm deadline. The next day our Realtor still did the open house and there was more interest but most people didn't bother because the sign already said "under contract" in the front yard. Realtor was trying to get a backup offer going but most people saw what they've seen everywhere else. The houses go fast that are priced appropriately.
Fast forward to today, we get news this morning that they are backing out a few hours before their 3 days are up to do so. The reason they list is "upon review of HOA documentation" which our realtor tells is is typically what people fall back on when they need an excuse to back out. He said, they really didn't need to give a reason - but the fact that they did shows they want us to think it is for a specific reason."
I am not familiar with the DC "standard" contract, but when i read "waiving the inspection and financing contingencies" to mean that there are no contingencies in the contract. Was there a title review contingency?
"Question ... is this a case of cold feet? Guess we'll never know. I can't help but wonder if this person was attempting to undermine our ability to get a bidding war going on opening weekend. Is that they they set the 7pm deadline to accept their offer the night before we were to have our first open house?)."
Hanlon's Razor suggest that one should "never attribute to malice that which is adequately explained by stupidity". You will probably never know unless you ultimately do deal with these people and get to observe them and know them better.
Not to beat a dead horse, but you could have responded with either a request for more time (i.e., until after the open house) or no but they are welcome to re-submit after the open house. What did you realtor suggest? The otehr adage to recall is a bird in the hand is worth two in the bush. Or in real terminiolgy, there may never be a better offer than the one you already have.
Good luck. Regards, JAFO
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