We just got word that "appraisal is good" on the house we are selling. The buyers are doing an FHA, so we were a little worried about what kind of crazy things might happen! If the buyers agent is saying "appraisal is good", do you think we're good to go in terms of FHA stuff? Or will there be some random things they might come back with saying need fixed still?You hear about these weird things with FHA's all the time. I just have no experience with them.
We are running into the same issue. Even though we have 20% down and are borrowing about half of what we pre-qaulified for. They won't just use the payment amount that is listed on my husbands credit report....they keep arguing that they ahve to use the full default amount for future years. Which is bull. Seriously, this is not some wackadoo repayment plan!! How do lenders not know how to deal with this??? It's ridiculous. Our mortgage will be a big chunk less than what rent is. Oh, and I should mention they're telling us this 3 days before we're supposed to be closing according to the contract.
good news and bad news. we won't get to move this weekend--so that's bad. BUT that does mean we'll get to do an open house this weekend---so that's good!I've asked my agent about taking it off and putting it back on and he said that really does very little if anything. Agents will be able to see, and will look at, days on the market. It won't fool anyone.He's listed all over the place, so that part is good.I'd be very very concerned about dropping it 10k and then hoping to get more. That seems very unlikely. We will be considering dropping the price another small chunk soon though. Not sure if it's better to do that before or after an open house. I'm also going to emphasize to my agent that we are "motivated" and he can relay that to any agents/buyers if he feels it will help the situation. I have no problem negotiating...just want to get another offer in the door!
My agent has contacted all the agents that showed before and alerted them the house was back on the market. Having just dropped the price friday, I guess he could follow up with those that did multiple showings again and let them know that part.Short of that, I really don't know what to do. It's just so confusing to me how you can go from so many showings to none at all.
Well, unfortunatly it doesnt' look like an open house is going to be possible before we have to start packing up next week. My agent doesn't think an evening this week or this weekend would be worthwhile considering the holiday friday. The next option for an open house is going to be after we move.We dropped the price friday. We're still right in the spot price wise for houses of similar. I don't know what else we can do. It's like the bottom dropped out during that 20 days off the market. We've only had the 1 showing in a week being back on the market.Have any of you agents out there had a buyer back out? What did you do after to combat or get things back on the right track?
We dropped the price this morning, so hopefully that will help! I talked to my agent and he said in this area, open houses during the week just don't work. Likewise, doing it on the 6th (holiday weekend) wouldn't work well either. Those are my only options for open houses before we move out sadly. He said if I really really wanted to try it, we could try for the 6th but he wasn't optimistic that we'd get traffic. Obviously we could do an open house after, but the house would be mostly empty. We're going to try to borrow some furniture and leave a little just so it doesn't look barren...but it's a big open space.I know he wants to sell this house also, so he's chasing down leads and such. But it's obvious that those 20 days off the market really really hurt things. It just makes me so angry that this guy did this and effectively screwed things up. I just keep hoping a better person is out there and will show up soon!!!
@ Kari. Thanks for the advice, but please see original post. I did have an offer generated from that 2 1/2 weeks and I accepted it. However, after 20 days he got cold feet and backed out. Hence my current predicament. Also, in that 20 days, the 2 other couples that were close to an offer before this guy beat them have since found other homes. Soooooo square 1 almost and out 20 very very valuable days on the market. Apologies if my original post was unclear.The house was on the MLS tour during that original 2 weeks. I'm considering asking my agent about doing an open house on the holiday weekend. Sunday the 6th. It's really going to be the last time I could on a weekend before the house is empty.Is there anything else we should be doing?? Should I drop the price from what it was before? (it was obviously acceptable when i put it on the market if I had an offer and others close but just beat out timing wise) Should my agent put something in the agent's remarks about why the buyer backed out?I'm just getting really frustrated because it was hot before I accepted his offer! He cost me 20 days and now it seems to be lukewarm at best.
I had thought about that as well. It's too late for them to do one this weekend, sadly. Next weekend is a holiday weekend. The following is our moving weekend (so that wouldn't work for obvious reasons). Would a showing on a holiday weekend work? I've always been told those are the worst.After that, the house will be empty :(
I recently had a buyer back out of a contract. It was right after the inspection, and he claims it was due to deficiencies. However, the inspection revealed nothing of significance or that we couldn't address. My agent's guess is that it has more to do with him being a first time home-buyer who was trying to buy a house much larger than he really had much business looking at. He was doing 100% financing and he thinks the numbers just finally sunk in after he realized homes weren't perfect and took maintenance. His agent is also brand brand new. Anyway, it sounds like it was more a "cold feet" issue.My question & concern: Before his offer, I was on the market about 2 1/2 weeks and had a showing every other day if not more. Supposedly there were other parties interested in making offers, but this guy beat them to the punch. Thanks to him, I was off the market 20 days. Now, having just got back on the market, I've only had 1 showing in 5 days. Only the 1. Is there anything we can do to bounce back better from this??? Going from that much action to so little really makes me wonder what is going on. We changed nothing on the listing. We are moving in 2 weeks and, at that point, we will have an empty house to show instead of a full/staged one. Not to mention the shear fact that I really want to get the house sold...obviously.
Thanks to all. Any advice on how to not look bad for future buyers? I know just having an offer withdrawn will pose all sorts of questions in and of itself. My realtor suggested we not putting anything additional in the agents remarks section and when agents ask, just explain it at that point.It's just so frustrating and maddening that now I'll have to deal with a black mark against my home all because someone wanted to back out when it became real.Anything advice would be great!