Pay close attention to these curtains, and read on.
In my last blog post, I talked about the highs, and lows, and long nights of negotiating and accepting an offer. It is an exciting time, but don’t pop that cork (like we did) just yet. Little did my husband and I know, there would be many more hurdles to jump before the whole home selling process was over.
The offer that we accepted put us walking away with a couple thousand dollars. We knew that we would not walk away with lots of money, as we bought our home in the height of the housing market, and although recovering, it was not quite back to the way it had been. We were selling due to a job move, so we were okay with walking away with nothing. The reason that we negotiated our bottom-line at a couple thousand dollars above our break-even point, was so that after the buyers had their inspection and submitted their repair request we would have the money to fix anything necessary. We will talk about that list a little later!
In the Offer to Purchase that we signed, the buyers put down “earnest money.” This is money that shows that they are committed, and if the transaction goes through will go toward their down payment. This gave us peace of mind and let us know that if the deal fell through by some fault of the buyer we would be compensated for the time that the house was off the market.
The Offer also had a due diligence period of three weeks. This time lets the buyer schedule all necessary inspections, appraisals, etc. Some of these inspections were just things that the buyer wanted to check out, and some were necessary for the bank to approve their loan. This three weeks ended up being almost as hectic as the house showing period. Because we wanted the house to make good impressions we continued to clean, tweak, and improve it. Not only were we doing the aforementioned things, but we were also packing. We were moving whether this deal went through or not, so packing could not wait. There was SO MUCH STUFF!
Renting a POD was one of the best decisions we made. It gave a us a place to put ALL THAT STUFF without making too much of a mess inside the house.
With each inspection (home inspection, pest inspection, roof inspection, inspection of the heating and air unit) came new worries that the buyer might not like what they were hearing. Our stress levels went each time an inspector scheduled a visit. I am sure that the buyer was feeling this same stress and probably second guessing their offer the whole way through.
The day that due diligence was to end the buyer’s agent asked for a due diligence extension... We were floored. Our agent was in constant contact with the buyer’s agent. We were assured that the buyer was no trying to back out, but could not get the all of the inspections that they needed in time. They wanted to extend 3 days. We very reluctantly agreed. One last inspection and the due diligence was ending (at 5pm). We were counting hours.
At 4pm we received the Repairs Request. This is where the deal almost fell apart. Are you stressed out yet? We were!
Having bought and sold houses before, my husband and I both totally expected that there would be a list of things both “biggish” and small that the buyer would ask us to fix. I was expecting things like repair of a crack in the moulding, fixing the light fixture in the bedroom, replacing the back door, etc. What we got went way beyond our wildest dreams!
The repairs report came, and the buyer asked for a new roof, new heat/air unit, gas logs in the fireplace to be serviced, and the list went on and on. In case you missed it, yes I did say a new roof! The estimation for a new roof was $8,000. The estimate for a new heat/air unit was also $8,000. I freaked out! The were asking for well over $20,000 in repairs.
It was time for my agent’s ninja negotiating skills to be exercised. After much sweating and number crunching my husband and I knew that the couple of thousand dollars that we were going to walk away with was all that we could offer. We had our agent call the buyer’s agent and offer $2000 toward closing, we would service the gas logs, and we would service the heat/air unit. There was nothing else that we could offer. We waited, and tried to figure out what we would do with the house when the deal fell through.
We had a response from the buyer within an hour. They would take our offer if we would throw in the living room curtains. It all came down to curtains.
The deal was on, we were back to packing, and it finally felt like we were in the home stretch.
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