Losing the Battle AND the War
The talk of my office the last few days is a certain suburban deal that fell apart literally at the 11th hour, due to a walk-thru inspection issue.
The problem?
A suddenly wet basement.
The Seller overplayed their hand, and grudgingly offered the Buyer only $5k to address the issue, post-closing (estimated repair cost — for the very big basement — was at least double that).
Unhappy with that, the Buyer walked (yes, they can do that when a new, non-trivial defect in the home is discovered prior to closing).
(All) Hell Breaks Loose
What happened next?
The frantic Seller came back to the table with an offer of first $10k, then $15k.
“Not enough,” said the angry Buyer.
With no resolution, the Buyer and Seller formally cancelled the Purchase Agreement.
Then, the Seller — a relocation company that bought the home from the owner — fired the listing agent, and re-listed the home.
At a whopping $50k below the last asking price!
Once & Future Buyer
The Buyer bided their time, and a few weeks later made an offer well below the now-slashed asking price.
After a modest Counter offer and some further negotiation, the Buyer and Seller reached terms (again).
Net savings to the Buyer, assuming the deal closes this time?
Almost $60k(!), on a $750k home.
