So we are selling our house and moving out of state. We listed our house beginning of May and had an offer after 12 hrs on the market without the buyers even seeing it. After some negotiations we got to an offer everyone was happy with and proceeded. We had a 45 day close period. 4 weeks in we found out they had changed lenders and needed a 2 day extension for finances, we agreed. Then an hour before that extension was up, they again asked for an extension (to protect their earnest money) which we denied because at this point we were under contract for a house in the new state and our earnest money was already locked up too. Well everything still continued and it wasn’t until a week before closing that we got the confirmation they were clear to close. We were so happy because we thought it was going to fall through and weren’t sure what was happening that entire time. Then comes the week of closing. They are doing their final walkthrough when I get the call that their lender found something strange and they were no longer clear to close for the following day and needed an extension till Friday. We were freaking out because we had already closed on our house out of state but ultimately said ok. Well we get a call the next day, and they said they might be cancelling. This was at 4:30 in the afternoon, at 8:30 at night we got the confirmation that they canceled, when asked why they said they got a bad feeling about it. The next morning we get a text that they are clear to close from their lender… the buyers agents management team was going to try to convince them to close. We had hope. Nope they still canceled and now we are having to try to resell in a worse market in the worst month. Any advice on how to sell an empty house well would be appreciated. Trying to sell so we don’t have two mortgages to pay! It’s been one of the most stressful experience for us and I wish they would have told us much sooner they were getting cold feet.
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For context, my house is 200 years old. It was not well-maintained when I bought it, and I’ve done A TON of work to update it and care for it. Over $100k of work. And we did it well because we expected to live here forever, this is not a flip situation.
Inspection happened and the inspector was so impressed with the house. Kept talking about how it was in such great shape for how old it is. The home inspection came back and the buyer had a long list of updates they wanted us to take care of (like every little thing, even if it wasn’t necessary to safety). We agreed to 90% of them. We all signed the addendum.
Apparently they brought their dad out to see the house and buyer’s agent told ours that he told them that they would be crazy to follow through on buying this house. Now out of the blue, they’re asking for $20k ON TOP of the work we’re already doing for them or they’re gonna terminate. Because their dad looked at the basement and said they’d have to redo it? Even though the foundation passed inspection? Both our agent and theirs are like “this is bonkers”, but they’re asking anyway.
Do they have any leg to stand on for terminating? Would they get their deposit back even though they already signed all of this? Am I crazy for wanting to just say “screw you, you don’t deserve this gem of a house”?
Edit for update: Talked to agent and lawyer (and all of you, thank you). We decided to tell them to pound sand and kick rocks and either walk away without their deposit or follow through.
I am durable POA (with full powers) for my relative who is in a hospice facility with a prognosis of weeks to live. His house is a level 5+ hoard (every room completely filled with junk and trash up to the ceilings) with water damage, black mold, weak floor joists, fallen ceilings, and rodents/birds. I do not have the money and he does not have the time (prognosis of weeks, if that) to clean the house to prep it for a normal MLS listing. He left no will and no one in the family wants to go through probate with a hoarded house sitting vacant for months on end, risking vandalism or condemnation. We want to sell his house as is, hoard and all, even though we know his estate would take a huge loss from market value. We want to get the sale of the house closed before he dies and we are racing against the clock.
How fast can a distressed house close (settlement) from the day we enter contract with a buyer - can this be done in 7 days?
Can a title search be done in a day by us as the sellers to expedite settlement?
It is likely that the house will sell as a tear-down or at the least need to be stripped to the studs, making it a land sale effectively. How do we figure out the market value of the land?
