U
/u/glitterwave
Guest
I hope this is the right group to post, I don’t know if I want advice or just to vent. I just feel so overwhelmed.
We listed our house 40 days ago in a slower but not dead market. I do think we originally listed too high but I feel that now we are listed at a very competitive price ($141/sq ft)
We got an offer on day 30 and had an inspection about 3 days ago. The inspection obviously did not go so well and after thinking about it for the last 3 days I got an email from my realtor at midnight that the buyers backed out due to some issues. I’m really upset that my realtor emailed this at midnight and did not just wait to call in the morning, am I wrong for being very angry about that? My realtor just seems to communicate via texts and emails which I find weird, I hired her for her expertise and she’s not really giving that.
The issues are legitimate for the most part, the house was built in 1964 so it’s older. The main problem I’m having is that we had the same inspector who did not point out a lot of these issues when we bought less than 2 years ago.
The main issues are: 1) double tapped wires in electrical box, we can hire an electrician to update the box and fix this, will likely be expensive, I don’t know
2) there are small roots in the sewer line, we need to get those cut out will cost around $500. This was not found on our inspection.
3) the main issue that really upset me is that the brick above the garage are sagging, I think we need to install a new lintel above the door. I don’t understand how this was missed during our inspection (we used the same inspector!). I don’t know how much this will cost.. maybe $2000
4) the furnace and water heater are old but still function very well and are serviced yearly. I don’t know when they were installed but manufacturing date on furnace is 2004 and water heater is 2007.. I don’t want to replace them because they work, wondering if we can buy a warranty for them for future buyers peace of mind?
As a first time home buyer I can see how these flags can be scary, but we were totally willing to cover all cost and repair to keep the deal and the buyers still bailed.
I’m so upset about this, we’re moving across the country in a month and really wanted a clean break.
We bought our house at the height of prices when things were selling super fast and we’ve put in so much money on making the main levels beautiful and comfortable. We also addressed issues with the roof and updated pipes in the basement and updated all kitchen appliances as well as installed new flooring throughout the home (bathrooms were carpeted!)
At this point with what we’ve paid on the house, what we’ve already put into it and these new repairs we are barely breaking even.. we’ve owned the house for two years and we’re not expecting to make money but we didn’t expect to lose money either.
We thought about renting it but it would be for less than our mortgage (we’d lose about $200/month) plus we need to pay for someone to manage since we’d be clear across the country. This would be about $250/month so we’d be negative $450/month if we rent it out.
Not moving is not an option because it’s an incredible job opportunity for my husband, the kind of jobs that only open up when someone retires or dies (he’ll be a professor at a top 10 school).
What should we do? Sell at a loss after repairs, sell at a loss by lowering price and having new owners do their own repairs or rent at a loss? Either way we are losing, but the career move will pay in the long run (hopefully?)
Is anyone in the same position from buying at the height in 2022?
Has anyone experience their first offer falling though? Its so discouraging to have these issues you had not idea about pop up during an inspection and having to re list is so.. embarrassing and I’d hate for it to reflect negatively on my home.
I just feel so unsupported by my realtor as well, communication is always delayed or she responds with a text or email instead of a call. She asks what I want to do but I don’t fucking know, I’m not the expert. She’s not super into doing open houses but I don’t know how else to get more interest in this slow market.
submitted by /u/glitterwave
[link] [comments]
Buyers backed out, home getting re-listed
Continue reading...
We listed our house 40 days ago in a slower but not dead market. I do think we originally listed too high but I feel that now we are listed at a very competitive price ($141/sq ft)
We got an offer on day 30 and had an inspection about 3 days ago. The inspection obviously did not go so well and after thinking about it for the last 3 days I got an email from my realtor at midnight that the buyers backed out due to some issues. I’m really upset that my realtor emailed this at midnight and did not just wait to call in the morning, am I wrong for being very angry about that? My realtor just seems to communicate via texts and emails which I find weird, I hired her for her expertise and she’s not really giving that.
The issues are legitimate for the most part, the house was built in 1964 so it’s older. The main problem I’m having is that we had the same inspector who did not point out a lot of these issues when we bought less than 2 years ago.
The main issues are: 1) double tapped wires in electrical box, we can hire an electrician to update the box and fix this, will likely be expensive, I don’t know
2) there are small roots in the sewer line, we need to get those cut out will cost around $500. This was not found on our inspection.
3) the main issue that really upset me is that the brick above the garage are sagging, I think we need to install a new lintel above the door. I don’t understand how this was missed during our inspection (we used the same inspector!). I don’t know how much this will cost.. maybe $2000
4) the furnace and water heater are old but still function very well and are serviced yearly. I don’t know when they were installed but manufacturing date on furnace is 2004 and water heater is 2007.. I don’t want to replace them because they work, wondering if we can buy a warranty for them for future buyers peace of mind?
As a first time home buyer I can see how these flags can be scary, but we were totally willing to cover all cost and repair to keep the deal and the buyers still bailed.
I’m so upset about this, we’re moving across the country in a month and really wanted a clean break.
We bought our house at the height of prices when things were selling super fast and we’ve put in so much money on making the main levels beautiful and comfortable. We also addressed issues with the roof and updated pipes in the basement and updated all kitchen appliances as well as installed new flooring throughout the home (bathrooms were carpeted!)
At this point with what we’ve paid on the house, what we’ve already put into it and these new repairs we are barely breaking even.. we’ve owned the house for two years and we’re not expecting to make money but we didn’t expect to lose money either.
We thought about renting it but it would be for less than our mortgage (we’d lose about $200/month) plus we need to pay for someone to manage since we’d be clear across the country. This would be about $250/month so we’d be negative $450/month if we rent it out.
Not moving is not an option because it’s an incredible job opportunity for my husband, the kind of jobs that only open up when someone retires or dies (he’ll be a professor at a top 10 school).
What should we do? Sell at a loss after repairs, sell at a loss by lowering price and having new owners do their own repairs or rent at a loss? Either way we are losing, but the career move will pay in the long run (hopefully?)
Is anyone in the same position from buying at the height in 2022?
Has anyone experience their first offer falling though? Its so discouraging to have these issues you had not idea about pop up during an inspection and having to re list is so.. embarrassing and I’d hate for it to reflect negatively on my home.
I just feel so unsupported by my realtor as well, communication is always delayed or she responds with a text or email instead of a call. She asks what I want to do but I don’t fucking know, I’m not the expert. She’s not super into doing open houses but I don’t know how else to get more interest in this slow market.
submitted by /u/glitterwave
[link] [comments]
Buyers backed out, home getting re-listed
Continue reading...