I found a house!!! I signed a contract!! I put down my earnest money! I got a call last night from the realtor saying that they sellers have backed out. WTF!!! What was the point of the contract, eh? Well, a contract, it seems, only affects the buyer. The seller is free to back out at any time. Of course, if it is late in the game, the seller may end up in court having to reimburse the buyer for their trouble and expenses; however, as it is early in the game, we signed on Thursday, they flaked on Sunday evening siting: Family issues! Oh well, you can’t make someone sell their home.
This is, of course, my judgement of the situation and I may have the facts all wrong, but then again, I may not. Here’s what I think happened: First, some facts: Let us begin by stating that this is a BUYERS market. Buyers have the upper hand. Period. This house is surrounded by other houses of similar size and construction, all selling for about $127K – $130K. When they put their home on the market, 18 months ago, they were asking for $155K. Way overpriced. Way over! It sat. They had had only 1 offer, lower than mine. They rejected that offer. After a while, they dropped the price to $139,900. Again, still over priced by about $12K. My offer put it slightly higher than the going price for others in the neighborhood because they had done some nice landscaping and painting. After some negotiations they accepted. We had a deal … or so I thought.
Remember when … as they say, a man’s word was his bond? I like that. If you say you’re going to do something, sign your name to the dotted line, then do it! Period. Don’t waffle. Don’t get cold feet. If you get cold feet, do it anyway. I just could not see backing out of a deal, not just because I was on the receiving end of it. I just prefer dealing with people of integrity. My realtor said that in her experience as a realtor, she’d never seen this happen, ever!
I think that, over the weekend, they looked at the numbers and decided that they did not want to sell simply because they weren’t getting out of the house all that they wanted to, monetarily. However, I realize that that is my story wrapped around the situation and perhaps that it was really a “family issue” that made them unable to sell the house. One that just happened to happen on that weekend after they signed the contract. Also, they had tried to negotiate an earlier closing, which I declined.
No matter, the whole ‘why’ of it is conjecture, and really doesn’t matter anyway. Hopefully, the next seller that I deal with will be one of integrity!
I had a list of other homes in the neighborhood that I liked, as well. This morning, I made my loop through the neighborhood, looked at about 6 of the homes on the list, made a few notes, and contacted Denise, my realtor. Thursday morning we start again. 
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I have always thought that one doesn’t know true pain until they attempt to purchase real estate.
Steve Skinner recently posted..The Ship That Couldn’t Sink
LOL – I like that, Steve. It is painful, both from the amount of paperwork and just the work required to find a house, or sell one.
Sorry to hear about it – you could pursue legal channels, but that may just result in time lost and frustration. Better to take your attitude, put it behind you and move on. Kismet, perhaps?
John recently posted..Manitou Springs Photo-Walk
Nah. Need to pursue legal channels. A flake is a flake and it caused me no harm, mentally, emotionally, or financially. None at all. So, I have a list of houses to look at in that same neighborhood. I’ll find something even better suited for me.
Wow tough luck, Paul. I don’t know I’ve ever heard of a seller backing down after accepting an offer. Perhaps it’s just as well…the next one may be even better! Like Steve said it’s often a painful process even when it’s good. There’s someting even better coming you way!
Earl recently posted..Spring’s Validation
Yeah. I did some searching on the web and, for sure, it’s not the first time that it’s been done. People have been sued for it and things have gotten nasty.
Wow, that’s quite a story. I suppose “seller’s remorse” is just as valid as “buyer’s remorse” but it’s not like they didn’t already have time to be prepared for the lower selling prices in this market.
You could definitely try to force the issue, but since there are so many other places on the market I’m sure you’re better off moving on and it’s likely that you’ll find something suitable – of better – soon.
Tom Dills recently posted..Marion, NC Train Station
Yeah, seller’s remorse is true and I think that they had a serious case of icy feet. I’m not a court kind of guy and there was no need to raise a stink, at all. They can keep their house. There’s plenty o’ fish in the sea.
I guess it’s better not to count on anything until you’ve got the deed in your hand and a car in the garage. Better luck on the next one–you’ll find a better one!
Eric Jeschke recently posted..Glade
I think that you’re right, Eric. As soon as I get the car in the garage, I’ll post that I have a house, meanwhile, the hunt continues.
There is no such thing as a persons “word” unless it’s in writing, witnessed by a lawyer and notarized. In business, trust no one. I hate to sound cynical, but I think it’s good advice. On the bright side, chances are you won’t have another experience like that again.
Even if it is in writing, sometimes it is heavily weighted to one side! Ken, I like the way that you think. I’m on the good side of the odds now. Maybe it was 50:000:1 against. I’ve gotten the “1″ out of the way, so I should be good!
Sounds like a bit of a nightmare. But here’s two positive thoughts:
1 – You can’t get very much house for less than €200 000 in Ireland. (That’d be more like $265 000)
2 – There’s a Scottish saying “If it’s for ye, it’ll no go by ye”. I’ll see if you can figure out what it means and if not I’ll translate it for you
julie recently posted..itness
Wow! $265,000! I could get a whole lot of house for that. Much, much, much bigger than I would need. Sheesh! Secondly, I don’t think that I’ll need the translation. I may have to incorporate that into my sayings, though you may have to teach me to put the right accent on it.
That’s not what I wanted to read on your post this morning. Luckily with a buyers market there will be others to choose from. So, now we see what you guys come up with later this week.
Monte Stevens recently posted..Nuts and Bolts
Yep. I’m already on the trail of some more. Tomorrow morning, I’ll know more. There are a couple of them that I really like. So, we’ll see. And, if you are ever in Charlotte again, I will be certain to have a room for you!
That sucks!
Mark recently posted..Tree branches & updates
That house was not meant to be, so your ok. The one you are supposed to be in is waiting for you.
John Masters recently posted..Tetris
I totally agree with you that a mans word is his bond. My dad has litterally told me since I was 3 you should be able to do a deal on a hand shake. I am also a realtor for the last 9 years and I have never had a seller back out once a purchase and sales agreement was signed, so that one just was not meant to be. Good luck with the next one!!!
Anton Stetner recently posted..Industrial Worker Gain A Boom For Real Estate?
You should have seen it out here in socal when the market was booming. Full cash offers refused in the hopes that a better offer would turn up, and lots of times, they did.
And even now, four price cratering years later, with home prices down below 2004 levels here, you are starting to see the flippers coming back out in force.
I guess some people never learn.
Keep looking, something will come up and if those folks have a change of heart and get back to you- drop your offer price about 10% for the aggravation.
Good luck,
Bill Mcdonald
Bill Mcdonald recently posted..Another bighorn sighting at Big Morongo Canyon Preserve.