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. 🙂