Do You Ever Feel Bad For The Other Buyer?

AcadiafunJanuary 14, 2014

Before I bought the house I wanted in the neighborhood I wanted, I put a bid on a fixer upper house that was accepted. I knew I had to put a lot of money into the house but the home inspection killed the deal. I was willing to put money into the house but the 12 inch crawl space foundation, mold, and electrical issues killed the deal. In all reality the house would need to be torn down. But the lot was fantastic.

So we took a pass and in walks the other buyer. A 20 something kid who paid 25% more than our accepted offer. I know one of the first issues to be addressed was to properly vent the roof and that has not been done. The inspector told me that the mold growth would be worse in winter. I feel bad when I drive by the house knowing that what i know.

Do you ever feel bad for the "other" buyer?

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linda117117

Im sure that buyer had an inspection too. Being in
the business for so many years, I have learned that what is an issue to one buyer, it nothing to another. Everybody has their limit. Believe it or not, there are a few cultures out there that believe painting and picture hooks in the walls are too much work and they will pass on the house or want $25k off of the price because of it.

    Bookmark   January 14, 2014 at 9:10AM
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sidnee

Buyer beware seems appropriate here.

Actually, the sellers agent should have advised the buyers agent of what was found on the previous inspection.

I have been an agent, and in my state (I thought it was a national law) it is called "Full Discloser" The seller is entitled to a copy of the inspection.

The mold is very troubling and can make people quite sick, what if they have children?

Acaidia, you are not responsible. Good thing you didn't buy it.

Sid

    Bookmark   January 14, 2014 at 9:23AM
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kashka_kat

Not so much sorry for the buyer, as angry sometimes that the sale of real estate (and used cars) seems to bring out the greed in otherwise normal people. Yeah yeah I know when I sell I too will want top dollar but I would hope if theres any significant defects like extensive mold (I dunno, isn't that considered one that has to be reported?) I'll be honest and disclose it.

    Bookmark   January 14, 2014 at 9:25AM
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deee_gw

We live on the coast and spent a long time trying to find the perfect house near the beach. We ended up scrapping our beach dream and bought a house in a more residential part of town.

Now that the new flood rate debacle has come to light, I am so glad that walked away from a couple of lower elevation houses near the beach that we seriously considered.

When we were house searching two years ago we had a great realtor, mtg broker, insurance agent, etc. Not one person fully understood the implications of the new law. The final new insurance rates are still not clear as the flood maps will be redrawn. But it is clear that the insurance for beach houses will be much more expensive. than what were quoted two year ago, So i do feel sorry for the new owners and relieved that we walked away.

    Bookmark   January 14, 2014 at 9:36AM
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rrah

In theory I've felt sorry for later buyers when I've been in houses with problems. There is a house in my neighborhood for which I felt particularly sorry for the buyer initially--more so the buyers' children.

This particular house was built by a pretty shady set of people and went through several ownership changes with some pretty ethically challenged people. It's a classic example of a transaction that was not "arm's length" in the sale or the mortgage. Two owners ago it was foreclosed and left vacant. A pipe burst. Mold grew everywhere. Some one with fairly young children bought it. Because I drive past it daily, I know that the drywall, insulation, etc. was never removed. I think they just cleaned the walls and painted. On to the next buyer it went.

In addition, the garage is not long enough for a car to park in it, but it's not something most people think to check. I know because everyone that's lived there parks outside the garage.

    Bookmark   January 14, 2014 at 9:58AM
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nosoccermom

Yes, there was a potential problem, which came up during inspection. More research, which I uncovered through a FOIA request from a county agency, uncovered a serious material defect, which neither the seller nor the agent disclosed and which was one of the reasons the seller tried to sell. Another contract also fell through, but in the end, a third buyer went ahead. The defect only becomes obvious at certain times.

    Bookmark   January 14, 2014 at 1:18PM
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scarlett2001

"Life is the only teacher that gives the test first and the lesson afterward."

    Bookmark   January 14, 2014 at 3:25PM
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bob_cville

Yes. Although about a year ago I was the other buyer. We were looking at a duplex as an investment property that seemed a really good price, but there already was another offer being considered. We made a better offer and got the property, when the tenant on one side moved out we decided to fix repaint the walls, and replace the vinyl flooring in the kitchen. Upon pulling it up I discovered that the floor and subfloor were soaked and delaminated due to an unseen plumbing leak in the kitchen drain. The entire kitchen, dining room and bathroom had to be removed and redone. It took all spring, summer and into the fall to finish all of the work, and more than a few times during the process, I grew disheartened and wished the first guy had got the duplex instead of me, the other buyer.

    Bookmark   January 15, 2014 at 8:58AM
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marti8a

nosoccermom, what is a FOIA request?

    Bookmark   January 15, 2014 at 2:22PM
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sushipup1

Freedom of Information Act

    Bookmark   January 15, 2014 at 5:37PM
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