The sale that wasn't meant to be
Our house sale fell through last night. We're fine, pouted for about a minute and a half then breathed a deep sigh of relief. We were jumping through hoops trying accommodate the buyer's timeline even though it meant selling most of our belongings in a house sale, having the rest stored by the moving company and dissolving my husband's business BEFORE the final date for their mortgage contingency. We were confident about that because they had 2 approvals for the full amount of the loan they required from different banks (and they shared those with us), but the bank they preferred of those 2 wanted 45 days to write the paper and that would put us at 1 week before closing. If things blew up at that point, they'd get to walk away but we would be out a lot of money and would need to move our remaining belongings back here, put my husband's business back together (which would only mean a letter to his customer base) - but nothing could be done about what was already sold from our house or his business inventory/tools.
The inspection went exceedingly well, 2 really minor repairs (a leaky slop sink faucet and a small section of tuckpointing inside the firebox) which DH handled immediately. However our furnace is old, in fine working order, but old. They wanted a certified HVAC tech to guarantee it - of course no one can or will guarantee. We offered them a choice - we will pay for 1 year of a homeowners warranty insurance policy (which would include all appliances, mechanicals and roof) OR we would split the cost of new furnace and ac - at my husband's wholesale cost because he's done business with this HVAC company for close to 30 years. It would cost the buyers less than $3,000. They said they wanted to choose the specific units and installer themselves and priced it at $12k - which they wanted us to kick back to them at closing. Um, no. not happening. After my husband patiently tried to explain the value of our offer they actually said they couldn't be sure he'd choose the best unit for the house but would choose the least costly. He's been in business (residential renovation, repair, additions, remodeling) in this town for almost 30 years and they know that. The buyers have met his clients all throughout the neighborhood and even said many told them they don't know what they'll do without him when we move! Questioning my husband's integrity was the last straw and he told them to find another house. They were shocked, thought we should reconsider, accept their modifications but he held firm. It was not meant to be.
As I said in my earlier post, we're in a good position, no harm no foul. Our house was not for sale by owner or through a realtor so there is no taint of a failed sale. We'll probably replace the furnace and ac ourselves this fall, keep picking away at sprucing and clearing out and list with a realtor in spring. One HUGE lesson I learned about the value of a realtor (or at least the value of the one we will list with) is we would never have been tied up with a nonsense modification of 10 business days for lawyer approval because their lawyer was out of the country when this started! She would never have allowed us to accept that but we were blinded by how 'easy' this fsbo thing was going to be! Not that it can't be and I'm thrilled when it works for anyone - but *to me* there is great value in the experienced realtor and I'm not above needing/wanting a little hand holding! So.....onward!
Here is a link that might be useful: Original post - How to get pricing - FAST!