House #1: Back on Market

February 19, 2009 · 1 comment

As I alluded to in a couple previous posts, the crazy buyer for The Corn House bailed on the contract. Apparently, she hired a contractor to give her a bid on finishing the basement (she wants a bedroom and bathroom down there), and the quote came back at $30K! Instead of asking her agents (or us) if we thought that was reasonable — I could have had my contractors do it for $10K or so — she instead decided to just stop returning the calls of her agent or lender. I guess that was the signal that she was no longer interested.

Anyway, since that happened Tuesday night, we had one other couple look at the house and express some interest (though no contract yet), and the crazy first buyer has apparently told her agents that she may want to resubmit. If she does, it better come with no due diligence contingency and a big earnest money deposit. That’s the only way I’ll be dealing with her again.

In better news, the appraisal on The Second Chance House came back well above the sale price, so we should be set to close on the sale of that one next week, hopefully early in the week.

Gotta run…mom is in town visiting and I’m probably being accused of being a bad host at this very minute…

One response to “House #1: Back on Market”

  1. Bilgefisher says:

    Smart move on the no due diligence and earnest money. Those type of people are very frustrating. She is only hurting herself in the long run. The lender and agent will likely be far less helpful to her down the road, especially if they feel she will be a flake again.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our Newsletter and get immediate access to our FREE 150+ Page eBook on New Construction, plus all of our business tools: Single-Family and Multi-Family Business Plans, Rehabbing and Buy-and-Hold Spreadsheets, Contract Templates, and more!
We respect your privacy. No Spam...EVER!