I could write a novel about the sleepless nights we’ve had over the sale of this flip but, in the interest of not boring you to tears, I’ll keep it brief. :)
So we listed the flip for sale in early June and immediately had tons of interest, great feedback, and even a few offers. One offer stood out from the rest – it was thousands over list price! Color us excited.
We obviously accepted that offer and everything seemed to be moving along smoothly. No big hiccups during the inspection, we passed the option period, we passed the financing contingency period…we were in the clear!
We started getting word from the buyer’s agent that something wasn’t quite right the week before closing, but we chose to be optimistic – at this point we had fulfilled all of our obligations as the sellers and the buyer didn’t have any more “outs” under the contract, so why not hope for the best?
About this time Jason and I left Peanut behind for a few days and headed to Chicago for a quick vacation – we continued to hear grumblings from the buyer’s agent but she assured us that she was doing everything she could do to talk her client off the ledge and get him to close on the house.
We continued to be optimistic.
Closing day rolled around – yippee! Or not. At around 4pm we got an email from the buyer’s agent with a letter terminating the contract, simply saying that the buyer had “changed his mind.” Direct quote.
Are you kidding me?? Who enters into a contract to buy a house and then changes their mind at literally the last possible moment? Not cool at all. We’ve had a contract fall apart before, but never quite like this.
We never knew exactly what happened, but the agent hinted that the buyer hadn’t locked in his interest rate and was horrified that rates had risen and that he would obviously have a higher mortgage payment as a result. That was a risk he chose to take when he didn’t lock in his interest rate, but we’re the ones that lost out.
We did wind up keeping the buyer’s earnest money, so that was something, but we knew that we would never get as good of a purchase price the second time around. The house was no longer fresh on the market so buyers no longer had that sense of “buy it now or you’ll miss out.”
A bit defeated, we put the house back on the market – again, we had lots of showings, good feedback, etc. We even had a few people say they would put in offers, but those offers didn’t materialize.
Finally, after a few weeks, we got a solid offer – even though it was definitely less than the original contract price. We negotiated a bit and then the house was under contract again! Color us relieved.
This sale went super smoothly, and we closed on our side of the transaction last Wednesday (the buyers closed the following day).
Jason pinpointed the emotional roller coaster that we went through so well – he said that after going through a failed sale like this, you lose sight of how proud you are of the house and what you accomplished and you just want to get it sold. A sense of desperation sets in, and it’s stressful, and it doesn’t feel good! So, while we are so happy to have this flip sold, more than anything we are just relieved and ready to move on.
I feel a little sad that we aren’t celebrating the house a bit more, but that’s just the way it is. Hopefully our next sale will be a little less eventful. :)
Have you guys ever been through a real estate roller coaster?