A scenario to contemplate over the long weekend.
Seller Profile
Your clients are Empty Nesters in Fairfield County and are looking to move into a more modest home that is located closer to the water. Like many of your other clients, they have informed you that they “do not need to sell.”
List Price: $2,100,000
Days on Market: 120
Closing Preference: Can be flexible
Eureka, Well Almost
An offer was accepted and an inspection was completed. There were some minor issues with the home as determined by the inspector. The homeowner agreed to repair them and did so immediately. Recently, however, the buyers’ circumstances changed and they no longer qualified for the mortgage they needed in order to purchase the home. Since the transaction was contingent upon a mortgage approval for the specified amount, they were left with no alternative but to withdraw their offer.
Moving Forward
The listing remains at its original price. Showings have slowed significantly since the offer “fell through.” When the home is shown, buyer feedback is relatively consistent. The family room is too far away from the kitchen and the bedrooms are too small.
What could have been done to avoid the collapse of the initial agreement?
What five things would you recommend to the seller in order to help them reach their goal?
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