It's been a busy couple of weeks on the home front. We accepted an offer, signed a purchase agreement, and...

...ended up nixing the deal after negotiations broke down following the inspection. It was not a fun experience, but it did teach us a few valuable lessons:

#1 Trust your gut instincts: We knew these buyers were trouble from the git go, but because we were tired of the showings, open-house, life-in-limbo rigmarole of having our house on the market, we ignored our better judgment and hoped that things would work out in the end. They didn't and we should have known they wouldn't.

#2 If you find out that the buyers are related to the agent representing them, run don't walk away from them. Trust me on this one.

I would hope that the first-time home buyers learned some lessons from this as well.

#1 While it may be a buyers market out there, there are limits to just how far the seller is willing to go. Try to recognize when you're pushing those limits and be willing to back off or risk losing the deal.

#2 Speaking of risk, another lesson for first-time homebuyers is that purchasing a house ALWAYS involves some risk. You can seek to mitigate that risk to a certain extent, but you cannot eliminate it. It you can't tolerate risk, don't buy a house.

#3 Just because all the homes you see on HGTV have updated bathrooms, kitchens, appliances, etc. don't expect that the house you buy will. There's a reason that these houses are in your price range. Be realistic and expect that you will have to do some work after you move in.

The good news is that no sooner did one deal fall apart than we were working another one. We're past the inspection stage and so far have had no issues. Now, we need to find a house, make an offer, negotiate a price, agree on a close, do an inspection, etc. The fun just never ends.

Labels: Domestic Tranquility

Posted by Chad The Elder--Link