Selling our old house

He had a harrowing – at times felt like nightmarish – experience selling our house in Brooklyn Park. All it took was 11 months, 4 purchase agreements, 5 closing dates, and 2 real estate agents to get it done. And none of this was because the house was priced too high or had anything wrong with it.

We put in the house in the market on June 4, 2015, listed at $X thousand. We had renters in there at that point and the idea was to get it sold off by the end of the month so that we won’t incur any costs after the renters moved out when their lease ended in the end of June. Wishful thinking!

We had an offer on June 16, 2015, at $(X-1)thousand. We had our 1st signed purchase agreement on June 17, 2015. The buyer had the home inspection done, it came back with a couple of things, we corrected both. On June 26, we hear from our realtor that the buyer did not qualify for mortgage financing and the deal fell through.

The house stays in the market for the next couple months. We get calls from Canada about someone wanting to buy all-cash, though at quite a discount. We decline. A couple of lowball offers; we decline. We are in October now; summer is gone and we are tense. We get an offer for $(X-18) thousand. We accept. Second purchase agreement is signed on October 6, 2015. This buyer seemingly is better qualified than the first one in terms of securing financing for the purchase. The buyer conducts their own home inspection; we “fix” (very little to fix as now the inspectors are running out of things to find) whatever they ask for. On Oct 14, 2015 we hear from our realtor and this is her exact email:

Well I just got a phone call from the other agent, it appears the buyer has had a nervous breakdown!!!!  Yes I’m telling you the truth.  You could hold her to the PA but I don’t think it is in your best interest as she wouldn’t show up to closing it sounds like.  It sounds like she is going to Seattle to seek help and family!  I have never has this much go wrong with a listing in my life!!!  Call me when you can!  I am so sorry!!!

We then decide to take the house off the market. Before we do, we get an offer of $(X-26)thousand with a closing date of January, 2016. We decline and take it off the market. I can’t find the exact date when we had a new listing going on but let’s say around mid November. During the next 3 weeks we have plenty of showings and “positive” response from different sets of buyers but no formal offer. By the second week of December we were desperate enough to get back to the offer of $(X-26)thousand that came in October and see if they were still interested. They were! On December 15, 2015 we sign our 3rd purchase agreement for $(X-26)thousand, with a closing date of January 29, 2016. This buyer incidentally wanted a radon test to go along with the home inspection. The radon test revealed that the radon levels were higher; we fixed that for $1,600. All good.

On January 27, 2016 we hear that they can’t close on January 29 because of a “stupid date thing”. We are assured that the buyer’s financing will take only a week more and we will close on February 5, 2016.

On February 4 we hear from our closing agent that they heard from the buyer’s title company that they had not heard from the lender. When our realtor talks to the lender it was found out that they buyer has to go through underwriting again! We go back and forth for almost 2 weeks before we finally pull the plug on February 23 and sign the cancellation for the purchase agreement. We expire the listing and say bye to our realtor with whom we’ve worked with for the past several months.

The weekend of February 27-28 we embark on finding a new realtor by interviewing 4 individuals we think have a good handle on the Brooklyn Park market. End up going with the realtor who sold the house next to our old place (the one we’re trying to sell). The new listing goes live on March 4, 2016. We have 3 offers by March 5. We sign our 4th purchase agreement on March 7, for $(X-20)thousand and have a closing date set of April 22, 2016. The end is near, but not quite yet.

On April 20, 2016 we hear that there is a “minor loan issue” holding up the closing scheduled for two days later. We get washed over with feelings of disbelief and bewilderment and déjà vu. Our realtor vehemently tries to assuage our doubts that this time will be different (she knows about what we’ve been through with the other realtor). New closing date set for April 28, 2016. We spend 7 days and nights in mental agony.

And we do finally close on April 28. A BIG, red-lettered day for us. Vivian and I take half the day off and after the closing we go with our realtor to a bar to celebrate the end of a particularly trying chapter in our life!

 

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Categories: Demystify, Home, Life | 3 Comments

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3 thoughts on “Selling our old house

  1. Vinny

    Sounds like an ordeal. Buying and Selling homes come with their shares of joy and sorrow.
    Coincidentally we have some personal experience with Radon remediation.The radon thing is actually very common – and a pet peeve of mine .Apparently Southeast PA has a chronic radon problem which requires a mandatory fan and blower along with a pipe ito be available in all homes which have “higher than normal” radon levels.
    Interesting fact, we had our radon levels checked in our new home and it came lower than our neighbors across the street who had a walk out basement. The neighbors with walkout basement had “off the charts” radon.
    Since they had a baby, they listed their home which went on to renters rather than sellers. (Completion from builder, and holiday season, led to no buyers)
    Our neighbors also had all the residents sign a petition to have the builder install a system for radon remediation. All the homes in our development have high radon readings.
    The home inspector who is a retired person and conducted the check for radon, and has been actively doing this for 20 years tells us that the reason their Radon levels were high because a lot more soil was moved and then arranged because of their elevation for walkout basements, and he firmly believes that the radon levels might be high, they are not close to life threatening.
    He also was kind enough to give us an article along with scientific evidence to back it up.
    In conclusion if we ever sell, we know we would have to remediate our radon problem in the house, aka attach a stronger fan and longer pipe to blow out the so called radon gas. In the meantime we just leave a window cracked open at home on the upper story.

  2. Phil Zarate

    Meanwhile, here in the Bay Area (CA), I expend a lot of effort keeping all cash buyers from throwing their over-asking price offers at me. If I sell it, where do I live? I could move to MN, but I’d rather not.

  3. you called it – agony!

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