Continued from The Second Showing
We were thrilled to receive an offer as quickly as we did, but were shocked to see that it was for less than full price. Don't these people know how great our house is? What the heck are they thinking? This is insulting! I don't even want to respond.
Well....maybe it wasn't that bad. Besides, I always recommend countering an offer no matter how ludicrous the initial offer. In this case, the buyers were not too far from the number my wife and I expected. After a couple passes back and forth, we were able to come to a price that was acceptable to both sides.
Despite having a signed contract, it was still not time to celebrate. In Kentucky, it is very easy for a buyer to walk away from a deal based on home inspection results. The buyer can ask for any and all repairs/updates. At this point, negotiations open up again and unless both parties agree, the deal is cancelled. Knowing this we were nervous while waiting for the results.
Unfortunately, the radon level in our basement can back at 4.1. This is 0.1 higher than the EPA recommended range for mitigation. While it is important to note that the EPA standard is based on multiple short-term tests, cost and time factors generally prevent more than once test while a home is under contract.
Once the buyers submitted their repair request (including radon mitigation) we had 3 choices
- Complete all repairs as requested
- Negotiate which repairs would be completed and who would pay for each
- Refuse to complete any repairs
Because we were comfortable in our position, we chose option 2. After a few tense days, we once again reached a consensus with the buyers!
Woohoo! We can finally relax a little. Two potential roadblocks are left (appraisal, underwriting), but I feel confident in the appraisal and the buyers are pre-approved. It's never done until the papers are signed and the keys are exchanged, but things are looking pretty good. Now, where the heck are we going to live?
Next... The Closing
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Erik Hitzelberger is a licensed real estate agent with RE/MAX Alliance in Louisville. If you need a Bullitt County Real Estate agent please email me or call 502.921.3989.
I specialize in the following areas of the Metro Louisville Area: Jeffersontown (J-Town), Okolona, Fern Creek, Shepherdsville, Mt Washington, Hillview, Brooks and Pewee Valley. Click the following links to learn more about Louisville and Bullitt County Real Estate or Search for Shepherdsville Homes or Search the entire Louisville MLS.
Don't these people know how great our house is?
LOLOL !!!
... I'll stay tuned to see if you make it to the closing table !!
Cheers !
Sheldon
Sounds like you are almost there, Erik. Hard not to let out a sigh of relief once the inspection is successfully navigated despite the additional contingencies still remaining. At least the negotiable part of the deal is done, provided the appraisal comes back as expected. Time for other people to perform. You've done your part (I know, know ... you still have everyone else's job to do). Good luck driving this one the rest of the way home.
Shocked that the offer came in at less than full price? C'mon Erik. You know that buyers want the best possible deal, now and always!
Sheldon - Keeping my fingers crossed. About 3 weeks to go.
Paul - You are correct. Now that the advesarial portion has passed, we are all working towards a common goal.
Vickie - Lol Vickie. Not only do I know, but I'm now a buyer looking for a deal of my own.
Erik it sounds like it should be smooth sailing to the closing from here...congrats!
It's amazing how our perspective changes when we are on the other side of the table - LOL! I'm sure everything will be smooth as silk, Erik. Now go buy a house!!
Bill, Lisa -- Yikes! I don't know about smooth, but it looks like quick is the operative word. Just received a call from the BA saying they wanted to close in 13 days. We got an accepted contract on the house we are buying yesterday. No way to close in time on the new one in time. I may have to take a week long vacation in a U-haul.
Heading to closing is always the best part.
Erik- Great series. I always find it difficult when selling or buying real estate for myself. I even forget how to read the contract!