Number of inspections when selling

[Jason C.]

We have accepted an offer on a beautiful, fully remodeled, house built in the early 1980's. We have done all the work on the house ourself with the help of a general contractor who is a friend of ours and made sure it was done above current building standards.

Also I had a pre listing inspection done and addressed the majority of the few things that were wrong.

The buyer has ordered an inspection by a home inspector, an inspection by a contractor, a well inspection, a well productivity test even though it's recorded with the county, a chimney inspection, and a septic inspection. Also the state inspector just left and signed off on the brand new electrical panel.

Quite frankly I'm irritated. I understand due diligence, some basic inspections, but this seems over the top. We are still living in the house. We agreed to a price about $7k below market value had between 2 and 6 showings a day. Now that we have a pending offer with the right to continue marketing the showings have dropped to next to nothing. We could of easily gotten our asking price but this buyer is all cash with a fairly fast closing.

We agreed to a little lower price because of the promise of an easier transaction instead of having to go through appraisal, financing and the like.

Am I out of line to be upset about all of the inspections? Our agent thinks that she is trying to find everything little thing wrong so she can come back and ask for more money off the price afterwards.

The second part of the problem is that whatever is discovered in these inspections will now have to be disclosed. So not only is she keeping the house off the market essentially and that is costing us potential REALISTIC buyers but also she will create a list of things for us that will cost us more money to fix. I'm really thinking about just keeping the house as we do not have to move. We are perfectly fine where we are and just thought we would cash in on the profit in our house and build something like we want.

My wife and I have decided to deny any more off the price and just let her cancel the contract if that is what she asks for. We are in a area that is hugely a seller's market.

Just wish she would hurry up and get this over with so we can get the house back on the market so we can find someone that is a little more realistic with the fact that they are purchasing an almost 40 year old house.

Please let me know if this is the normal procedure for a buyer and maybe we are just being too critical or if this seems out of line?

[Mike Cumbie]

I can't speak to the conversations between you and your agent or the market specifically where you are. I am not sure why you accepted it though. It was a cash offer below market... ok I understand that, but accepting all of those contingencies is unclear. The reason a cash offer is so nice is that it removes a finance contingency. It is sort of nullified if it brings 10 more with it. I understand well and septic and engineer. Which I have had to get rid of on deals to make it work, but it seems a little excessive in a sellers market. I would check the language and see if they have to come back at each step or if they can build them all up and then bring them at once (your agent will know the contracts like the back of their hand). 

You control what you accept. For instance if they come back and say "We will remove the contractor contingency if you fix a back step or discount $500" you can say "We agree to those terms but buyer removes all other contingencies" if you can't agree deal dies. Some people do like to put a frog in a pot and slowly turn up the heat and others like to just give an as is deal". Don't lose control of your process to a bunch of little steps.

Good Luck!