Buyer backed out and we committed to a house

[Jim Setterlund]

Hello! Need advice!

We recently decided to make an offer on a house and dropped the contingency of needing to sell ours. We did this because we wouldn’t have gotten this house with the contingency (was initially declined) and  the realtor who is selling our house had a ton of optimism that our house would sell quickly.

The house did sell within 7 days but after waiting 10 days to complete the inspection - the buyers backed out for no reason. 

We now have like 10 days with Christmas ahead of us to try and resell our house or we will need to try applying for a bridge loan or something similar which we don’t want to do. 

The only thing we have on our side (kind of) is that the house we are buying had about 7-10 minor (water heater, potential mold in attic, faulty plumbing in sink, moss on rough, etc.. issues that the inspector called out. 

We don’t want to lose the new house but are worried that we could get stuck with 2mortgages,  bridge loans, etc 

Prior to the buyer of our house dropping out we were going to try and be reasonable on the fixes - now that we basically need more time and probably would rather lose the house then have all these different loans we were going to come in pretty aggressive on the changes we’d require the seller to make (per the long inspection report).

is that a good move? Any other suggestions? Anything I’m missing! 

the house we’re buying is in RI if that makes any difference. 


Thank you!!