How I lost this buyer

[Jimmy Hong]

Hello everyone,

My listed property was in contract on May 2014, received deposit, and buyer had until June 30 to close. At end of June, my agent finds out buyers lender, Wells Fargo, is requiring 2 appraisal because this property is rehabbed. The 1st appraisal comes in at the listing price but the 2nd appraisal comes in much lower, and Wells Fargo rejects the loan. The buyer is devastated and informs my agent she really wants the property. She requests additional time and will find another lender. I agree and buyer continues loan process with another lender, and hears back from Wells Fargo that they may approve the loan. In early August, Wells Fargo approves the loan and need one more doc signed by buyer. Closing papers were scheduled to be signed by buyer last Friday and funds were scheduled to be transferred on Monday.

My agent finds out the buyer did not sign the closing docs, and instead, finds another agent and puts in an offer to another property, in the same complex as mine. My agent calls the buyer's agents we've been working with and inform him the news. Buyer's original agent had no clue that the buyer hired another agent and was understandably upset.

The buyer agreed to go back to the original agent, and we gave buyer until Tuesday to make a decision. Buyer was supposed to call him last night but haven't heard from him as of today.

The other property that was listed to mine is without any upgrades, no rehab work, original cabinets, etc. My property has new laminate floors including all the bedrooms, total rehab of kitchen, new kitchen cabinets, rehabbed bathrooms, removed popcorn ceiling, etc for $18,000 more. The buyer's agent couldn't believe she wanted the other property over mine for $18k less.

We are re-listing the property back out on the market and moving forward. Just wished we weren't dragged on for 3 months.