When Your STR is Too Popular For You To Stay In It

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When Your STR is Too Popular For You To Stay In It

Dina Schmid
Member since 2024 · 107 posts · 55 votes

If all goes well with Monday's post-repairs inspection, we should close later in the week on a cabin that we want to use as a getaway for us + STR when we're not using it. It was a new build, shown completely furnished and the builder listed it for use as a STR after we saw it. We knew the place was special, that's why we jumped with a full-price offer. We had no idea just how many other people would think it's special.

The next available weekend is June 6th! There are bookings for the other weekends in June and only five random open days in March. While this is a good problem to have, I'm starting to stress about it for a few reasons I'll put below. I want to note that bookings will transfer, but we're under no contractual obligation to honor them. I'm trying to figure what the best thing is to do moving forward.

Reasons why I'm stressing:
1) There's a drone photo showing no other cabins around. It looks completely isolated. Except that this spring there's going to be a cabin built next door. By fall there might be others. Imagine showing up to a cabin you thought was isolated and finding construction going on?
2) I don't like the idea of renting out a cabin I haven't stayed in myself. I don't know if there's anything missing. It will be a royal PITA to do a one-night stay on a random Wednesday, but it could be done.
3) It's currently listed as pet-friendly with only a $30 pet fee. I'm highly allergic to cats (like super-allergic) and also allergic to most dogs. An extra $30/stay isn't enough for me to have to make myself a zombie on Benadryl in order to sleep there and not wake up with my eyes swollen shut because someone let their dog sleep in the bed.
4) I think it's been priced too low. It's led to incredibly high occupancy rate in the off-season, but I'd rather have a slightly lower occupancy rate in order to reduce wear and tear and leave some weekends open for personal use.

I'm at a loss on what to do about this. On one hand I like that it will probably cash flow (we expected to break even at best) and know there's issues with canceling reservations. On the other hand, I want to be able to enjoy this place too. Any suggestions? How have you handled it when you've purchased a popular existing STR?

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Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
1y
Quote from @Dina Schmid:

If all goes well with Monday's post-repairs inspection, we should close later in the week on a cabin that we want to use as a getaway for us + STR when we're not using it. It was a new build, shown completely furnished and the builder listed it for use as a STR after we saw it. We knew the place was special, that's why we jumped with a full-price offer. We had no idea just how many other people would think it's special.

The next available weekend is June 6th! There are bookings for the other weekends in June and only five random open days in March. While this is a good problem to have, I'm starting to stress about it for a few reasons I'll put below. I want to note that bookings will transfer, but we're under no contractual obligation to honor them. I'm trying to figure what the best thing is to do moving forward.

Reasons why I'm stressing:
1) There's a drone photo showing no other cabins around. It looks completely isolated. Except that this spring there's going to be a cabin built next door. By fall there might be others. Imagine showing up to a cabin you thought was isolated and finding construction going on?
2) I don't like the idea of renting out a cabin I haven't stayed in myself. I don't know if there's anything missing. It will be a royal PITA to do a one-night stay on a random Wednesday, but it could be done.
3) It's currently listed as pet-friendly with only a $30 pet fee. I'm highly allergic to cats (like super-allergic) and also allergic to most dogs. An extra $30/stay isn't enough for me to have to make myself a zombie on Benadryl in order to sleep there and not wake up with my eyes swollen shut because someone let their dog sleep in the bed.
4) I think it's been priced too low. It's led to incredibly high occupancy rate in the off-season, but I'd rather have a slightly lower occupancy rate in order to reduce wear and tear and leave some weekends open for personal use.

I'm at a loss on what to do about this. On one hand I like that it will probably cash flow (we expected to break even at best) and know there's issues with canceling reservations. On the other hand, I want to be able to enjoy this place too. Any suggestions? How have you handled it when you've purchased a popular existing STR?


1. I wouldn't publish the drone photo.  

2. It's a good idea to stay in your own place a few days before you rent it out.

3. Unless you are going to be staying at the place, I would leave it as pet friendly. Folks are going to bring their kitties and dogs regardless of what your policy is.  Over 50 percent of travelers are traveling with pets.

4. A high occupancy in the off season is really good. You didn't buy the house to preserve it, but for it to produce income. Reminds of a friend of mine - bought a brand new Camry but kept it in the garage the whole time because he was afraid someone might scratch it. Kind of defeated the purpose.

5. If it is breaking even, you are doing better than most. You don't want to cancel reservations; that will give you a bad rating. Make your own reservations in advance. 

6. When you stay there, you are essentially renting it from yourself, because you are giving up lost rents while you are there.

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  • Hector Escobar
    Member since 2022 · 37 posts · 19 votes
    1y

    I think you have a good problem in your hands. Most other people in STR would only wish they had this type of problem. That being said, the ball is in your court. I'm the same way as you, I like to enjoy my STRs; especially as someone who works remotely. So I would separate the days you want to enjoy it for yourself and if they're already booked, you hold every right to cancel them as long as you provide timely notices, full refunds, maybe even a slight discount for other dates, etc. Make it fair for your guests as well. The pet thing is something that will be tricky to navigate and it may be something you have to deal with at first, however, moving forward set your own rules to your liking. Personally, as an investor, I'm a fan of unique stays that allow for higher rates and less traffic. Just run your numbers adequately and leave a safety cushion to CYA in case bookings drop as you adapt new rules.

    2Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    1y
    Quote from @Dina Schmid:

    If all goes well with Monday's post-repairs inspection, we should close later in the week on a cabin that we want to use as a getaway for us + STR when we're not using it. It was a new build, shown completely furnished and the builder listed it for use as a STR after we saw it. We knew the place was special, that's why we jumped with a full-price offer. We had no idea just how many other people would think it's special.

    The next available weekend is June 6th! There are bookings for the other weekends in June and only five random open days in March. While this is a good problem to have, I'm starting to stress about it for a few reasons I'll put below. I want to note that bookings will transfer, but we're under no contractual obligation to honor them. I'm trying to figure what the best thing is to do moving forward.

    Reasons why I'm stressing:
    1) There's a drone photo showing no other cabins around. It looks completely isolated. Except that this spring there's going to be a cabin built next door. By fall there might be others. Imagine showing up to a cabin you thought was isolated and finding construction going on?
    2) I don't like the idea of renting out a cabin I haven't stayed in myself. I don't know if there's anything missing. It will be a royal PITA to do a one-night stay on a random Wednesday, but it could be done.
    3) It's currently listed as pet-friendly with only a $30 pet fee. I'm highly allergic to cats (like super-allergic) and also allergic to most dogs. An extra $30/stay isn't enough for me to have to make myself a zombie on Benadryl in order to sleep there and not wake up with my eyes swollen shut because someone let their dog sleep in the bed.
    4) I think it's been priced too low. It's led to incredibly high occupancy rate in the off-season, but I'd rather have a slightly lower occupancy rate in order to reduce wear and tear and leave some weekends open for personal use.

    I'm at a loss on what to do about this. On one hand I like that it will probably cash flow (we expected to break even at best) and know there's issues with canceling reservations. On the other hand, I want to be able to enjoy this place too. Any suggestions? How have you handled it when you've purchased a popular existing STR?


    1. I wouldn't publish the drone photo.  

    2. It's a good idea to stay in your own place a few days before you rent it out.

    3. Unless you are going to be staying at the place, I would leave it as pet friendly. Folks are going to bring their kitties and dogs regardless of what your policy is.  Over 50 percent of travelers are traveling with pets.

    4. A high occupancy in the off season is really good. You didn't buy the house to preserve it, but for it to produce income. Reminds of a friend of mine - bought a brand new Camry but kept it in the garage the whole time because he was afraid someone might scratch it. Kind of defeated the purpose.

    5. If it is breaking even, you are doing better than most. You don't want to cancel reservations; that will give you a bad rating. Make your own reservations in advance. 

    6. When you stay there, you are essentially renting it from yourself, because you are giving up lost rents while you are there.

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
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    4Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    1y

    Id remove the drone photo.

    Increase the pet fee.

    You can always block days when you want to stay in the property.

    Ask for  feedback from the first few people during their stay to see if there is anything you should have provided that you didn't.

    2Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y
    Quote from @Hector Escobar:

    I think you have a good problem in your hands. Most other people in STR would only wish they had this type of problem. That being said, the ball is in your court. I'm the same way as you, I like to enjoy my STRs; especially as someone who works remotely. So I would separate the days you want to enjoy it for yourself and if they're already booked, you hold every right to cancel them as long as you provide timely notices, full refunds, maybe even a slight discount for other dates, etc. Make it fair for your guests as well. The pet thing is something that will be tricky to navigate and it may be something you have to deal with at first, however, moving forward set your own rules to your liking. Personally, as an investor, I'm a fan of unique stays that allow for higher rates and less traffic. Just run your numbers adequately and leave a safety cushion to CYA in case bookings drop as you adapt new rules.


    We are purchasing to be able to enjoy it ourselves as well. It's in an area we love and visit. I like your suggestion of selectively canceling and offering a discount for rebooking. I wouldn't want to cancel anyone last-minute, but I definitely want to get in there with in a month of closing and experience it from the guest perspective. 

    Blocking out dates for the summer and fall won't be a problem once we own it. (Although we will have to work around all the current bookings if we keep them.) Right now we have zero control.

    0Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y
    Quote from @Collin Hays:

    2. It's a good idea to stay in your own place a few days before you rent it out.

    3. Unless you are going to be staying at the place, I would leave it as pet friendly. Folks are going to bring their kitties and dogs regardless of what your policy is.  Over 50 percent of travelers are traveling with pets.

    4. A high occupancy in the off season is really good. You didn't buy the house to preserve it, but for it to produce income. Reminds of a friend of mine - bought a brand new Camry but kept it in the garage the whole time because he was afraid someone might scratch it. Kind of defeated the purpose.

    5. If it is breaking even, you are doing better than most. You don't want to cancel reservations; that will give you a bad rating. Make your own reservations in advance. 

    6. When you stay there, you are essentially renting it from yourself, because you are giving up lost rents while you are there.

    1. I'll be pulling the drone photo. Don't know whether I need to notify people that there is/will be construction next door. Thanksgiving is already booked and the development will look different by then.

    2. Will require me to cancel a booking or two in order to do this. That's part of the problem.

    4. We are buying to use it ourselves as well. Got tired of paying for other people's rentals or making a day trip to the area because we were too cheap to pay someone else. The break-even numbers are based on our use of it for periods of time.
    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    1y

    Hey @Dina Schmid, everyone had some good ideas but...

    No cats. They are much more allergenic than dogs overall. If you are also allergic to dogs, then no pets if you want to use it regularly.

    Where are these bookings coming from? VRBO and AirBNB? If so, those bookings and the accounts go away. You will need to create new accounts. Then you can manage the calendar. You can just have people rebook if they want.

    We bought our lake house for use to use on occasion as well. Frankly we don't use it as much as we thought. We haven't stayed as guests for 2 years. Our calendar fills up fast 9-12 months ahead of time so we have to plan that far ahead. Oftentimes the rest of our family can't make it so we just keep renting it and go somewhere else.

    I am thinking you will find that will happen as well.

    Can you tell us where it is located? What is the current nightly rate?

    1Reply
  • Mark Miles
    Rental Property Investor · Philadelphia, PA · Member since 2016 · 543 posts · 716 votes
    1y
    Quote from @Dina Schmid:

    If all goes well with Monday's post-repairs inspection, we should close later in the week on a cabin that we want to use as a getaway for us + STR when we're not using it. It was a new build, shown completely furnished and the builder listed it for use as a STR after we saw it. We knew the place was special, that's why we jumped with a full-price offer. We had no idea just how many other people would think it's special.

    The next available weekend is June 6th! There are bookings for the other weekends in June and only five random open days in March. While this is a good problem to have, I'm starting to stress about it for a few reasons I'll put below. I want to note that bookings will transfer, but we're under no contractual obligation to honor them. I'm trying to figure what the best thing is to do moving forward.

    Reasons why I'm stressing:
    1) There's a drone photo showing no other cabins around. It looks completely isolated. Except that this spring there's going to be a cabin built next door. By fall there might be others. Imagine showing up to a cabin you thought was isolated and finding construction going on?
    2) I don't like the idea of renting out a cabin I haven't stayed in myself. I don't know if there's anything missing. It will be a royal PITA to do a one-night stay on a random Wednesday, but it could be done.
    3) It's currently listed as pet-friendly with only a $30 pet fee. I'm highly allergic to cats (like super-allergic) and also allergic to most dogs. An extra $30/stay isn't enough for me to have to make myself a zombie on Benadryl in order to sleep there and not wake up with my eyes swollen shut because someone let their dog sleep in the bed.
    4) I think it's been priced too low. It's led to incredibly high occupancy rate in the off-season, but I'd rather have a slightly lower occupancy rate in order to reduce wear and tear and leave some weekends open for personal use.

    I'm at a loss on what to do about this. On one hand I like that it will probably cash flow (we expected to break even at best) and know there's issues with canceling reservations. On the other hand, I want to be able to enjoy this place too. Any suggestions? How have you handled it when you've purchased a popular existing STR?


     Congrats on the great purchase!! Post a link to it!

    0Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y
    Quote from @Michael Baum:

    Hey @Dina Schmid, everyone had some good ideas but...

    No cats. They are much more allergenic than dogs overall. If you are also allergic to dogs, then no pets if you want to use it regularly.

    Where are these bookings coming from? VRBO and AirBNB? If so, those bookings and the accounts go away. You will need to create new accounts. Then you can manage the calendar. You can just have people rebook if they want.

    We bought our lake house for use to use on occasion as well. Frankly we don't use it as much as we thought. We haven't stayed as guests for 2 years. Our calendar fills up fast 9-12 months ahead of time so we have to plan that far ahead. Oftentimes the rest of our family can't make it so we just keep renting it and go somewhere else.

    I am thinking you will find that will happen as well.

    Can you tell us where it is located? What is the current nightly rate?


    This is in the Red River Gorge. I looked the current listing over again and it definitely is listed as "pet" and not "dog" friendly and says it's a "pet fee" and not dog fee. That will have to change. It's also listed as just one fee with no limit on the number or size of pets. Which might be why it's so popular. 

    The transfer of bookings is possible because we're going with the same co-hosting/PM.  

    I do think we'll go there at least 3-4x/year. We already do that to this area or one of the other nearby hiking areas that we were looking at. So it's not really a change in behavior, but rather a change in accommodations. 

    0Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y
    I'm afraid I might jinx it. I will certainly share the link after we close!
    1Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    1y

    Ok @Dina Schmid, what is the PM charging you? What do you get for it?

    I am assuming you know it will lose money most likely?

    What is the nightly rate they are charging and how much is it less than others around it?

    0Reply
  • Mike GrudzienPro Member
    Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
    1y

    I wish I had these problems....  :-)

    0Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y
    Quote from @Michael Baum:

    Ok @Dina Schmid, what is the PM charging you? What do you get for it?

    I am assuming you know it will lose money most likely?

    What is the nightly rate they are charging and how much is it less than others around it?

    I've read Avery Carl's book and done a lot of research on (and off) Bigger Pockets. Ran the numbers through two different spreadsheets and am very aware of how much we'll pay to the PM. After joining a Facebook group for local STR owners, and talking to all the major PMs in the area, I concluded that in the time vs money war, I was going with this particular PM. 

    I did a search for a summer weekend on AirBnB and the price is in line with the other 2/2 cabins in the area. It almost looks like everyone's using the same pricing software as there was very little variation in pricing. So I guess I can feel better about that.
    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    1y

    Ok, @Dina Schmid, good luck with your new place!

    0Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    1y

    The main thing I see: don't assume that just because you think it's "popular" right now that you will see this kind of action going forward. You could have just caught the right breeze, or the low rates might have given you a spurt. The area might just be extra popular at this time. You have no way of knowing what your booking rate is going to look like going forward. When I bought my STR, a couple of months after I closed I was killing it with bookings. They were so good I was exceeding my own projections. Last year was back to earth; a glut of available properties drove the rates down for everyone and a drop in visitors also increased vacancies. I use the property myself, but if I couldn't afford to keep the place vacant all year long I'd have been in trouble.

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  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    1y

    Congrats on the early success!

    From a revenue management standpoint, you are leaving money on the table.  Personally I would rather leave money on the table than be vacant but you should take a look at your prices, I suspect they are too low.  

    Good luck!

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  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y
    Quote from @JD Martin:

    The main thing I see: don't assume that just because you think it's "popular" right now that you will see this kind of action going forward. You could have just caught the right breeze, or the low rates might have given you a spurt. The area might just be extra popular at this time. You have no way of knowing what your booking rate is going to look like going forward. When I bought my STR, a couple of months after I closed I was killing it with bookings. They were so good I was exceeding my own projections. Last year was back to earth; a glut of available properties drove the rates down for everyone and a drop in visitors also increased vacancies. I use the property myself, but if I couldn't afford to keep the place vacant all year long I'd have been in trouble.


     I do suspect once there are more new rentals in the area that we will go down with the increase in competition. Which will put it more in line with what we were expecting (and what our financial projections are based off of).

    1Reply
  • Brian Barch
    Member since 2022 · 272 posts · 253 votes
    1y

    In 3 years I’ve never not had a weekend book out. Hell, most weekdays book out.


    all this means, I have to block off months in advance, and not open up my calendar too far in the future

    0Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y
    Quote from @Brian Barch:

    In 3 years I’ve never not had a weekend book out. Hell, most weekdays book out.


    all this means, I have to block off months in advance, and not open up my calendar too far in the future

    How far in advance do you allow people to book? It sounds like what you're doing is working. 

    I think I'm coming to the acceptance that I won't be able to just pop in when I have a free weekend and that I'm going to have to plan far in advance. I wish I had control over how far in advance the calendar was open, but that is up to the PM. 

    0Reply
  • Laura Winters
    Member since 2021 · 124 posts · 87 votes
    1y

    If you have everything booked out, it just means your price is lower than it should be. It doesn't mean any more or less than that. Why does anyone let their property get fully booked all the time..? 

    0Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y
    Quote from @Laura Winters:

    If you have everything booked out, it just means your price is lower than it should be. It doesn't mean any more or less than that. Why does anyone let their property get fully booked all the time..? 


     That's pretty much my thinking, but I can see the case for wanting a property to be closer to fully booked because of FOMO. The more popular a place is, the more people want to stay there. If you can drive up the number of reviews (hopefully all positive) then you can also probably get a bump in the algorithms.

    0Reply
    • Laura Winters
      Member since 2021 · 124 posts · 87 votes
      1y
      Quote from @Dina Schmid:
      Quote from @Laura Winters:

      If you have everything booked out, it just means your price is lower than it should be. It doesn't mean any more or less than that. Why does anyone let their property get fully booked all the time..? 


       That's pretty much my thinking, but I can see the case for wanting a property to be closer to fully booked because of FOMO. The more popular a place is, the more people want to stay there. If you can drive up the number of reviews (hopefully all positive) then you can also probably get a bump in the algorithms.


       The amount of bump ups you receive because of the number of reviews has almost no effect if your property is fully booked. You are selling an item that you can only sell 365 nights per year. Unless you are intentionally collecting reviews with lower prices, I see no benefit in putting your property at a 100% booking rate. Also, most importantly, lower prices attract a lot more difficult customers. 

      3Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y

    For anyone following, we still have not closed. Just signed a second contract extension. Title work had been delayed due to the original contract having a lot # and not an actual address. Then we found out we had the wrong street name, city, and zip. Then they found an unresolved mortgage (since resolved) and a judgment lien on the previous owner (still not resolved). 

    It is frustrating because of how much time and money we've already invested. (Getting a PE involved in requesting and certifying foundation work wasn't cheap!) We still want the place and are cautiously optimistic, but I started looking at what else is out there just in case.

    1Reply
    • Laura Winters
      Member since 2021 · 124 posts · 87 votes
      1y
      Quote from @Dina Schmid:

      For anyone following, we still have not closed. Just signed a second contract extension. Title work had been delayed due to the original contract having a lot # and not an actual address. Then we found out we had the wrong street name, city, and zip. Then they found an unresolved mortgage (since resolved) and a judgment lien on the previous owner (still not resolved). 

      It is frustrating because of how much time and money we've already invested. (Getting a PE involved in requesting and certifying foundation work wasn't cheap!) We still want the place and are cautiously optimistic, but I started looking at what else is out there just in case.


       These are the matters where investors actually can make money. Residential properties often have one of 3 problems (structural, people, registration) and you add a significant value every time you solve the problem. It seems like the property has a registration problem, which is often the easiest problem to solve. You just need a very savvy real estate agent, a  lawyer, a title company and a good relationship with the lender.

      0Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y

    After a million obstacles thrown up by the seller (including transferring the property out of his name and into an LLC the business day before we were to close) we finally crossed the finish line yesterday afternoon and own the cabin.

    Since we don't have the TIE I am signing with a PM company today. We knew we wanted to sign at least to start, but after the past 8+ days, I want very little to do with the cabin. The seller's actions and the phone call he made to me have me fearing future retribution and at one point I called the closing attorney to ask what my options were and if termination was possible. As of now we have no plans to go to the cabin in the next two months. I think I need that time to cool off.

    0Reply
  • Christina B.
    Boulder, CO · Member since 2023 · 174 posts · 97 votes
    1y

    Hi @Dina Schmid. Truly sorry it has become a negative experience for you. Before your most recent post, I was surprised the seller didn't prep future guests for the management change even if your PM can take care of the possible upcoming headaches. I do want to encourage you to listen to what makes the best sense for you and your family. Yes, it's an investment property but not everything comes down to dollars and profits.

    I do think you and PM should reconsider the rates and what your sweet spot is. The high occupancy indicates you could go a little higher and find the balance of personal usage with guest usage. I also think you should consider making it no pets. I'm saying that as a lover of dogs and cats, and with a property that is dog-friendly. Yes, people may violate your policy (exterior cams might help with that) but then fine them on the large side. It'll still be helpful to your allergies. And honestly, there are many families with allergies and sensitivities who prefer a property that recognizes that and caters to that.

    Having said that, the above advice seems sound and makes sense. I might just be a tiny bit contrarian because closings can be very stressful and I hope you can get a small vacation (just not at your new home right now). And in a few years (perhaps months), I hope you can feel good about this choice, even if the initial beginning didn't go as wished. Good luck! (FWIW, I prefer lower occupancy, higher rates as it works better for our situation and even with that, we did more than break-even in our first year.)

    0Reply
  • Dina Schmid
    OP
    Member since 2024 · 107 posts · 55 votes
    1y

    Thanks for the support @Christina B. Right now I'm not in a good place to make any decisions, so we're just continuing with the same PM and will keep all current bookings. (There's no one there today and a guest will check in tomorrow so that is fortunate.) We were told that they can toggle off the pet friendly switch if we say so, but we'd have to honor it for bookings already made. 

    There was so much that went on during the process that didn't have to be so stressful. At the end it got even worse. The seller is also the bulider and controls the HOA. Shortly before closing he called me, asked to buy me out of the contract, reminded me of his control over the HOA and stated that he hoped we wouldn't regret purchasing the cabin in the future. My realtor said she would pursue seller for breach of contract to get her commission. Every part of my gut instinct told me to run away, but my husband wanted to stay the course and we were both slightly concerned that we could be liable for the loss of commission. Then on the morning we were supposed to close, the closing attorney told us that seller said he wouldn't sign unless we were charged the full HOA fee for 2025. Closing documents had prorated it, as is the norm. So we had to write a check to him/HOA for $62 in order to proceed. Seller was supposed to close remotely and everything was to be done by 10am. At 4:30pm we learned seller had signed some, but not all documents. WIth our contract expiring that night, we were left in a legal limbo that was a first for everyone involved. It was resolved the next day, but by then I wanted out.

    I hope to put all this behind me and enjoy the cabin some day. Might be a while.

    0Reply
  • Christina B.
    Boulder, CO · Member since 2023 · 174 posts · 97 votes
    1y

    Nightmare! Sounds like Seller's remorse but multiple levels of unprofessionalism. It also reminds me that for many of us, the real estate agents represent the deal (and not necessarily your interests). They will do what they can to keep the deal alive although in this case, it sounds like the seller was pressuring you to exit the deal but you didn't (which hopefully means it's an excellent investment).

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