Buyer backed out while stringing me (FSBO) along

[Anonymous]

I posted a few weeks ago that I am selling a fully renovated condo in another state. Buyer has been interested for a year. Her friends live in the adjacent condo. Fast forward; reno completed, she measured space, asked for a few things that I agreed to do, called me often with excitement and questions.

I formalized by sending her a short email stating that requests/reno were complete, how happy I was that she'd be living next door to her friends and the price (very fair).

Her canned, impersonal reply:

Sorry about not getting back to you sooner. Martin and I really like the apt. With everything that is going on we currently cannot make a decision at this time.

That's it. Not even a thank you for allowing them first right of refusal, in addition to the extra's and not listing with an agent. Not sure if she is looking for a better price, using pandemic as an out or thinks sellers are going to drop prices significantly just to unload. I can't do the latter. I have little wiggle room and can only lower about 5k.

Friend told me to call and ask why the change of heart. The group of 4 neighbors desperately wanted it to happen. So much so, the neighbors were very intrusive. I live elsewhere and obviously can't fly to start the process with an agent. I also don't know any agents in that region. No referrals either.

Help! Anyone have a referral in Fla?

[Anonymous]

Cold feet

[Anonymous]

That just seems par for the course honestly. Look up who sold other units in your building (you can see that on Redfin) and call one of them.

[Anonymous]

Exact same thing happened to me a few years back.

Live and learn. Never allow someone to direct your actions on financial matter - never. They can put their money where their mouth is and get the Ernest money

[Anonymous]

As a buyer, waiting to see how the virus plays out is a prudent decision. The world economy is about to get wrecked. I'm not in any rush to make the biggest financial decision of my life in the middle of an uncertain worldwide pandemic.

[Anonymous]

Understandable and part of selling property, unfortunately.

[Anonymous]

No surprise. Offers are getting pullled all over. Too much uncerainty.

[Anonymous]

This is what you get for being penny wise pound foolish. If you had listed it then you would have multiple buyers and they would have been vetted properly.

If course the market is going to crash. I'd back out too.

[Anonymous]

Unfortunately, without any money changing hands and anything in writing, you didn't have a buyer - just a mildly interested party.

[Anonymous]

For anyone else reading this looking for advice in the future, no custom changes should be made unless the requester pays for it.

When we bought our new build, we paid directly for our customizations (fixtures, moving wall etc) and all of those costs were deducted from final price. Had we reneged on the deal, we would have lost those payments and the seller/builder could havejust sold the home for a reduced price (or used the payment to put in more tradtional fixtures).

[Anonymous]

I wouldn't be buying now for sure. No idea how this is going to play out economically.

And in CA and PA and NYS you can't even buy now anyway. The stay at home orders have killed real estate. People were scheduled to close today! But no more. No one knows what's going to happen.

[Anonymous]

Anonymous wrote:For anyone else reading this looking for advice in the future, no custom changes should be made unless the requester pays for it.

When we bought our new build, we paid directly for our customizations (fixtures, moving wall etc) and all of those costs were deducted from final price. Had we reneged on the deal, we would have lost those payments and the seller/builder could havejust sold the home for a reduced price (or used the payment to put in more tradtional fixtures).

This. You're the owner, not this other party. She wasn't the buyer, just someone who claimed she was interested in becoming a buyer. I'm sorry because it sounds like she was telling you it's a done deal. For the future, nothing's a done deal until you have a contract. Don't put your own money into anything on the assumption that someone will stick to a verbal agreement.

It's a tough time to sell. It might be better to wait a few weeks and see how everything shakes out. Take care and I hope it works out for you.

[Anonymous]

How is she stringing you along for a year? You choose to renovate it and did. Now its time to sell, you didn't have a contract and they changed their mind. Put it on the market. Done.

[Anonymous]

Anonymous wrote:Unfortunately, without any money changing hands and anything in writing, you didn't have a buyer - just a mildly interested party.

Yes and this is the result when people think they are real estate experts and do fsbo.

[Anonymous]

Anonymous wrote:I wouldn't be buying now for sure. No idea how this is going to play out economically.

And in CA and PA and NYS you can't even buy now anyway. The stay at home orders have killed real estate. People were scheduled to close today! But no more. No one knows what's going to happen.

You can do virtual closings and the land records office of the course is considered essential.

But if I were a buyer I'd back out now. Even in the DC market. My friend a dentist just got laid off. The whole practice with two large locations laid everyone off except 1 assistant, the office manager and the owner. The owner is only seeing emergencies and they don't have masks. Mainly because you a$$holes out in the public bought them all.