My partner and I recently went through the home buying process and it was a roller coaster ride. We put an offer in and it was accepted, did an inspection, loan application, everything was great. We were just 30 minutes away from going to the title succession company to sign the closing documents when we got a call from our agent that the seller backed out. We were stunned, we didn’t know what to do.
Our agent’s broker advised us to still go to the title succession company and sign the closing documents. So we did, but the seller did not. In the appraisal process, we had to make some repairs to the home such as a broken window, a hanging door, etc. These were simple fixes, but the seller refused to do anything, and told us it was up to us to fix. We ended up spending around $1,000 out of our own pockets.
In total, we lost about $2,000 in inspection and appraisal fees, our credit score took a hit, and we wasted a whole month of time. We felt helpless and had no idea what to do.
Luckily, our realtor had our backs. He actually paid for some of the repairs himself, including the window which cost around $650. He said it was our “wedding present” and if it helped the sale close, then so be it. We are so thankful for his generosity and for helping us get through this difficult process.
Buying a home is a stressful process, and it can be even more difficult if the seller backs out at the last minute. In our case, we were able to figure it out with the help of our realtor. If you find yourself in a similar situation, make sure to get advice from your agent’s broker and talk to your realtor. They may be able to help you out and come up with a solution.