I’m in OH. We got 4 offers on our home after 1 day of showings, which I was pleased with. We accepted a cash offer over the asking price. They wanted a general home inspection, which they completed within 2 days of the signed offer. They wanted to close on 09/27 and take possession 2 weeks later. Perfect for us. We’re closing on our new home today, so that gives us some time to prep the new house and move out.
Now, the complications:
Our city requires a Point of Sale (POS) inspection, and the items they find must be either fixed by the seller or assumed by the buyer, with money put in escrow with the city until they’re resolved. They found a bunch of minor stuff that we’ve fixed (paint the railing, power wash this and that, etc etc), but a few of the items were bigger, like some concrete work.
We knew the timeline was tight to get quotes and fix everything (and it was the buyer’s timeline, not ours, we would have been fine with a mid-october close), so we proposed that they assume the POS violations and we’d give them an allowance. They said they wanted the home to be fully compliant by the time they moved in. We agreed, reluctantly.
After their home inspection, they had 3 days to submit requests. On Day 4, we got a list of 4 items, but they said things like ‘fix this thing that was in the inspection report.’ Well, they didn’t sent the inspection report until Day 6. At this point, we’re 12 days away from closing, so I propose to my realtor that sure, we’ll assume the cost of the repairs, but there’s no way I’m going to be able to fix all the POS stuff and these new requests in 11 days. We’d try, I said, but they need to agree to assume whatever’s left with an allowance from us.
This was 3 days ago. The buyer has not responded at all. We’re now 7 days from the proposed closing. My realtor is not concerned, and just wants me to send an updated list of the repairs next week, since we have made SOME progress on getting the work done. The title agency had us sign the papers for the closing when we signed for our purchase, but I still feel like we haven’t even come to terms! We didn’t sign the Removal of Contingencies document because we proposed different wording.
To make matters worse, the buyer and their agent are of a faith that has had 4+ holidays this month which preclude them from responding during those times.
I’ve never dealt with a cash buyer before, and I know that the transaction is a little less formal than one with an appraisal/mortgage/underwriting, etc, but this feels extremely fast and loose, and I just want to have some amount of certainty that this is going to go through, before I get stuck with 2 houses through the winter.