You accepted an offer with NO EARNEST MONEY? No earnest money means the buyer has exactly ZERO skin in the game. He's now in a position to dictate terms. Hopefully you can learn from this experience:
1. Walk away from this deal. If the buyer really wants the house they'll come back and make an offer with more reasonable terms. Right now, you've put yourself in a bad negotiating position.
2. TALK to the inspector and find out EXACTLY what he saw wrong. Once you actually understand his findings, you can decide for yourself whether or not to fix those items.
3. Next time around, BE PRESENT AT THE INSPECTION.
4. Next offer REQUIRE EARNEST MONEY. And if the buyer bails for any reason not allowed in the purchase agreement, you KEEP THE MONEY!
One last suggestion: If you don't sell it before your current contract with your agent runs out, FIRE YOUR REAL ESTATE AGENT and hire someone who actually understands the business.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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