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 - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
... [Read Article]
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