Buying A Home
housewifehobbyist
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Seller changed mind
I feel like this will not end well.
After four months of looking H and I found an adorable 1940’s cape cod, in need of cosmetic updates but in our price range in New Jersey. The seller is an 80-something year old widow, the original owner, and told us she was moving in with her son now that she’s having trouble taking care of the home. We put an offer in on it which was accepted, went through the inspection period, got our mortgage squared away for the July 30th closing date.
Last week we were contacted by the seller’s attorney (through our attorney) asking for a two week extension on closing, as the seller was having trouble finding a new home (?). We quoted them the mortgage extension fee and agreed as long as they would pay it. They then asked if we would consider closing on the 30th but renting it to the seller through the end of August. H had just gotten transferred from NY to NJ and the commute would be about $50 daily so we maintained our offer of an extension to the 15th of August, but no later.
Yesterday we received an email saying the seller had been having health issues and was in and out of the hospital, did not think she could move anytime soon, and how much would it cost to buy us out of the contract. Between the three months time we’ve put in with them, H’s new commute, and our lease ending soon we really can’t afford not to get this house. As in, we’d have to pay to move twice, get an apartment in NJ, put our things in storage, find another house, move there- not to mention soaring mortgage rates.
We told the seller that while we’re sympathetic to her health conditions, we’ve already made significant commitments based on the legally binding contract and while we could still offer the extension, we intend to follow through with the sale and pursue legal measures if need be. The seller agreed to the August 14th extension, but now we’re really worried when that time comes she’ll try to back out again.
I already feel pretty awful about kicking a sick old woman out of her beloved home, but it will cost us thousands of dollars and a lot of grief if we don’t move as planned.
Does anyone have any insight, advice (or even encouragement) here? Similar stories? I’m just so stressed about this.
Re: Seller changed mind
Thanks for the advice, I'll take it into consideration. Right now we're waiting to see what the August 14th closing date brings and decide if she balks again if we're going to pursue it. It's tough. It also means I have to push back TTC until we close on another house, which I know isn't a big deal but its disappointing when its something you've been looking forward to.
I actually did have a somewhat similar situation being on the other end. My grandfather was 89 when his health started really failing and he needed more help than the live in caretaker he had. He didn't want to move out of the house he had built in his 20's, but he also didn't understand that he just didn't have the money to pay two full time caretakers (and this was with his kids and grandkids coming regularly to cook and clean and visit). It was sad making him leave his house, but it had to be done.
Right now the seller is confined to the first floor of the house with a full time live in caretaker during the week and her son staying with her on weekends. I know the bathroom she uses is NOT handicap accessible and it was beginning to be an issue.
I'm not sure how she and her son (there seems to just be the one child involved) are handling this, and if one or both are opposed to selling, but if it is just cold feet leaving her beloved home we're hoping her son can convince her its for the best.
We're hoping for the best in the coming weeks, but if she tries to back out again we may just need to make a deal to let her out of the contract.
Ugh, sorry to hear this is happening! And the sad thing is, as difficult as it is now for her...even being in and out of hospitals...she needs to sell the house and it will only be tougher as time goes on. Especially if she loses out on a buyer she already has!
Here's an "out of the box" idea. I would write her a heartfelt letter. Start off expressing sympathy for the medical issues she has been having. Let her know how much you and your H love her home and are looking forward to starting your family there. Briefly let her know of the reasons you all need an on-time closing but, at the same time, are sensitive to what she is going through and would like to come up with a solution to proceed to closing, with as little stress for her as possible. Something like that.
She knows she needs to sell this house. And, maybe, if she can start picturing her lovely home going to a young couple just starting off in their life...who will cherish the house the way she has all these years...it will be easier for her to let it go.
Good luck!
Just for an update- we closed Friday!! There were some last minute hiccups (NONE of the remediation we requested after the inspection was done even though we have a letter from the lawyer that it was) so we have some extra money in escrow in case one of the issues, a leak from the fridge, has caused mold or structural damage. The shady contractor son fixed the ceiling tiles but not the leak itself.
We spoke to the seller's lawyer, who is a long term estate lawyer for her as well, and he said she had put the house on the market last year and pulled it due to cold feet. When she was sick this summer she wanted to do it again, and after our response the lawyer convinced her to continue with the sale. SO relieved that all that went ok!
She's staying in the house until Thursday when we'll finally get the keys!! We have some reno we have to do before we move in, the antique floors need refinishing and the kitchen needs a gut job, but we should be in there by mid September!!
YEAH!!! I'm so glad to hear things worked out. And she won't even be there too long after closing. That's awesome.
I refinished the hardwood floors in my home before I moved in and you will just not even believe the difference. They were so shiny and glossy looking when it was done.