Do You Ever Feel Bad For The Other Buyer?

10 years ago

Before I bought the house I wanted in the neighborhood I wanted, I put a bid on a fixer upper house that was accepted. I knew I had to put a lot of money into the house but the home inspection killed the deal. I was willing to put money into the house but the 12 inch crawl space foundation, mold, and electrical issues killed the deal. In all reality the house would need to be torn down. But the lot was fantastic.

So we took a pass and in walks the other buyer. A 20 something kid who paid 25% more than our accepted offer. I know one of the first issues to be addressed was to properly vent the roof and that has not been done. The inspector told me that the mold growth would be worse in winter. I feel bad when I drive by the house knowing that what i know.

Do you ever feel bad for the "other" buyer?

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Comments (10)

Linda
10 years ago
Im sure that buyer had an inspection too. Being in
the business for so many years, I have learned that what is an issue to one buyer, it nothing to another. Everybody has their limit. Believe it or not, there are a few cultures out there that believe painting and picture hooks in the walls are too much work and they will pass on the house or want $25k off of the price because of it.
sidnee
10 years ago
Buyer beware seems appropriate here.

Actually, the sellers agent should have advised the buyers agent of what was found on the previous inspection.

I have been an agent, and in my state (I thought it was a national law) it is called "Full Discloser" The seller is entitled to a copy of the inspection.

The mold is very troubling and can make people quite sick, what if they have children?

Acaidia, you are not responsible. Good thing you didn't buy it.

Sid
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This does sound like a horrible situation, and I, too, want to give you my best wishes and hopes that things will improve over time,Tangles. I also agree with Lisa: be careful and safe! Sleeping in your car does sound dangerous, and I hope you can find an alternative,or that your sister will at least have the common sense to realize that it's absurd and really pretty unnatural to put you in a position where you'd be forced to do that. I also agree that .for now, it's best to leaves the roses be. Moses is right; you have enough to deal with already without having to think about them. Also, you might want to avoid any histrionic gestures; to me it sounds like your sister is being very histrionic and childish herself, and you don't want to get pulled down to her level, if possible, though I know that that can be difficult ,especially because it seems to me at least that she's kind of playing mind games: if she just wants to sell the house and move in with her b/f,why not just come out and say so? It does certainly sound like you'd be much, much better off having your own place. Best wishes and stay safe.
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Debbie Downer
10 years ago
Not so much sorry for the buyer, as angry sometimes that the sale of real estate (and used cars) seems to bring out the greed in otherwise normal people. Yeah yeah I know when I sell I too will want top dollar but I would hope if theres any significant defects like extensive mold (I dunno, isn't that considered one that has to be reported?) I'll be honest and disclose it.
deegw
10 years ago
We live on the coast and spent a long time trying to find the perfect house near the beach. We ended up scrapping our beach dream and bought a house in a more residential part of town.

Now that the new flood rate debacle has come to light, I am so glad that walked away from a couple of lower elevation houses near the beach that we seriously considered.

When we were house searching two years ago we had a great realtor, mtg broker, insurance agent, etc. Not one person fully understood the implications of the new law. The final new insurance rates are still not clear as the flood maps will be redrawn. But it is clear that the insurance for beach houses will be much more expensive. than what were quoted two year ago, So i do feel sorry for the new owners and relieved that we walked away.
rrah
10 years ago
In theory I've felt sorry for later buyers when I've been in houses with problems. There is a house in my neighborhood for which I felt particularly sorry for the buyer initially--more so the buyers' children.

This particular house was built by a pretty shady set of people and went through several ownership changes with some pretty ethically challenged people. It's a classic example of a transaction that was not "arm's length" in the sale or the mortgage. Two owners ago it was foreclosed and left vacant. A pipe burst. Mold grew everywhere. Some one with fairly young children bought it. Because I drive past it daily, I know that the drywall, insulation, etc. was never removed. I think they just cleaned the walls and painted. On to the next buyer it went.

In addition, the garage is not long enough for a car to park in it, but it's not something most people think to check. I know because everyone that's lived there parks outside the garage.
nosoccermom
10 years ago
Yes, there was a potential problem, which came up during inspection. More research, which I uncovered through a FOIA request from a county agency, uncovered a serious material defect, which neither the seller nor the agent disclosed and which was one of the reasons the seller tried to sell. Another contract also fell through, but in the end, a third buyer went ahead. The defect only becomes obvious at certain times.
scarlett2001
10 years ago
"Life is the only teacher that gives the test first and the lesson afterward."
bob_cville
10 years ago
Yes. Although about a year ago I was the other buyer. We were looking at a duplex as an investment property that seemed a really good price, but there already was another offer being considered. We made a better offer and got the property, when the tenant on one side moved out we decided to fix repaint the walls, and replace the vinyl flooring in the kitchen. Upon pulling it up I discovered that the floor and subfloor were soaked and delaminated due to an unseen plumbing leak in the kitchen drain. The entire kitchen, dining room and bathroom had to be removed and redone. It took all spring, summer and into the fall to finish all of the work, and more than a few times during the process, I grew disheartened and wished the first guy had got the duplex instead of me, the other buyer.
TxMarti
10 years ago
nosoccermom, what is a FOIA request?
sushipup1
10 years ago
Freedom of Information Act

Do You Ever Feel Bad For The Other Buyer?

Comments (10)

Linda

sidnee

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