Oh, this house is over priced. I'm thinking the appraisal is not coming in high enough and the buyer has to come up with more money or the buyers have to sell their property first before they can proceed. It's a rental on FSBO so the owners are still making money while waiting.
Quote:
Originally Posted by mswlogo
Right.
But I wouldn't call it strictly as "Buyer Walks". Buyer may want it but can't get the financing or something. Also another big one is appraisal (which directly affects financing). If appraisal is well below the contract price the buyer might need a larger down payment than they planned on. Contingencies can go both ways in that a Seller can walk too if buyer does not meet some contingencies on the contract. Say if the buyer doesn't get the inspection done by a certain date, the seller can "Walk".
Two months with backup offers still being accepted is a bad sign for the deal but not unheard of. Nor does it mean it was overpriced. So many things can make some deals complex. Like one house we almost got needed court approval because one member of an estate was against the sale. Another needed some boundaries checked etc. And surveyors, appraisers, inspectors etc. were pretty backed up by fall.
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