Lessons Learned Selling My House

After 23 years in the same home, we had naturally made improvements over time. When it came time to sell, we figured a good paint job on all internal walls, a remodeled restroom and a new driveway as well as a few smaller projects would make this a quick sell. We finished the work. Next, we moved to Florida, leaving an empty house hopefully easy to show.

The Sump Pump

In January, some friends visited the house and found traces of water along the base of the four basement walls. Also found was a wet piece of carpet creating a musty smell. We hired a contractor who has worked for us in the past to install a new sump pump. This resolved the water and wet carpet issue.

On The Market

When the house actually went on the market, we had 14 showings and a contract with two backup offers on the first day. Then the fun began.

The First Inspection

A week or so after signing the contract, an inspection for the buyer took place. It didn’t finish. Right in the middle, the inspector just called off the process saying the house was sliding off of its foundation. WHAT? We certainly didn’t understand or believe the report. At any rate, our first buyer canceled and we moved to our first backup offer.

The Structural Engineer

So we hired a structural engineer to check things out. For $400, a gentleman came and told us the house wasn’t sliding off it’s foundation but, because of settlement, the house had slightly twisted on the foundation. It needed to be anchored to the foundation, a few small cracks filled and the garage floor needed to be raised via slab-jacking. For only another $400 he prepared an engineering diagram of how to install the anchors. He also provided a list of contractors suitable for each task needed.

The First Quote

While working with the second buyer, we solicited a quote for the prescribed work. The quote came in at $11,560. Whew! Where were we going to find that money. The buyer agreed to proceed with the purchase if we lowered our price by the amount of the quote. He wanted to hire his own contractors and we were very pleased to agree. The drop in price was mostly offset by his original offer being $10,000 over our asking price. Closing was scheduled for March 17.

The Final Walk Through

On March 16, the buyer entered the house with his agent for a final walk through. They once again found water traces along the four basement walls. He demanded a check for $4,000 to completely seal the basement. I had our contractor return and was assured this was a sump pump issue again. A piece of gravel from the sump pump well had become lodged in rotor, halting water removal. The contractor placed a brick below the submerged pump. Problem solved. Regarding the $4,000, I was assured there was nothing to seal. We counter offered $1,000 for cleanup and incidental tasks. The buyer refused and walked away. He believed it was impossible to have two sump pump problems so close together. I now despise the words, “sump pump”.

A New Buyer, A New Inspection

We had another contract, almost immediately, for our asking price less the cost of the repair quote. He wanted us to get all the repairs made and then he would inspect. Then the buyer hired the most OCD inspector I’ve ever heard of. His report came back with a list of eight or ten items that needed fixed. They all seemed minor to us but the buyer seemed most concerned about brick pops on our chimney. This opened negotiations again and we offered to escrow the $11,560 which would allow the buyer to oversee the work they wanted done rather than we try to manage all elements of the repairs from Florida. The buyer had a contractor look at the chimney and he said it would take $10,000 to replace 14 rows of brick. We said no. The third buyer walked away and the contract was trashed.

‘Tis A Wonderment

At this point we didn’t know what to do. I was seriously considering moving back to Cincinnati. Another option would be to take the house off the market and find a way to do the repairs and then try again. What were we supposed to do?

The Awakening

That night, as usual, I awoke around 4:00 am. I had read that when this happens, it may be God trying to talk to me. Unfortunately, I usually did all the talking in these sessions. I had given this process to God and thought I did not get too upset about the setbacks. Looking back, maybe that was just due to medications I take. This night, I realized I had not completely surrendered the entire sale but had picked pieces back up and was burning cycles looking for a solution on my own. I confessed this and simply asked God to send the right buyer in his own way, in his own time.

The Solution

That evening, our agent sent us feedback from another showing of the house. The showing was finished in 5 minutes and they were very interested in purchasing the home. I shared with my wife at bedtime about my prayer experience from the night before. I told her this might be God’s answer to my prayer and confession. The next day we learned the buyer was not preapproved for a loan. While we awaited the outcome of that process we had another offer. In every way but one, the buyer was perfect. He wanted to do all the work and had his own contractor and was unconcerned about the scope. Further, he waived all inspections realizing how thorough the previous inspections were. The only problem, his offer was insultingly low. We were able to come to an agreement we could both live with quickly. As I type this, he is measuring the yard and exterior of the house making plans for landscaping. We both want to close as soon as possible. Praise the Lord from whom all blessings flow. Now we wait. Patience is a virtue.

What Did I Learn?

1. Do not move out of your house, or at least not 900 miles away, when you want to sell.

2. Do not immediately spend $30,000 on what you think is the most important modifications before you sell.

3. Hire an structural engineer and inspector first. Find out what buyers will learn before you actually have a buyer. Make repairs if you can or negotiate an as-is contract with a buyer.

4. Armed with your new reports, spend your money fixing the potential show stoppers before you go to market. This insures, or at least helps, to limit wasted expense.

5. Do all of the above after praying and surrendering to God your desire to control the process.

6. Believe that your best interests align with God’s plan regardless where it leads.

“You parents–if your children ask for a loaf of bread, do you give them a stone instead? Or if they ask for a fish, do you give them a snake? Of course not! So if you sinful people know how to give good gifts to your children, how much more will your heavenly Father give good gifts to those who ask him. “Do to others whatever you would like them to do to you. This is the essence of all that is taught in the law and the prophets.” Matthew 7:9-12