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What do I do When the Buyer Walks Away?

By Dan Tabit

Managing Real Estate Broker with Keller Williams Bellevue 47538

March 28, 2013 03:14 PM

What do I do When the Buyer Walks Away?

So you listed your home for sale and had a huge turnout at the open house. Your agent was flooded with phone calls and interest and you had several offers to choose from. Sound great, a seller’s paradise compared to not that long ago.

Along comes the inspection and low and behold some issues are uncovered and the buyer walks away. WHAT??? Yes, a buyer can walk away after the inspection. The No Sale Washington Inspection Contingency is conditioned upon the Buyer’s “Subjective Satisfaction.” This means the buyer may elect to rescind their offer without giving a reason or allowing a seller to resolve the issues.

So, you as the seller are back on the market and hopefully aware of some issues with the house. Now, with knowledge of the inspection issues you have a new obligation to disclose what you know. Back when you first listed your home for sale you were to complete a Seller’s Disclosure form. This form is where you disclose any known issues with the home, even if they have been addressed and you believe they are resolved. Now that you are aware of the inspection results you need to update this form with the new information.

By keeping this information up to date, your next buyer will see you are an honest proactive seller and you will stay out of trouble. You'll soon go from no sale to $OLD!

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Quinton Beckham

Keller Williams - Charlottesville - Charlottesville, VA

Quinton Beckham - Charlottesville

These situations are heartbreakig to sellers, but with the right attitude this can become a true win for everyone.

Mar 28, 2013 08:19 PM

Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

Your Mortgage Consultant for Life

The education for the seller is just as important as the education to the buyer. Whenever we market a house we are flipping, I always have an inspection done in advance, just to make sure we haven't missed anything.

Mar 28, 2013 09:51 PM

Dan Tabit

Keller Williams Bellevue - Sammamish, WA

Hi Quinton, You are right, it's a huge disappointment, but with the right attitude and preparation things will turn out okay.

Hi Joe, A pre-inspection can be a great idea and sure avoids surprises.

Mar 29, 2013 01:22 AM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

A great discussion on the buyer being able to walk after the inspection. For my Oklahoma sellers who read Dan's well written article, our contract forms supplied. By The Oklahoma Real Estate Commission, buyers are to notify within 24 hours and if the buyer walks and the seller does not now disclose any newly discovered defects, the agent is obligated to do so. Love this post.

Mar 29, 2013 01:59 AM

Mike Carlier

Lakeville, MN

More opinions than you want to hear about.

If there are defects made evident by an inspection, there is a responsibility. However, inspectors' words are not infallible. I once had an inspector claim that the air conditioner was past the end of its useful life and should be replaced. It was less than six months old. Same inspector claimed that the driveway was due for its periodic sealing. It was concrete. Another inspector claimed that the bathroom exhaust fans were unvented until we sent him a picture of the vent outlets.

Mar 29, 2013 02:08 AM

Judi, Thank you. Each State will have different ways of handling this, but I suspect the obligation to disclose newly discovered defects is common.

E.J., You make an excellent point. Inspectors, like the rest of us, come in different levels of competency. A 6 month old A/C unit certainly wouldn't require replacing unless it was improperly installed. Only true defects should be disclosed.

Mar 29, 2013 02:12 AM

Hella Mitschke Rothwell

(831) 626-4000 - Honolulu, HI

Hawaii & California Real Estate Broker

Dan; I go over the seller's disclosures very carefully. And if there is something he doesn't feel needs to be included, I do, just in case. It protects both of us.

Mar 29, 2013 02:44 PM

Kristin Hamilton CA REALTOR

Berkshire Hathaway California Realty - Beaumont, CA

(909) 557-6966- Specialize 55+ Communties Banning

Hi Dan,

I go over the Home Inspection Report and the disclosure forms carefully and then meet with my clients and discuss the problems. 2 weeks ago the home inspector only came up with a couple of items while we were there at the house and the appraiser found the same exact 4 items. It is so nice to have a home that has been well taken care of.

Happy Easter and great post. Suggest.

Mar 30, 2013 04:29 PM

What do I do When the Buyer Walks Away?

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