My Built Environment: Good, Bad, and Really Ugly

A few months ago we put our home up for sale. We realize that this isn’t a great market, but the economic realities are forcing us to sell. I am hardly a novice to the real estate market, I have bought and sold several personal residences, as well as bought and sold many lots and new homes. However, Colorado real estate law has slowly changed to dramatically favor the buyers, with few protections to the seller. We actually did get an offer on our home about 5 weeks ago. With a little haggling, we agreed on a selling price, with the buyers offer having no conditions, other than the standard appraisal, home inspection, and loan approval. Right after the offer was accepted they scheduled a home inspection. Of course, this particular insepector was a little overzealous, and caused panic in the buyers and they almost walked then. However, we worked hard with them, and agreed to fix almost everything on the inspection list, most of which was very minor stuff. We also agreed to provide an allowance to have the carpets replaced. They are nine years old, and need it anyway (we are hard on carpeting). So we got througb that, but we wern’t allowed to talk to the sellers directly and work things through. Instead we had to go through our agent (who has been great BTW), and the buyers agent (who has been less than helpful). Anyway, we go through that, then the buyers leave the country for 3 weeks. The appraisal is done, and comes in $15k higher than the asking price, their loan is approved (they are putting 50% down BTW), and we find a new place to move too. Everything is moving forward. The closing was scheduled for this coming Friday the 31st, so we moved out over this past weekend, which would allow us time to get the house cleaned up and in spic and span condition. Of course, the buyeres wanted a walkthrough over the weekend after they got back from their trip, which we refused since we were moving, and it was organized chaos.  Well on Monday they insisted on doing a walkthrough. We said OK, with the understanding that the house was not clean, we had paint touch-ups to do, etc. I was there working on things, though I largely stayed out of their way. We negotiated some last minute minor things ont he spot, and they seemed to be in good spirits.

Then late yesterday I get a call saying they had changed their mind, they didn’t want to buy a house right now (any house), and even let their agent go. WTF? How can a buyer walk 3 days from closing with no viable reason? Where is the protection for the seller? Not only did we spend quit a some reparing things on the house, we leased a new place, moved, spent money on movers, all with the expectation of closing, and they walk? At this point, they should be forced to close. I am definately talking to my attorney today, but my understaing is Colorado law is written to protect buyers at all costs. If this is the case, this has to be changed, there needs to be some real protection for the seller too.

Now we are saddled with a house payment, and a rent payment. With my livlihood tied to the construction industry, the last two years have been awful. When do we catch a break?