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Home Sequim Real Estate

Real Estate Transactions Often Fail

Chuck Marunde by Chuck Marunde
September 21, 2012
Reading Time: 2 mins read
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Real estate transactions do not always go according to plan.  Sometimes an inspection reveals some major problem that no one knew about, and depending on the seller’s financial position and goals, and depending on what the buyers are willing to do, a transaction can fail and never reach the closing desk.

Real Estate Transactions Often Fail

We all know real estate transactions can fail because a buyer’s loan is not approved, an appraisal may fall short, the underwriter may demand something the buyer cannot provide, but real estate transactions also can fail because a serious problem rears its head during the due diligence investigations.  Here is a true story about a Sequim transaction that just failed and will be terminated.

Real Estate Transactions and Home Inspections

Real Estate Transactions Can FailI sold a home in Sequim at the full listing price of $399,000 recently.  Everything seemed to be going along fine.  The inspection revealed that the house needed some repair work to the foundation.  We didn’t know the cost, because a formal bid was never requested, but it could be $20,000, more or less.  That was one issue.  Another issue was that there was no legal easement from the house to the road.  That was easily solved, because the sellers owned both properties, and they could sign an easement at closing.  But a bigger title issue was that a deceased woman was still shown on the records as a 1/6th owner of the seller’s property.  They were unaware of that, but since this was a family farm going back to 1906, such things can happen.  That could require hiring an attorney and doing an expensive probate to track down all heirs and get releases. 

And there was one more issue.  The house was part of the family farm of 100 acres, and it was an illegal subdivision.  In other words, the property had never been legally subdivided to build the house.  That could be a little money to get fixed, too.  No one knew about any of these issues until I commenced the due diligence period, and Voila!  The buyers gave the sellers an opportunity to fix all those problems.  The sellers declined.  The transaction will be terminated by mutual agreement.

Real Estate Transactions Never Absolute

It is wise for a buyer to carefully work through the due diligence inspection period, because you cannot be too careful.  Many homes will pass inspections with flying colors, but every once in a while a home will need major work that no one knew about.  That will turn up in the home inspection report.  Nothing in this life is certain.  Real estate transactions can and often do fail.

Last Updated on September 21, 2012 by Chuck Marunde

Tags: real estate transactions
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Chuck Marunde

Chuck Marunde

Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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  • Home
  • Search MLS
    • Sequim MLS
    • Sequim MLS Map Search
    • Port Angeles MLS
    • Port Townsend MLS
    • San Juan Islands MLS
    • All Islands MLS
    • How to Search the Sequim MLS
  • Videos
    • Sequim Videos Q&A
    • Buyer Videos Part 1
    • Buyer Videos Part 2
    • Buyer Videos Part 3
    • Buyer Videos Part 4
    • Living in Sequim Video Channel
  • Books
    • Sequim Real Estate for Buyers (Free eBook Updates Forever)
    • Sequim Real Estate: A Buyer’s Guide (Paperback)
    • Escaping California to The San Juan Islands
      • Menu Below
    • Buying & Selling Real Estate in The Rain Shadow
    • Real Estate From Bricks & Mortar to High Tech Virtuality
    • The Seven Myths of Selling Your Home
    • Buying Your Retirement Home
    • The New World of Marketing for Real Estate Agents
  • Agents
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