Selling Our Home 2
So there we were. After 24 days ( I looked it up ) we reduced our price by $10,000. Again we had a couple of couples come and look at the house shortly after we reduced the price. Then it got quiet again. Now you start to get depressed. We waited about another month and then reduced the price of the home a second time. Again by another $10,000. Now we were cooking. A couple came and looked at the home. Talked to half of the neighbors and seemed to be really excited. Sure enough a couple of days later we received an offer on our home. Oh boy! It took 3 days to work out all the details, but finally we had fully come to an agreement and everything was all signed off.
The next morning their agent called to say that they had gotten into a big fight about whether it was the right home, whether or not they wanted to leave San Francisco, who should be choosing the house and who knows what else. At any rate they had changed their mind and had decided not to buy the home. At this point I just hoped they would change their mind back, but they didn't. Then I thought well I would like to keep their earnest money since they simply wanted to back out. But we couldn't even do that. The contract allowed them to have a neighborhood review, and an inspection. Realistically there was no way to keep their earnest money. Something I already knew was almost impossible in any circumstance. So we returned the earnest money and left the home on the market. Maybe I should have gone to the doctor for some of that depression medicine. So I decided to hold an open house at my own home. A young couple came through that lived only a mile away. They seemed interested, but they were working with some other agent who had not shown them the home. That didn't seem real positive, but they did come back with their agent and look again. Then they came by on their own a second time. Now they wrote an offer. That was on June 20th and they did close on July 28, 2011.
I guess what should be taken from this is. Keep adjusting the price until you find your buyer. The market is still falling and only a few of the available homes are going to sell. The rest will be worth less next year. Nothing is final until the final papers are signed and the check is delivered to you. And selling your home in this market is pretty much guaranteed not to be any fun what so ever. Good luck to all of you.