Cash offer fell through after the home inspection in Austin

I had a solid cash deal on a duplex near Riverside, 185k, buyer was pre-approved through his IRA. We got to the inspection last Tuesday and the foundation report came back with a 22k repair estimate. He walked away at the table, no counter, just said 'not worth the risk.' I lost two weeks of showings and had to relist the property the next morning. Anyone else have a cash buyer bail after the inspector found something big?

2 comments

2 Comments

finleyl5516d ago

That 22k estimate was probably just the inspector's way of saying he wanted the duplex for himself.

the_lucas16d ago

That 22k estimate line got a laugh out of me, but honestly your buyer was smart to walk. I had a similar thing happen two years ago on a triplex in East Austin, inspector found termite damage that was gonna run about 18k to fix properly. The cash buyer bailed the same day. What worked for me was getting two more foundation quotes and having a structural engineer write a quick letter saying it was fixable, not a tear down. Relisted with that paperwork attached and got a normal financed buyer in three weeks. Might be worth doing the same before you lose more time.