Old Stone House

Two weeks and two offers later we are still in the running for the ‘new’ house. Our fist offer was ‘ignored’, however, our second offer was signed back. The terms the bank has offered are not to our liking – the price point is still too high. However, we view this as good news as they have accepted our condition of sale clause. This is encouraging as it means that if we can come to agree on a price there is a distinct possibility that the bank will honour this condition.

We are also encouraged that there have been no other offers on the property. There have been several dozen showings but only 2 offers. Apparently the property continues to rest at a price-point that is unattractive to most buyers. The house is ‘only’ 1800 sq feet, and needs some work, and for the advertised price this represents too large an investment.

As well, those parties who can afford the house repeatedly note how small it is – again the investment required for an addition plus the renovation costs are scaring buyers. As well, we’ve had a recent deluge of thunderstorms which have revealed that there is a ‘leak’ in the house as water is running down the wall. A quick survey of the property has revealed that the cause of the leak is a downpipe backing up water running back along the soffit and down an old chimney. As far as we are concerned this is an easy fix – but for others it is presenting yet another ‘major’ problem.

So long as we continue to submit offers potential buyers will be discouraged from making bids.

The game continues…