Not so fast.
A 251-square-foot home in Newton that was listed for $449,900 and had a contingent offer in just days is back on the market — at a reduced price.
Hans Brings, the listing agent, said Thursday that the buyer wanted to put down 20 percent of the purchase price, but couldn’t find a lender that would finance the home because it was too small.
The home at 1295 Boylston Street is now being listed for $389,900, and the owner is looking for a cash offer.
“The home’s going to be difficult to finance if at all,” Brings said in a phone interview following two showings of the home. “The key is that someone’s going to have to most likely buy it cash unless they have some sort of a local lender that’s willing to accept the size of the home.”
“One of a Kind! Adorable Tiny Studio Home in Newton Highlands,” the home’s Zillow listing reads. “Great Condo Alternative Ideal for Casual Stays, Guest Home, Meditation, Exercise Room, Storage, or Whatever You Desire. Residential and Business Options. A TRULY UNIQUE HOME!”
It advertises open living space, a new kitchenette with granite countertops, a renovated bathroom, and a skylit loft with a “knee-high celling.”
The initial asking price of $449,900 put the home at $1,792 per square foot. The reduced price puts that number at $1,553 per square foot, according to the listing. It sits on a 2,452 square-foot lot.
The offer — one of multiple to come in on the home — was accepted about eight days after the property was listed. Brings previously told the Globe that the buyers were looking at it for residential purposes.
Brings said he was surprised the buyers weren’t able to find a lender.
“They weren’t able to find a lender that was willing to accept 20 percent down, which seems kind of crazy to me considering there’s condos that are small condos that actually sell with financing about the same size,” he said.
Since the home went back on the market over the weekend, it has been shown about two dozen times, Brings said. Those who have viewed it are contemplating different uses for the space: a home, a property to list as a vacation rental, or an office space.
But so far, no offers have come in yet.
“We’ve had some favorable discussions of offers coming in, but nothing on paper as of yet,” Brings said.
While this isn’t the most unique property Brings has listed, it’s up there, he added.
“This is definitely in the top five,” Brings said.