Frustrating home selling update page 8

[We_love_WDW]

I hope everything goes good for you These people sound very annoying and rude.

 

[DisneyBamaFan]

Question to the OP - Who is the worse if they walk away? If you can stomach not selling, tell them to get lost. If you have to sell, well, there is your answer.

There are literally millions of homes on the market right now, and few buyers. They hold all of the cards. You either play by their rules or stay out of the game. I remember when the shoe was on the other foot - when home buyers had to deal with crazy sellers. The pendulum swings back and forth...

 

[manning]

I'm confused. Did they give you a written offer to buy and did you accept that offer in writing?? (sign it)

 

[RadioNate]

RadioNate, I completely sympathize with you.

It's one thing to be a tough negotiator and to try to get a good deal. But it's quite another when the nit-picking, nagging and penny-pinching is to such a level that reveals a mean, petty, advantage-taking soul. Shame on those buyers, they deserve to have this sale dry up and disappear.

I just purchased a house on my mother's behalf. And our agent tried to get us to go for an additional 2K reduction, but I refused. Because the agent just needs to get a sale (and the commission). But we need to move into that house, and we want that move to go smoothly without stress! So we took the seller's very reasonable counter offer, refused to keep up the back and forth (for the equivalent of 0.3% of the purchase price, really???) and EVERYONE was happy.

And it's worked out so well - after having the house inspected we (politely) asked for some service work to be carried out before closing. Did the sellers balk or kick up a fuss - absolutely not! The work got done 48 hours later. We (politely) asked for an extra visit (to get some measuring done). Was there any trouble about that - again no! The answer is "anytime, please just call!"

Having good will on both side is so important, now my parents are enjoying and looking forward to their new home with great pleasure and little stress. No worries about what condition the house will be left in. Worth the slightly higher price we paid, IMHO.

See - this deal could have been sweet and easy. They are the ones that turned it nasty. I know it may look that way but they asked for our bottom line and we gave it to them. And they came back with "we don't believe that is your bottom line." Then they said that they didn't "believe we had the cash to close." So they actually asked to see our bank statement to prove we had what we said we had and that it was truly our bottom line.

Why is that even remotely acceptable?

Question to the OP - Who is the worse if they walk away? If you can stomach not selling, tell them to get lost. If you have to sell, well, there is your answer.

There are literally millions of homes on the market right now, and few buyers. They hold all of the cards. You either play by their rules or stay out of the game. I remember when the shoe was on the other foot - when home buyers had to deal with crazy sellers. The pendulum swings back and forth...

But they are not millions of homes in this area that are NOT short sales or foreclosures. There aren't and that is what they need if they want to get into a binding contract before the government incentive runs out in 8 days.

I think we are both in a pretty do or die position.

They need a house that can enter a binding agreement by April 30. I've got one. They aren't going to find another one. Furthermore, they still wouldn't be bothering us if they had found another one.

I don't actually HAVE to do anything. I have money. I can float this house for 2 years. I just WANT it gone.

They also have a drop-dead closing date which tells me that they have already given notice to their current place or are in temporary housing that is running out. So who's up a creek there?

I also wonder if people are 'hearing' when I say they are asking for things that are impossible to deliver. If I could, I would, but I can't and they need to accept that or walk away.

I've given them the same "bottom line, final offer" 2x now and they still keep coming back and asking for concessions.

Like I said, their bratty insistence, is becoming laughable.

 

[Lisa loves Pooh]

Wow--I'm not sure if it is jerky, but it is pretty gutsy.

But if noone else is nibbling, see what you can throw back.

FWIW, we bought a foreclosure in Virginia--I thought the realtor lost her marbles when she had us ask for closing costs...

In the end, I forget what we paid--but it was lower than list AND all the closing costs are paid for.

This was the 4th home we bid on (the others we had no contingencies like that, we just got out bid in a bidding contest), but it also had sat on the market for about a month (evidently an eternity for something that should have been a "good deal")--but it really needed a full paint job on the interior.

They actually didn't like our bid at first and wanted to turn it into a bidding war until they realized that only flippers wanted the house and they were placing very low bids.



It may be, as Dave says---time to say "to heck with the cheese, let me out of the trap".

Keep that in consideration if you have noone else nibbling on the cheese.

 

[wdwfan16]

I know, it is a buyers market blah blah blah but really do they have to be such jerks? There is a fine line between being a tough negotiator and being a horses rear...they've crossed it!

They want 5% off the asking price, us to pay ALL their closing costs, get them HOA approval for a pool, and give them $2000 cash for whatever. Their agent has admitted that they are just asking for these things because "they can."

We are underwater, as is practically every house in the state of Florida. We are NOT doing a short sale because we have the cash to bring at closing and we are with a lender that converts the deficiency to a personal loan rather than issue a 1099. My neighbor's house is valued less than what they built it for in 2007.

According to their agent, they have the money. They just want everything they can get. I know it is business but come on! The now want our financials because they don't trust we can bring the money. As if I'm really going to show them my bank records.

We've countered with our bottom line. It drains everything. Below that they force us into short sale. They've asked for us to give more. THERE IS NO MORE MONEY! I can't give any. I don't have it.

Arrrrggggghhh. They are getting a GREAT deal on this house. I don't say that from an emotional standpoint. We are at a fair market price w/out being the hassle of a short sale or foreclosure but we are priced like one. In the last 2 years I have painted the exterior of the house, installed gutters, new dishwasher, new stove, new wood floors. I'm not factoring any of that into the loss or price of the house either. And if they can agree to reasonable terms they get the government 8k.

What is wrong with these people?

Most, if not all, homes built or bought in 2007 are selling for less all over the US. That was bascially the peak of the bubble.

Was you home also built in 2007? If so, why all the repairs and upgrades? Did you expect to stay for a long time? When did you buy your home?

Honestly I would be doing the same thing. With the market in FL still going down, I would not want to buy expect for an exceptional deal.

Good luck.

 

[Lisa loves Pooh]

Right and they want that money so they are going to have to scramble to get their inspection and appraisal done in a hurry.
We've been back and forth on this for more than a week. They obviously want the house.

We've agreed to a lower than asking price (not the 5% they wanted but 3%) and agreed to a flat amount of closing costs (about 1/2 the original estimate) and 1/2 the whatever money.

We CAN'T get pool approval from our HOA in time. They have 28 days to give approval and require actual plans from a pool company.

They don't seem to "get" that some of this stuff is totally unrealistic and they keep demanding more.

It has become laughable. Really.

I want to sell. We very much want to sell. BUT with the money we are bringing to closing we could pay the mortgage on this house for years while it sat empty if we had to. Or we could just spend the money and let the house foreclose. We have options. They apparently have no other houses.

Clocks ticking.

I think that they just have to be under contract. Appraisals are for lending---

April 30th, you must have a contract and then they must close by some date in June--between contract and closing is when the rest of the stuff occurs.

I would not allow a contigency for their pool design to be approved by the HOA. That's silly.

 

[RadioNate]

I'm confused. Did they give you a written offer to buy and did you accept that offer in writing?? (sign it)

It has not been signed because they keep re-inserting the stupid pool contingency that we don't have the legal authority to agree to. Furthermore, they also HAVE to close in 28 days from today (that is their timetable not mine) and need a binding agreement in 8 days to get their government incentive (again not MY issue) which isn't even enough time to get the proper pool permissions from the HOA. There are some also real estate laws at play about escrow time periods and stuff like that.

They want to be able to install an in ground pool and the plans need to be approved by our HOA, which they will not do for someone who is NOT the homeowner.

It is an impossible clause and they don't 'get' that.

 

[lucyanna girl]

You have given more than enough. Tell your Realtor you will not take any more calls about their demands or offers. When they agree to your terms than she (or he) may call you.

I am betting they will buy.

Good luck,

Penny

 

[bettymae1121]

I'd tell your agent to tell their agent that your last offer is your final offer...and if they try to counter or demand anything else, as single thing, the whole deal is off! Tell your agent to tell theirs that you are dead serious. You are not in forclosure and can carry the house indefinately (not strictly true but at this point who cares) so you are NOT bluffing.

Slightly different situation as I was a buyer dealing with a nutty seller, but back when I bought this house in 2005, I had asked from some credits at closing because a few things came back on the inspection report that were contrary to what they had claimed in the listing, like the furnace was new (it was as old as I was) and a few other things. It was still a sellers market and the seller balked. I told my agent to start looking at other homes in the same neighborhood. I had offered nearly full price so knocking some of it off when it turned out the house wasn't as advertised wasn't out of line, IMO, and I wasn't going to waste time screwing around with these people. My agent knew I was dead serious and told the seller's agent that I was going to walk if they didn't accept. They wound up accepting and I got my credit at closing. Even when the market is against you, you can still play hardball (to an extent, at least).

 

[wdwfan16]

It has not been signed because they keep re-inserting the stupid pool contingency that we don't have the legal authority to agree to. Furthermore, they also HAVE to close in 28 days from today (that is their timetable not mine) and need a binding agreement in 8 days to get their government incentive (again not MY issue) which isn't even enough time to get the proper pool permissions from the HOA. There are some also real estate laws at play about escrow time periods and stuff like that.

They want to be able to install an in ground pool and the plans need to be approved by our HOA, which they will not do for someone who is NOT the homeowner.

It is an impossible clause and they don't 'get' that.

They need to give up the pool thing.

Do others in your community have inground pools?

 

[Lisa loves Pooh]

Me too, and I have never heard of the seller paying the buyers closing costs until the shows on HGTV. I'm so glad we bought when we did and have no plans of selling, I think the stress of the buyers and what they expect would put me in the grave.

Me either--then my DH got the bank on our purchase to pay all of ours. When they realized the other offers they'd have to entertain, they will hunky dory fine with paying our closing costs.

Very weird--but it can happen if the buyer has been reasonable.

ETA: We had a situation--and the house needed the paint (it was very filthy and not something a magic eraser would fix....also, we expected repairs (as is home) to pop up on inspection and of course they did...about $4K worth....so our offer took all of that into consideration. Sadly, if the bank had the $3K to spare, they would have been able to get much more for the house.

 

[RadioNate]

Most, if not all, homes built or bought in 2007 are selling for less all over the US. That was bascially the peak of the bubble.

Was you home also built in 2007? If so, why all the repairs and upgrades? Did you expect to stay for a long time? When did you buy your home?

Honestly I would be doing the same thing. With the market in FL still going down, I would not want to buy expect for an exceptional deal.

Good luck.

No, we were built in 2003 but we bought in 07 so you can see how much we are actually losing. That loss is entirely expected and accepted.

There was no gutters on the house and we wanted them. We get a lot of thunder storms and were getting wash out in the landscaping.

It needed new exterior paint and the previous owners didn't seal the stucco properly, which we found out after Fay. We did the job right and made sure there was no damage from their mistake.

The stove and dishwasher broke. In both cases, a new one was just about equal to the repair cost.

We did expect to be here a long time but my DH's job was set to be eliminated and a new offer for more money popped up in another state so we took it.

We are good people who try to do the right thing. We wanted to properly maintain our home. We are prepared for a huge loss but when there is no more money, there is no more money. Their agent told our agent we were lying about that and asked to see our bank statements as proof.

I'm more than willing to do a short sale but these buyers won't agree to that.

 

[Halloweenqueen]

OP, I feel your pain.

We were transferred to WA from NC almost three years ago. My husband went first and I stayed behind to sell the house. The kids and I went through 9 months of home showing torture. After many lowball offers we received a full price offer, but the seller wanted us to buy their condo as part of the sale. We turned them down, but reconsidered a month later because summer was approaching and we were starting to get overrun with expensives in WA and NC.

We received the condo in our home sale. It was pretty much worth the equity we had in our house. We put some money into it, painting, appliances, etc. We then re-listed it at the same asking price.

Here we sit 2 years later and we still haven't sold the condo. Of course we had no idea the housing market would collapse. We have markdown down the condo to almost 45% it's value two years ago. Of course we have the monthly expensives and numerous assessments from the condo association in these two years. We have put additional thousands of dollars into this place.

We finally are getting some activity, but the potential buyers are outrageous. Lowball offers, money for boats?, HOA dues, cash from us at closing for decoration, etc. It's disgusting.

We spent two weeks going back in forth with a seller. Finally reached a mutual agreement last Thursday. Found out on Tuesday that she can't get a mortgage. Now we are back to square one.

It is heartbreaking to see our hard earned equity wasting away in a place we never lived in. I have to remind myself that we probably would have lost more money had we still had our house and was trying to sell it now.

I understand it's a business, but what happened to common respect?

Hang in there and good luck to you!

 

[RadioNate]

They need to give up the pool thing.

Do others in your community have inground pools?

About 1/2 the houses have pools. I don't see any reason that it wouldn't be approved. But I can't approve it and I can't request the approval.

 

[Bob NC]

And they came back with "we don't believe that is your bottom line."

How can you blame them, obviously they were right?

 

[RadioNate]

How can you blame them, obviously they were right?

No they weren't. We haven't budged from that number. We are on the 3x sending them the same thing. They keep countering. We say no and sign back the same offer. We haven't changed our position the only thing we added is the letter from the title company verifying our funds.

We have negotiated in good faith and have been honest about where a short sale would be reached.

 

[JoiseyMom]

I agree with another poster...as of now you have them over the barrel. I would say, since you have caused us so much aggravation and called us liars, we will no longer pay any of the closing costs, we are also going to raise the sale price unless you sign. If not...bye bye..have a nice day and try to find another house to buy and contract in 8 freaking days!! You have nothing to lose and can laugh all the way to the bank .

When we were buying our house, we put on offer on a different one. OMG the sellers were just nuts... we countered money wise, and they would come down 100.00!! And it took them days to do it. They did this 2x and I told my realtor to pull our offer, we were no longer interested!! It was insane! We were so better off!!

 

[chloelovesdisney]

Can you just tell your realtor not to come to back to you with any further requests, that's the final offer?

 

[DisneyBamaFan]

RadioNate, after reading all of the posts, it sounds like you are dealing with some people who know what they want, but simply don't trust the responses that they are getting from your attorney. IMO, you should tell your attorney to tell them that they either sign an agreement within 48 hours or you will pull out altogether. Force the issue. That will make it clear to them that your position isn't going to change. Prove to them that you are willing to walk away. Of course, you run the risk that they say okay and let you walk away.

They probably think that you are more desperate than you are. I probably would if I were in their shoes.