Well, $6K on a $350,000 house is one thing, $6K on a $100,000 house is another. Throw in a mortgage to be paid off on the property, and . . .
Walked out of home purchase at closing rant
- Thread starter allthumbs
- Start date
Well, $6K on a $350,000 house is one thing, $6K on a $100,000 house is another. Throw in a mortgage to be paid off on the property, and . . .
Tupperware
Member
Agree. $6,000 represented less than .005% of selling price so the issue was really about integrity. I expect I could have easily countered their offer with a $50-75K increase and met in the middle, so why piddle around for $6K?
I accepted their initial offer, without a counteroffer from me, and verbalized that I was more interested in an uncomplicated transaction than I was about maximizing profits. I believe they interpreted this as desperation on my part, which became clear as the transaction progressed.
I'm a realtor and only work for buyers. (buyer's agent). Nothing drives me nuts like what happened to you. 99% of my closings go smooth and the seller has the home in good order for a walk through. But just yesterday I had one of those sorta like yours.
We arrived for the final walk, seller still there moving out, pool in disrepair... home dirty. My people didn't have to close so I told him they would need to be compensated or we'd not close and have the pool reinspected.
We got compensated...
We arrived for the final walk, seller still there moving out, pool in disrepair... home dirty. My people didn't have to close so I told him they would need to be compensated or we'd not close and have the pool reinspected.
We got compensated...
Rastoff
US Veteran
Wow, a $120M home.
Tupperware
Member
I have to keep the pressure on, my wife said she could never live in that house, in a matter of 7 weeks it went from her dream home to a nightmare. There will be no closing on that house from me anyway, I really don't get whats wrong with people these days but if I end up in court I'm thinking it won't end well for them.
Rastoff
US Veteran
Yeah, but it would be cool to be part of a $120M home sale, don't you think?
Very unlikely. This kind of thing happens all the time. If the interested parties went to court every time a buyer pulled out, we'd have to double the size of our court system. No one wants that.
I'm telling you, the worst is you lose your deposit. They can't force you to pay unless you signed the closing docs. Like I said, this is why we use escrow companies. They hold the money until everyone is satisfied.
Monday my agent called and said they'd be willing to replace all the carpet and fix all the walls and re-paint, we said that's nice but no thank you. These people knew for 2 months when the closing was. It's really sad, the house is only 4 years old and they could not maintain it for 2 more months. I think they saw that we were twice their age and figured what are they going to do, well they figured very wrong.
Yeah, but it would be cool to be part of a $120M home sale, don't you think?
Very unlikely. This kind of thing happens all the time. If the interested parties went to court every time a buyer pulled out, we'd have to double the size of our court system. No one wants that.
I'm telling you, the worst is you lose your deposit. They can't force you to pay unless you signed the closing docs. Like I said, this is why we use escrow companies. They hold the money until everyone is satisfied.
They can have the deposit, they'll need it and much more to get out of the hold they've dug themselves into.
BigBill
Absent Comrade
For $350k here that's a brand new home on 1.5 to 2 acres.
This was my biggest complaint. Im repairing everything to the point I should of purchased a new house.
This was my biggest complaint. Im repairing everything to the point I should of purchased a new house.
Pretty close, 3200sf, on 1.2 acres, 2 1/2 car attached garage, 2 1/2 car detached garage, inground pool.
I figured for 350k, I would only be changing what I didn't like, not trying to fix things and figure out how to get the smell of urine/ammonia out of my house.
OLDSTER
Member
closing rant
WOW
After reading this thread, I think I'll buy a tent and an acre of rural property
WOW
After reading this thread, I think I'll buy a tent and an acre of rural property
Wow, a $120M home.
Last time I checked, $6K was .005% of $1.2M. Still cool, but not $120M.
Your decimal's in the wrong place . . . .005% = .00005. .00005/6000=120,000,000.
I didn't say I was right . . .
Rastoff
US Veteran
Yeah, doing math in public gets us all.
Harkrader
Member
Wow! My experience was NOTHING like that, but I did walk out of a closing in a huff when the buyers got *&*tty.
Been a few years, now, I was selling our long-time home in Waukesha WI. Built in the early '40s, appraised at $119,500. I was willing to take $115,000. Mortgatge had been paid off decades ago.
Dickered with potential buyer, settled on $116,000. I was happy with that. Buyer comes to the closing and starts in on the place, saying he wants another $20,000 off the price. Cited the depressed market, which it was. Said it needed paint, which it did. Said it still had all that 1940s electrical wiring, outlets and fixtures. Well, it did, some. BUT, no "knob and tube" or cotton wrapped stuff anymore, I tore all that out decades ago. All wiring was also then grounded at the time, though about half the outlets were still two-prong. I left the ceiling mounts for the old lights because my wife liked the antique look of them, but had removed all wiring.
Buyer said it had mildew, which it did, and I reminded him that the city housing inspector said EVERY home IN THE WORLD has mildew. Only question is "how much," answer for our home was "Not much."
It was on a back street off a back street - Waukesha is built on a "rim and spoke" layout, not a grid. MOST people find that "charming." The buyer complained that it would mean delays in traffic. I said "Waukesha? Delays? Are you joking?" Except for crossing the Fox River when there's a train on the track, there ARE no traffic delays. (Didn't keep people from driving like idiots, though.)
He repeated he wanted a deeper discount. I said "You know what? We have a standing offer for our full asking price (I was lying), so here's our deal for you: YOU pay full asking price or the deal's off!" I then walked out. My wife blanched.
A lawyer friend said I could be sued for breach of something or other and I said "Bring it on." Never heard from the buyer again.
Two weeks later we sold it for full asking price to a young couple that fell in love with its vintage charm and off-the-path location. Young children, no worries about traffic.
Been a few years, now, I was selling our long-time home in Waukesha WI. Built in the early '40s, appraised at $119,500. I was willing to take $115,000. Mortgatge had been paid off decades ago.
Dickered with potential buyer, settled on $116,000. I was happy with that. Buyer comes to the closing and starts in on the place, saying he wants another $20,000 off the price. Cited the depressed market, which it was. Said it needed paint, which it did. Said it still had all that 1940s electrical wiring, outlets and fixtures. Well, it did, some. BUT, no "knob and tube" or cotton wrapped stuff anymore, I tore all that out decades ago. All wiring was also then grounded at the time, though about half the outlets were still two-prong. I left the ceiling mounts for the old lights because my wife liked the antique look of them, but had removed all wiring.
Buyer said it had mildew, which it did, and I reminded him that the city housing inspector said EVERY home IN THE WORLD has mildew. Only question is "how much," answer for our home was "Not much."
It was on a back street off a back street - Waukesha is built on a "rim and spoke" layout, not a grid. MOST people find that "charming." The buyer complained that it would mean delays in traffic. I said "Waukesha? Delays? Are you joking?" Except for crossing the Fox River when there's a train on the track, there ARE no traffic delays. (Didn't keep people from driving like idiots, though.)
He repeated he wanted a deeper discount. I said "You know what? We have a standing offer for our full asking price (I was lying), so here's our deal for you: YOU pay full asking price or the deal's off!" I then walked out. My wife blanched.
A lawyer friend said I could be sued for breach of something or other and I said "Bring it on." Never heard from the buyer again.
Two weeks later we sold it for full asking price to a young couple that fell in love with its vintage charm and off-the-path location. Young children, no worries about traffic.
Deal did NOT get to closing - died before
Harkrader, here is my tale.
Several year ago I was taking care of a property for a friend who had moved out of state. Property was listed with a local real estate broker for $27,000 with AS-IS condition. Dwelling was older mobile home with built-on addition / 1000 sq ft out building / apx 3 acres $27,000 was a FAIR price at that time.
Broker comes with an offer of $23,000 and has the sum of ONE DOLLAR for security deposit. We would agree to $23,000 for a quick sale.
Told broker - We felt the $1 was an insult and we had doubts about sincerity of the potential buyer. He was a used car dealer of questionable repute. We want at least $1000 as security. I already saw red flags but
Later broker has $1000 received as security deposit, BUT, now buyer now wants guarantees on heating, air conditioner, well pump, roof, etc.
Told broker - To best of our knowledge everything worked when last used - For $23,000 it would be AS-IS.
For $27,000 we would guarantee equipment working at closing.
Mr. Low Ball walked away.
After listing agreement expired, we sold the property at full price without paying any commission.
IF broker had worked harder he could have sold it. But, it was low price (i.e. low commission) and he was lazy.
Bekeart
Harkrader, here is my tale.
Several year ago I was taking care of a property for a friend who had moved out of state. Property was listed with a local real estate broker for $27,000 with AS-IS condition. Dwelling was older mobile home with built-on addition / 1000 sq ft out building / apx 3 acres $27,000 was a FAIR price at that time.
Broker comes with an offer of $23,000 and has the sum of ONE DOLLAR for security deposit. We would agree to $23,000 for a quick sale.
Told broker - We felt the $1 was an insult and we had doubts about sincerity of the potential buyer. He was a used car dealer of questionable repute. We want at least $1000 as security. I already saw red flags but
Later broker has $1000 received as security deposit, BUT, now buyer now wants guarantees on heating, air conditioner, well pump, roof, etc.
Told broker - To best of our knowledge everything worked when last used - For $23,000 it would be AS-IS.
For $27,000 we would guarantee equipment working at closing.
Mr. Low Ball walked away.
After listing agreement expired, we sold the property at full price without paying any commission.
IF broker had worked harder he could have sold it. But, it was low price (i.e. low commission) and he was lazy.
Bekeart
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CAJUNLAWYER
Member
The best part about being a lawyer is the fear I bring into laymen's hearts. People think after dinner I go upstairs into the attic and hang upside down from the rafters until wake up the next morning.
A few tips to you laymen shivering in your boots.
I don't do this just for fun. I want to get paid.
The ONLY thing I do on a contingency basis is personal injury and only for the reason that I am assuming risk and having to shell out money of my own to work the case (last one I was on the hook for close to 40k in medical bills).
Any other work is done on an hourly basis with an advance deposit placed in my trust account and billed against as work progresses.
If the seller in this case came into my office and wanted to hire me to represent them in a suit for specific performance it would cost them well in excess of 10k in expenses and fees before it was all over and they would be paying as they went. My advice to them would be to take the $1,000 deposit and use it to clean up the house for the next sale.
My advice to you and your wife is that if these people were going to make it right -don't cut your nose off to spite your face-you might be able to squeeze some additional concessions out of them and still get the house.
Only problem is that all I would get out of it either way would be a consultation fee
( Maybe I'm doing all this lawyer **** all wrong )
A few tips to you laymen shivering in your boots.
I don't do this just for fun. I want to get paid.
The ONLY thing I do on a contingency basis is personal injury and only for the reason that I am assuming risk and having to shell out money of my own to work the case (last one I was on the hook for close to 40k in medical bills
).Any other work is done on an hourly basis with an advance deposit placed in my trust account and billed against as work progresses.
If the seller in this case came into my office and wanted to hire me to represent them in a suit for specific performance it would cost them well in excess of 10k in expenses and fees before it was all over and they would be paying as they went. My advice to them would be to take the $1,000 deposit and use it to clean up the house for the next sale.
My advice to you and your wife is that if these people were going to make it right -don't cut your nose off to spite your face-you might be able to squeeze some additional concessions out of them and still get the house.
Only problem is that all I would get out of it either way would be a consultation fee
( Maybe I'm doing all this lawyer **** all wrong )
The best part about being a lawyer is the fear I bring into laymen's hearts. People think after dinner I go upstairs into the attic and hang upside down from the rafters until wake up the next morning.
You don't?
The attorney I do expert witness work for made it clear to me when it came to my area of expertise I knew far more about the subject than the attorney questioning me. He gave me an example of doctors perhaps the smartest one in the room being intimidated, I took his advice and from that point on really enjoy being deposed.
