I wonderSometimes you just have to follow your hunches...  A few weeks ago I received a pretty scary offer on one of my listings. 

  • The buyer was asking for 6% of the sales price back as a credit; not to be limited to closing costs.  There were other red flags that just made me wonder if this was a legitimate buyer, or was someone trying to pull a fast one. 
  • My initial post had more details about the original offer.  Concerns of lender fraud entered my mind.
  • The market being what it is, my seller decided to entertain this offer with a counteroffer, and subsequently accepted counteroffer #2.  That happened nine days ago. 

The reason I say wonders never cease is because ten days later escrow on this property was finally opened; after numerous phone calls and messages that went unanswered and promises that weren't kept. 

  • On day eleven I called the title company for a copy of the check and deposit receipt. 
  • Guess what......no money! 

     Are you surprised?  I'm not.  I think after the strange start we had, this is just to be more of the same.  My expectations for this sale aren't too great.  In fact, if it all comes together I will be surprised.  Luckily I have a seller who is willing to give this a few weeks to see if it will really happen. 

     We have shortened up the contingency removal time periods to a total of 15 days, but with the professionalism I have witnessed to date I have my doubts about anything happening in a timely fashion.  So what are the chances?

     So the question at this time is, "Do wonders ever cease, or not"?  What are the odds?

    

 

15 Comments on Wonders Never Cease, Or Do They?

JUN
06
2007

Linda - this is the kind of thing that we all need to be aware of.  In this market, there are some pretty creative things going on out there.  Some good, some bad, but don't give up on the wonders...they never cease.  Great post, thanks for sharing.

12:15pm • #1
Thanks Brad for your comment.  WONDERS NEVER CEASE, the money has shown up in escrow now and we're moving on!  Hurray, now all we have to do is cross our fingers for awhile.
12:18pm • #2
1 Featured Post

Linda,

Great post!  I hope the deal goes smoother for you!  It's amazing what types of offers we get now.

12:18pm • #3
232,025 Points 39 Featured Posts Outside Blog
I have had many sales that totally "come together" just a week or less before closing.  Look at the bright side, the waiting for it to be all over is shorter for our clients once all issues are resolved.  I find the closer you get to closing before everything is in place (except for the mortgage) the more likely it will close and people will feel more comfortable that they did their do diligence.  These often end up being the best transactions for both the buyer and the seller.
12:22pm • #4

Rhonda - Thanks for the compliment. I must confess, I had some help!  :-) 

Now that the money has shown up, I'm already feeling much better about the whole thing.

Ardell - The "bright side" is my favorite side to look at, always has been.  Thank you for your words of encouragement.

1:25pm • #5
JUN
07
2007
1 Featured Post
Linda- Please keep us updated as this transaction moves along - I'll be interested in hearing how it turns out!
1:36pm • #6
JUN
08
2007

Alecia - Thanks for  checking in on this one. 

 The latest today is:  the buyer's agent stated the appraisal had been done, didn't know what value it came in at. So I called the lender whose letter I had to follow up.  She stated the appraisal hadn't even been ordered yet, and that she hadn't talked to the buyers' agent in a long time.  Didn't know if they still wanted the loan or not!!!  I immediately called the agent back and he says he will give me the # of the lender who he's working with as soon as he looks up the # on his phone.  (yeah right, it's been almost 2 hrs - no comment) 

The only thing I can think of is that they changed lenders and he didn't share that info with me.  Or, he's lying through his teeth???  Time will tell.  I'm still trying to think positive............

4:46pm • #7
JUN
11
2007
What a weird deal! I completely understand your first reaction that it might be fraud - if it sounds fishy, and smells fishy, might be a fish. The fact that you got earnest money makes it seem more legit, but I'd still be leary. How odd. Let us know how it goes!
5:59pm • #8
JUN
12
2007
Nick, yes it's a weird one alright.  To date the buyers have not removed their contingencies which was supposed to happen yesterday.  That's not too surprising since I have left about 5 messages for the agent now and he still hasn't returned my calls. He's playing dead.... for now.  I think with the new Fannie Mae and Freddy Mac guidelines for financing that they probably don't qualify for a loan anymore, (if they ever did) and they are scrambling to find one.  I'll keep you posted.  Thanks for your comment.
1:44pm • #9
188,781 Points 18 Featured Posts Outside Blog

Hi Linda,

Nice post!! I am going to park here so I can read your update. (I am hoping it will be good:)

5:18pm • #10
JUN
13
2007

Hi Karen,

Thanks for stopping by...latest news is the buyer is trying to obtain financing with a new lender (as I thought) and we are waiting to see if they will qualify.  Patience is a virtue I've been told. LOL

7:16pm • #11
JUN
16
2007
Just thought I'd share the latest....Received cancellation request from buyer's agent today in writing.  No explanation, no phone call, just a formal request to return the buyer's deposit and cancel the escrow.  I guess I'm not surprised though.  Thanks everyone for your support and for listening.  B'dee, B'dee, B'dee, THAT'S ALL FOLKS!
10:19pm • #12
JUN
29
2007
Cheryl you are so right about having patience.  We just got a different offer accepted two days ago on this particular property.  I'm so happy for the seller, and hope this one goes a bit smoother than the last.  I've got some good feelings about this one!
3:45pm • #13
OCT
16
2007
Newsflash!!! It closed escrow, and the seller couldn't be happier.  I just love a happy ending.
1:03am • #14
OCT
21
2007
858,756 Points 68 Featured Posts Outside Blog

Sure does sound like fraud no matter how they were trying to present this so called wonderful deal for your clients. I'm really glad they decided to pull the offer for your clients sake!

12:29am • #15

Yes, Todd I do believe they were trying to pull some sort of scam and it was actually a relief when they went away.  Luckily for the seller there was a legitimate buyer out there that actually performed.  Oh, Happy Day!  Thanks for your comment.

1:53pm • #16

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Linda Sanderson

Benicia, CA

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Coldwell Banker Solano Pacific

Address: 900 First Street, Benicia, CA, 94510

Office Phone: (707) 749-6319

Cell Phone: (707) 373-0991

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