Not very often- but every once in a while- a deal falls through... its sad for everyone. My buyer was prequalified, the listing was mine- not even on the market yet. We went under contract smooth as silk and everyone was happy.
As it turns out- the buyer had some glitches in their employment history that didn't come out until verification from their HR dept - just a couple days prior to closing. Everything was done, repairs, survey, termite inspection, appraisal, home inspection... everything. The loan was declined after all options were exhausted.
The seller was not under obligation to release the earnest money- but decided to, only requiring that the termite inspection be paid out of it. The appraisal had been paid directly to the bank by the buyer. The survey can be used in the future. But the buyer was unhappy about the $86 being deducted out of the earnest money...
So, it was my job to play mediator...which I did...and hopefully did a successful job at it. The seller is out far more than $86 at this point, the bank had many man hours in on the deal, our company footed the bill for the repairs until a sale can close- and the buyer is unhappy about $86?? Sometimes you really have to bite your tongue... this was one of those times. If she had been truthful about her job situation in the beginning- she would have never been prequalified- no one would have incurred unnecessary expenses- and my listing would be under contract (or closed) by now with a buyer who could make the deal happen. THAT is what I really wanted to tell her... but I didn't.
Now I am sitting here with a sore tongue... hoping that with the work of my amazing assistant April (www.virtualassistantchick.com) - we will have this house sold soon and I will have at least ONE happy client in the end!
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