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Two Days Before Closing The Furnace Dies

By
Real Estate Agent with www.roundrealestate.com

Two Days Before Closing The Furnace Dies

I represent the seller in a short sale and literally two days before closing the furnace dies. We have had the property listed since March 2012. We've been under contract since June 2012. We've come a long way and are so close to the finish line.

This is a short sale and neither the sellers or the buyers have any extra money. The seller's have a severe financial hardship. The buyer's are utilizing a down payment assistance program. The home warranty I ordered would have covered it if the sale had closed. It hasn't closed yet so they won't. 

Edited to add- Citibank, the lien holder, told us that this was an AS-IS sale. They won't even take $500 less if we all take a bite of the $2500 furnace. They did give us a 16 day extension. 

So this has been my challenge this week. Working through this problem. Just another day in the life of a real estate agent to solve such a problem.

Comments (9)

Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

  it never hurts to ask the sellers' lender...we had a septic fail...a $15,000 fix just before closing...and got a price reduction...good luck !

 

Nov 27, 2012 03:53 PM
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

HI Debi,

The price drop idea is a good one.  Let us know how it resolves.  Blessing to you!

Nov 27, 2012 05:23 PM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience
Hi Debi, I certainly talk to both lenders to see what they can are willing to do to make this deal happen. Keep us posted.
Nov 27, 2012 07:04 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I agree - a price drop request....waiting so long to get the deal done is a reason so many are selecting to just walk away so that they can get on with their lives

Nov 27, 2012 08:06 PM
Potranco Realty
Potranco Realty - San Antonio, TX
"Sold with Potranco Realty"
Debi, I personally have never had this problem to solve, ask the Mortgage holder for the short sale to set up an escrow to cover the repair, they need to move this property and most likely they will work with the buyer mortgage lender? Keep us up to date on the out come. I noticed many are saying lower the price but unless the buyer lender is willing to set up an escrow that's not likely to work since Seller & Buyer have no extra funds to cure the problem.
Nov 27, 2012 08:50 PM
Ralph Janisch ABR CRS Broker
Janisch & Co. - Conroe, TX
Selling Northwest Houston to good people like you!

That's what makes this such a fun business.  A new day, a new problem

Nov 27, 2012 09:20 PM
Debi Braulik
www.roundrealestate.com - Maple Valley, WA
Selling Maple Valley to Fife WA Homes For Sale

Sally & David- Wow. That's a huge concession. Congrats. I did ask the seller's lender for a concession. They politely said no. 

Jordan- Thanks! We will need it with this one. :)

Adrian- I will update. So far seller's lender says no. Buyer is FHA so not a lot of wiggle room there. They can't go FHA 203K.

Wallace- Exactly. The seller's are finally done with this house. They have finally gotten completely emotionally detached. It's been a long, tough road for them. And if we can't resolve quickly, they will let it go to foreclosure. 

Bob- This is my first time too dealing with this issue. And you're right, there is no cure at this point. 

Jeanne & Ralph- Yes, a new day, a new problem. Keeps us on our toes that's for sure. 

Nov 28, 2012 01:51 AM
Nancy Laswick
United Real Estate - Phoenix, AZ
Your REALTOR® For The Valley Of The Sun

Debi, I wish I had some great advice or a quick cure for you but I don't and reading your post and your responses to the comments... you've done everything I could think of... I hope something changes and you're able to close, I'll be keeping a good thought for you.

Nov 29, 2012 03:17 AM
Debi Braulik
www.roundrealestate.com - Maple Valley, WA
Selling Maple Valley to Fife WA Homes For Sale

Thanks Nancy. 

Dec 01, 2012 06:30 AM