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I wondered if we would EVER get to the closing table......????

By Edith Schreiber

Real Estate Agent with Luxury Homes, Move Up Buyers, 1st Time Homebuyers, New Construction TX #0561483

May 03, 2009 02:53 AM

Greetings to all my Active Rain friends, near & far! :0)

I wanted to share with all of you some of the details of a transaction that FINALLY & UNBELIEVABLY closed & funded very late in the day this past Friday, May 1st.

I happily represented the Buyers, a lovely family so very excited about their next home.....while they are certainly now relieved & glad to be closed, I continually wondered throughout the process whether my Buyer could/would have the stomach to weather the storms....???

That is, the series of storms caused throughout the process by the Seller, who did virtually everything they could possibly do to derail the process for my Buyer, almost from day one.

Had my Buyer not been as tolerant as they were (they were well past patience!), and had they not liked & wanted the house as much as they did, it would never have closed. Based on how my Buyer was treated throughout the process, I do not think the Seller cared one bit!

To be sure, my Buyer let me know more than once that they were very thankful that I was representing them, since they recognized I was working as hard & diligently as I possibly could on their behalf, and was doing everything in my power for them. Thank goodness they realized my efforts & really appreciated what I was doing for them!

The Seller (who shall remain nameless) is one of our government entities, now inundated with foreclosure properties.

Call me crazy, but I would have thought the Seller would have been thrilled to have a solid (ready, willing and able!) Buyer who was going to make this house their primary residence and then also try to bring this to a successful close as soon as possible, per the terms of the contract.

Without getting too specific, the Seller nit-picked about the size of paper being used (they requested one size first, then said their first choice was not acceptable & then changed their mind), they disregarded & discarded dates on the contract that did not work for them (while of course holding my Buyer to the terms), etc. etc.

The WORST thing they did (as far has how it impacted the Buyer and the process) was be TOTALLY unresponsive to questions/concerns from my Buyer.....the only answer I would get from the Selling agent is "I don't know", "I don't have any answers from the Seller" and/or "I am waiting to hear from the Seller".......and we waited, and we waited, and we waited.

Although the closing was scheduled originally for Tues. Apr. 28, 2008, we still did not know at 4pm on Friday, May 1st, whether we would actually even close THAT day, three days later!

I would love to find out if any of my fellow agents have recently experienced anything like this...??? I know that foreclosure properties come riddled with unforeseen challenges (I have sold them before), but I have never gone thru a transaction like this!

What is wrong with this process, where we should ALL be looking to CLOSE properties with qualified homeowners rather than make the process an endless migraine headache????

Edith Schreiber

REALTOR® - ABR, ePRO, CNS, RCC, CNHS

Licensed in TX & FL

Cell 972.822.9897

Edith@HomesofDallasTexas.com

www.HomesofDallasTexas.com

P.S. Ask me about the $8000 First Time Homebuyer Tax Credit - it's a great time to buy a home!

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Liz Moras Migic

Chilliwack, BC

Chilliwack, British Columbia - Realtor

there have been several posts written on this very topic of late - so i do believe its prevalent - not personal - but a way of conduct that is way to common by the likes of it.......Up here in the North we aren't seeing it - but I understand its become quite an issue in many places down south.....What options do you have - who can you complain to - will it make a difference.....and how do you start? Hmmm all interesting questions.........:-)

May 03, 2009 04:40 AM

Jennifer Monroe

Indigo Home Team powered by Compass - Charlotte, NC

Real Estate REALTOR®/Broker/Designer

Edith... I, too, find it interesting that in this climate, Sellers are too often behaving like complete asses when they should be thankful to even have a qualified buyer. My last transaction was the hardest I've ever encountered for many of the same reasons you mention here. I was the Buyer's agent as well and... "Thank goodness they realized my efforts & really appreciated what I was doing for them!"

So in the end, it turns out we are needed after all. And that can never be a bad thing :)

May 03, 2009 04:42 AM

Luxury Homes, Move Up Buyers, 1st Time Homebuyers, New Construction - Frisco, TX

Dallas Area Real Estate

Thanks, Jennifer & Liz.....as you know, "proper protocol" does not permit me to have any dialogue with the seller.

If I had been able, I would have done that after the first several "I don't know's"......instead, I had the distinct "pleasure" of just pulling out a few more gray hairs! ;0(

Edith

May 03, 2009 04:50 AM

Thanks, Irene,

I cannot come up with any reasonable explanation either.....it's truly mindboggling!

I was told by the listing agent that the seller typically drags their feet with most of their transactions. In fact, they lost a buyer not too long ago who waited around for 2 months (HUH???) for the seller to perform.....and after the 2 months, I guess they decided they had given it all they had, and backed out.

Two months is a looooooooooooooong time to wait around for a seller that "supposedly" wants to move their inventory (last I heard, that inventory is growing everyday!).

Edith Schreiber - Dallas, Texas

May 03, 2009 06:31 AM

Paddy (Patricia) Pizappi

Better Homes and Gardens Rand Realty - Pine Bush, NY

Real Estate Associate Broker Hudson Valley NY

Hi Edith In NY average offer acceptance to close is 30 to 45 days due to attorney involvement. Now it is growning to 45 - 60 days. Underwriters are turningover every pebble to see if there is a boggy man hiding under there. It is extremely frustating for the ready willing able buyer who does everything asked of them. I have one of those still waiting today who orginally wanted closing on March 30!

May 04, 2009 12:03 AM

Gee, thanks, Russell......not sure how many of the above apply (rocks, rolls, rules???), but I appreciate your testimony!

Yes, the property finally closed, but then it took nearly a week to get paid.....go figure.

Boy, I learned a whole bunch during that process! At least my Buyer is in their new home - I surely ended with a bunch more gray hairs to deal with :0(

Thanks again!

May 19, 2009 12:39 AM

Juli Vosmik

Dominion Fine Properties - Scottsdale, AZ

Scottsdale/Cave Creek, AZ real estate 480-710-0739

Hopefully, thank banks have gotten "better" at this in the last 2 years - NAH!!!!! LOL.

Mar 29, 2011 01:38 PM

Inna Ivchenko

Equity Union - Calabasas, CA

REALTOR® | Residential & Commercial

I just did. The family members have too many opinions, feels as if everyone is pulling the deal in different directions= destruction of a transaction. My client asked my opinion, than talked to wife, than call his very 'busy' son out of state(dah!), etc. The result is far different from what I expected! Why do you need an experienced local agent if you can call all your relatives around states for scary stories?!

Jun 17, 2014 07:06 PM

I wondered if we would EVER get to the closing table......????

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