KO'd by a refridgerator

By
Real Estate Agent with Frank Rubi Real Estate
I was supposed to be at a closing next week for a deal I worked long and hard for.  The appraisal came back and blew the deal up.  Seems the appraiser thought less of the house than the buyers and sellers did, and us the agents for that matter.  The contract was accepted back in June.  My buyer kept asking for more and more.  The seller actually gave everything he had asked for.  This was a nice little house in Covington located close to The Tammany Trace.  My buyer wanted the refrigerator included in the contract.  Turns out this was an expensive appliance.  The seller agreed until the appraisal came in low.  My client (buyer) didn't want to give an inch.  The seller said he would take the lower appraisal but that it would not include the fridge.  No way said my client, a contract is a contract.  I agreed and tried to persuade him to let it go.  No dice.  Oh well I guess I will type up the cancellation agreement after I finish this.  I always thought buyers were easier than sellers.  You know what, it depends on the individual.  Not the side of the contract they are on.  I will skip any further details because it got kind of crazy.
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Ambassador
2,757,241
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services
Don't you just love those appraisers? I know some that have an ego problem and are out to prove something and even when we show them the evidence they just have a death wish for the contract! 
Jul 19, 2007 12:18 PM #1
Rainmaker
1,042,860
Charles McDonald®
Charlottesville Solutions - Charlottesville, VA
REALTOR®, Principal Broker®, Owner

I recently acually bought a refrigerator to make a deal work. The commission justified it for me and now my client feels I really helped out.

Crazy business for sure!

regards, Charles

Jul 19, 2007 12:27 PM #2
Rainmaker
305,131
ARDELL DellaLoggia
Better Properties Seattle - Kirkland, WA

I was asked to write an offer over the weekend that included way too much.  I explained the options of what could happen if the appraisal was approved, but then questioned at the time of funding.  The buyer would not necessarily have an out.  I also questioned why they were asking for SO much.  The answer was they really didn't like the house enough, so they were trying to build in reasons TO like it.  The offer was not signed once I dug deep and found the real reason for the unreasonable behavior on the part of the buyer.  Better to find a house they like enough to get through the rough spots.

Appraisers are getting tougher everywhere.

Jul 19, 2007 12:39 PM #3
Rainer
93,096
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale
Wait until the deal hinges on the porcelain elephant in the attic that was a wedding gift 30 years ago but just too tacky to keep out for people to see. Why did the wife have to go up there anyway?
Jul 19, 2007 12:39 PM #4
Rainer
139,927
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL

It's a buyer's market and they're getting cocky. They probably just thought they could push the seller around, but c'mon, enough is enough...did they want the seller's first born child as well? Sorry you ended up with a goofy buyer!

 

Jul 19, 2007 12:55 PM #6
Rainmaker
81,587
Laura Warden Nordin
Century 21 Camco Realty - Albuquerque, NM
30-year Top Producer in Greater ABQ Real Estate
John, my first ever real estate transaction (back in the dark ages 20 years ago) threatened to crater over a new, expensive refrigerator that the buyers wanted but sellers didn't want to leave behind. We eventually got it together by pricing a similar model and having buyer, seller, and (you guessed it) real estate agents all kick in a little towards buying the buyers a new one.
Jul 19, 2007 01:01 PM #7
Ambassador
938,246
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
John, i always avoid the personal property issues. I have always heard and believe that it nevers work out. I don't buy furniture my wife does and it ain't cheap. Recently, i had a buy want the den furniture on one of my listings. As the closing date was approaching I then allowed for the buy and seller to contact via phone for their agreement. I don't know what they were paid or if it work out.
Jul 19, 2007 01:31 PM #8
Rainmaker
388,919
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
I have learned the hard way.  I will keep personal property out of the negotiations forever.
Jul 19, 2007 02:02 PM #9
Ambassador
938,246
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

John any developments on this issue. As someone above mention, give them a refrigerator. You and the other split the cost. Hell, give him the Hurricane Katrina refrigerator, minus the maggots of coarse. HA HA. Good luck.

Jul 20, 2007 02:44 AM #10
Rainmaker
388,919
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
Yea no my guy kind of turned into a butt in my opinion.  I realize this is a buyers market but there is a limit when you are getting unreasonable.
Jul 20, 2007 08:28 AM #11
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Rainmaker
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John Walters

Licensed in Louisiana
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