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The sellers are coming to close with $30,000 - AND YOU WANT WHAT?

By
Real Estate Agent with The Mustafa Group

I have heard it all now! 

I represent the kindest sellers and don't ever want to get in the way of a transaction closing. I also need to act in the best interest of my clients by guiding them. This time I want to tell the sellers to say 'GET LOST'! to the buyer - BUT I CAN'T.

10k under asking price which was 30k under what they purchased 3 years ago and the buyers come back with 'reverse polarity, gfci, this stoop is a trip hazard, the door has rotting on it, 1/8 difference on back yard concrete [trip hazard] I WANT TO SCREAM! But I can't.

The negotiations took a complete week to arrive at an amicable price. The buyers say since there was no price negotiations for the repairs, we don't want to inherit them - fix or we'll walk.

After the inspections, radon or pest no longer issues, the list had 11 bullets points - REALLY? Wouldn't you think the condition is reflected in the price negotiated?

Where does it end , MY SELLERS HAVE A BLACK EYE! The only other house in the area to buy at this price is the 'foreclosure' and you will need 30K to renovate it from the last seller who trashed it. 

Temporary housing IS available, perhaps the buyers should rest there until the market rebounds! OR MAYBE, This might not be the house for you.

 

Posted by

Cindy Mustafa, REALTOR, ABR, CDPE, E-Pro

Comments(9)

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Ilona Matteson
Beach Realty & Construction on the Outer Banks of NC - Duck, NC
Ilona Matteson

Cindy, I feel your pain.  This so called "buyers" market is bringing out some challenging negotiations.  Buyers think they are completely in control, when reality is, they too can lose out by being bull headed.  You're doing the absolute best thing by staying calm and objective.  Good job!

Aug 09, 2010 02:29 AM
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Cindy, usually what I do in a case like this is have my sellers pick a few of the items on the list... ones they feel like they can do with minimal expense, and then go back to the buyers with a "we'll do these, you do the rest" compromise. 

Usually, unless you have some really anal buyers, usually that has worked for me.  Just a suggestion.  And honesly, it sounds like these buyers are getting bad advice from somebody.

Aug 09, 2010 02:31 AM
Bob Marsh
Warm Weather Real Estate - Mesa, AZ
480-529-2936, Warm Weather Real Estate

Cindy, my last two transactions have been like that, but the seller refused the repairs.  The buyers finally went along with them.  We had to resell the house and provide strong, compelling reasons to get that done, but it is possible.  Has your buyer got all their ducks in a row to close? Probably not completely.  Patience may change the final outcome.  Thanks for being a true seller's agent.

Aug 09, 2010 02:35 AM
Nancy Milton Holtzscher
RE/MAX Alliance in St.Louis' Illinois suburbs - Edwardsville, IL
Edwardsville/Glen Carbon, Illinois Broker, REALTOR

I see the GFCI and reversed polarity all the time on inspection reports and usually my sellers will fix anything like that that is noted as a potential fire hazard without question. In fact, I always tell them that something like this will come up so they are ready for it from the beginning. The 1/8 inch "trip hazard" is a new one and most sellers I work with would say "yes" to some of the items and "no" to others on the list you mentioned...but you're too close to stop now. Sounds like the sellers are really motivated to get out of there, so they certainly can agree to some items and not others and see what happens. Good luck. I know it's frustrating.

Aug 09, 2010 02:35 AM
Cindy Mustafa
The Mustafa Group - Aurora, OH
Aurora REALTOR

Thanks Ilona and Carolyn, The sellers tried to negotiate the list by saying they would take care of the only the electrical, with a certified electrician and the rest would be potential future repairs that your general home inspector is making YOU aware of. They are NOT agreeing, it might be time to cut them loose!

Aug 09, 2010 02:41 AM
DONNA SINGH
Royal LePage Connect Realty - Toronto, ON

Thanks for the post. I agree with the comments above, pick the ones your client can deal with and let them do the rest.

Aug 09, 2010 02:42 AM
Cindy Mustafa
The Mustafa Group - Aurora, OH
Aurora REALTOR

Bob - Appraisal is done, we're tyring to close in 7 days - again, we may have to cut them loose. The sellers don't have another 1800.00 to give, that's the new request.

Nancy, Buyers don't want 'SOME' items, they want it all and now, if not repaired completely, some closing money.

Aug 09, 2010 02:43 AM
Terri Adams-Scott
J. Rockcliff, REALTORS - Walnut Creek, CA
Realtor, Walnut Creek CA Real Estate

Unfortunately, I think this is a game some agents play in which they try to make themselves look like 'top negotiators' to their clients...or an agent that has no control over their clients! 

This is one reason I recommend a 10 day inspection time period.  I want to know early in the transaction if this is going to close or not based on the buyer's list of repairs.  I tell my sellers upfront to have a 'slush' fund in mind and if the buyer's expectations are greater than that, they may have to cut them loose.  It's a tough position to be in, but I can see you have your client's pocketbook in mind over yours...good for you!!!  I wish you the best!

Aug 09, 2010 03:58 AM
Cindy Mustafa
The Mustafa Group - Aurora, OH
Aurora REALTOR

Terri, The buyers agent has an idea or how much money she'd like them to get away with  - yes, she wants them to think she's a good negotiator I'm sure - her buyer is running rampant with repair request and postering with demands, and threats - they are moving forward to a rental if we don't agree - I'd love to let them walk! I hope the seller chooses to release them - the nerve!

All in a days time, no...this had been going on for several days. A Couple days TOO MANY!

 

Aug 09, 2010 08:24 AM