Advising Sellers to Let the Buyers Cancel, Again

By
Real Estate Agent with RE/MAX Gold DRE #00697006

Even though I have said it time and time again, that when a fixer home is sold AS IS we are NOT renegotiating, buyers either do not believe me or their memories are short. I hear all of the "stories" going into escrow. The assurances from the buyer's agent that the buyers are serious and seasoned flippers who know what they are getting into. That the buyers have thoroughly walked through the property, meaning they have penciled the transaction and it works for them. When sometimes they don't look at the property at all, and those assurances are lies.

We just closed escrow on a fixer home sold AS IS in Citrus Heights. I had to sell this house 3 times.

The guy who ended up closing, the third buyer for this property, also tried to renegotiate just prior to closing. They all seem to do it. His agent said the buyer would like a $10,000 credit to remove the personal property left behind. I pointed out to the agent that the confidential agent remarks stated all personal property would remain with the home. Even the marketing comments stated it was an AS IS sale and all personal property stays, even though I know our vigilant MetroList might not agree that those sort of comments are "marketing," sometimes I take my chances.

Of course, the agent's retort when faced with those facts was to say MLS doesn't count. And it doesn't count. Unless you're sitting in front of a judge reading both the marketing and confidential remarks to determine whether the buyer's agent had a legal duty to READ the information in MLS. It would also be tough to say the buyer was unaware since it was plastered online everywhere.

You can read more in my personal blog today at this link: Selling a House Three Times to Get Paid Once.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Home Selling
Location:
California Sacramento County Citrus Heights
Groups:
Everything California
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CALIFORNIA REAL ESTATE
Lyon Realtors
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Tags:
selling fixer homes in citrus heights
selling a house three times to get paid once
three escrows one house
renegotiating as is sales sacramento
buyers agents are not always truthful

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Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I love that, Elizabeth "MLS doesn't count." Say what? If MLS doesn't count, what does? Our MLS here says if you put it into the MLS listing you own it.

Jan 09, 2019 12:09 PM #1
Rainmaker
2,191,320
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Nina Hollander Odd as that might sound to you, our MetroList says MLS does not count. For example if you say the washer and dryer stay, the buyer still needs to ask for it in the purchase contract because MLS is not an enforceable contract.

Jan 09, 2019 12:17 PM #2
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Oh wow, Elizabeth. For personal property we do ask for it in the contract even if it's in MLS. But if you put it in mls and the seller takes it and buyer sues, E&O might have a problem with covering you.

Jan 09, 2019 01:29 PM #3
Rainmaker
2,191,320
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Nina Hollander This is a perfect example of how all real estate is local and we operate very differently than you do on the East Coast

Jan 09, 2019 01:52 PM #4
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Well, I don't know if it's the East Coast or just the Carolina MLS.  In NYC we sold real estate without an MLS. And just over the border in South Carolina their little local MLS has different rules. 

Jan 09, 2019 02:08 PM #5
Rainmaker
4,316,983
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth, that is what aggravates me the MOST, is they promise, promise, and then break it.  I have had to sell most fixers more than once too.

Jan 10, 2019 07:00 AM #6
Rainmaker
3,622,948
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Elizabeth- - - there may be times to hold deals together and there are (so) many examples of when that is not the case. Putting a property back on the market involves a lot of decisions,weighing options and knowledge of your market is key.

Jan 10, 2019 07:13 AM #7
Rainmaker
2,191,320
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Joan Cox The guys who buy fixers play hardball and they do not play fair. I just accept that and adjust the best I can. Because I have found that I often cannot trust them nor their agents. Fixers bring out the worst in people. It's like tossing bread crumbs to hungry pigeons in the park.

Jan 10, 2019 10:22 AM #8
Rainmaker
2,191,320
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Michael Jacobs It is always the seller's decision whether to deal with the "renegotiating buyer" or to say "don't let the door hit you in the butt on your way out." I give them those options and I never strong arm them one way or the other. I would say about 90% of the time, they want to move on to the next buyer.

Further, all fixer buyers are different. What is a deal killer for one buyer is a minor obstacle for another.

Jan 10, 2019 10:26 AM #9
Rainmaker
538,990
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

I shudder every time an agent says to just get the transaction closed. Although you are one of the good ones, there are a lot of listing agents who will pursh the buyers agent around as if we work for the seller. You, being one of the good ones, lets everyone know what your sellers expectations are, so the buyers know what they are getting into. And you stick to it.

Jan 10, 2019 05:31 PM #10
Rainmaker
3,379,014
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope 2019 is a great year for you.

Jan 11, 2019 03:50 AM #11
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Rainmaker
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