I had a buyer ready for their first home. Unfortunately, the wife's brother was "helping" the couple, because he's expertise came from the fact that he had already purchased a home, therefore it made him an "expert" (note my sarcasm).
We found an REO they loved for $399k. (comps were at $500k). Her brother insisted we offer $375k. I told him they will not get it, because it had just been listed. Her brother insisted, so the wife and husband offered $375k. They lost the house because there were two other offers at full price. The wife and husband asked me how come they didn't get it because they heard in the news that banks are willing to sell REO's for $0.50 on the Dollar. I told them that's true in other parts of California, not in the SF Bay Area.
15 more homes and several weeks later we found another one, asking $365k. Guess what? Her brother insisted on offering $355k. The bank countered with $360k (on the market for 4mo.), and they agreed to it because they didn't want to loose this house. Her brother was mad, but I explained to the couple that for a difference of 1.4%, are they willing to loose this house again and they agreed so we made the offer.
We received the banks own addendum to sign. As with most REO's, it has a 7 day inspection contingency. I told them that the bank had agreed to the price verbally, they can hire a home inspector to start the process. By the time the bank returns the countersigned addendum, we have a 7 day head start.
Her brother told the couple not to spend money on inspections (home & termite) until they received the signed addendum from the bank. He was worried that if they spend the money on inspections, and the bank sells it to someone else meanwhile, they are out the money. He was also concerned that the $10k deposit check they had given me will not be returned from escrow if they decide to cancel. I tried to explain that it's standard practice for REO banks to agree to a verbal price and then they will sign the addendum. To allow us to get ahead, we have to start now.
She decided to cancel this house again because she had to listen to her brother. I asked her at what point will she listen to me rather than her brother. She said she has to abide by his decision.
I told her that I'm sorry, I cannot work with you any longer, until you decide to listen to me rather than your brother. I pointed out to her that she already lost two homes she loved, and this will continue on and on. I told her to call me when she's ready to look again and that she can still have her brother help her, but I will not have him interfere with the transaction.
This was over 3 weeks ago, and I have not heard from the couple.