Have any of you started to run into this?
I have had a listing that has been on the market about 6 months with one sale fail back in the beginning. Since then about 4 -5 months of minimal showings.
Finally offer comes in for purchase well below the list price. Mind you this whole time I had been trying to ge the seller to adjust the price to keep pace with market trends to no avail. We negotiate to the point were we are $5,000 apart whis is still $15,000 below list. Oh yea this is an estate sale with three siblings splitting the proceeds and not one other condo unit in their development has sold in 6 months.
I go on, the seller finally agrees top pay $2500 of the buyers $5,000 closing cost that she needs. The buyers agent has already kick in some to ge the price down.
My seller tells me if you want to make a sale you pay the other $2500, if not cancel the listing and I have a renter ready to go. What was I to do, needed to recoop some marketing cost and did not want to cancel the listing. He even stated I can get a form 19 "Cancel Form" from one of his other realtor friends.
Are we getting to the point where sellers are going to start holding our commissions hostage?
This may have been more of a rant.