Escrow about to close, and then...

[safeber]

Looks a professional "Gimme this Gimme that.." investor. If you have not told them this was your first RE deal they sure figured it out fast. They know full well the extent your emotional level.

So don't let anybody make you feel bad and give in to this $245.00. Professional negotiators have a term for what is happen to you. It's called NIBBLING, and as you can see it is quite effective because just when you think the deal is sealed another "innocent" concession is requested.

Tell 'em to pony up or move over for any other offer in the pipeline. Your time is worth too much to continue catering to this steamroller mentality.

 

[Ithildriel]

Looks a professional "Gimme this Gimme that.." investor. If you have not told them this was your first RE deal they sure figured it out fast. They know full well the extent your emotional level.

So don't let anybody make you feel bad and give in to this $245.00. Professional negotiators have a term for what is happen to you. It's called NIBBLING, and as you can see it is quite effective because just when you think the deal is sealed another "innocent" concession is requested.

Tell 'em to pony up or move over for any other offer in the pipeline. Your time is worth too much to continue catering to this steamroller mentality.

Thanks for the support!

I just got a call from my agent, and here is the latest news...

Escrow is due to close on Tuesday. They don't have the money they need to make necessary repairs. They wanted to request a 5K increase to purchase price, and take 5K out of escrow. My RE agent said it doesn't effect your bottom line. I then reminded her of course it does, as I have to pay a higher ($300 more) commission. May be my first sale, but I didn't fall off the turnip truck yesterday

I am going to have to serve them notice to perform either way. So I told her if they want to pay me 5K more and take 4.7K out of escrow, I would agree with that, but that's the only way. I have a set amount of time before I can close the escrow, and that doesn't change whether I do this or not...so if they can get the loan funded in that amount of time, then I don't see an issue for me. If they can't, it's on to "door number two".

 

[safeber]

Good for you.

Here's a tip since your agent said the 5K would not be coming out of your bottom line. Be sure to bring a magnifing glass to closing. Specifically check out the 1300 series area on the HUD settlement statement.

This area is used for ADDITIONAL SETTLEMENT CHARGES. Know where every penny is going. You may be surprised, however you already caught you agent once, hopefully they won't try any other shenanigans.

 

[Ithildriel]

Nervous as H*ll

OK, with two days to dwell on this before agreeing to anything I have some questions. I will ask my agent to pose them to her broker as well, but since her tone and story seems to change depending on what she wants me to do, I want to pose it here as well.

the contract is for 180K and is due to close 11/29, which as far as I know it will not. My understanding is that by this contract, if they do not close escrow by purchasing the house, they are liable for liquidated damages up to 3%. On 11/30 I have to give them notice to close escrow either way, giving them a minimum of 3 days (the broker is suggesting I give them 7) to purchase the house, or I will unilaterally close the escrow and move on to the back up buyer that I have already begun negotiations with.

As I stated prior, they want to now pay me 185K, and get money at close of escrow for repairs. The house was appraised at 180K, but my agent is stating that they (the buyers and their lender) are working with the apraisor to "adjust the margins" so that it will apraise at 185K, and the loan will go through.

My concern this morning, that I had not thought about Saturday, is, if I agree to this price increase, would I thereby be changing our contract, and if the appraisor does not increase the home value, the buyer now has an out, and I wont be entitled to the liquidated damages?

I am so nervous about this. I just can't help but feel that I am getting played yet again by these people. Just because you're paranoid doesn't mean they aren't out to getcha!

 

[safeber]

All I can say is be ready to walk from the closing table. Key is to prepare for the fallout from this decision. Work vigorously to have Plan B,C and D.

There are loans out there for 103%, 105%, etc. Don't let the buyers throw you a hot potato. If they don't have the money for repairs whose fault is that? It does become your problem though if the deal falls apart...mind you a short lived issue given you have Plan B, C,**************

Good luck.

 

[Ithildriel]

Thanks again for the support

Yes, they actually came back and said they wanted 10K now, not 5...My agent said no way. I have the Demand to Close Escrow ready to go for Wednesday morning at 8, and am prepared to tie up their deposit, and file small claims for the liquidated damages if they don't purchase per our contract.

I have continued to keep in contact with the folks with the back up offer (or I should say my agent has), and as far as I know they are still interested. If this first deal falls through, once I get going on the second deal, I am also going to start doing some research to see if my husband and I can just buy the house ourselves, and be done with this if the second offer doesn't pan out.

 

[Ithildriel]

Time to Admit Defeat

Well, I gave up on this today. I went ahead and signed an addendum to the contract that gives the buyers 6K for closing costs. They are paying me 6K more, then taking it back at close. The agents will not get commission on this 6K from me, so commissionwise it is a wash.

They wont tell me yet what the closing cost increases to me will be, but "assure" me that they will be negligible.

Not signing this would ensure the deal would not go through, and my agents manager is saying since I have a back up offer in the same amount, if I take them to court, I will lose my fight for liquidated damages. Short of the 350 I paid for the home inspection, any fees that I paid on this defunct deal will roll into the new one, so I wont win.

I am very frustrated because I feel that through this whole thing no one, has been on my side (well some posters and personal friends, but not my agent or her company). They have changed their story, recommendations, and tone with me over and over based on what they wanted me to do. At this point I am just praying that this closes. I can't imagine dealing with these lies and deceits from the people who are supposed to be representing me for another 30 to 45 days.

 

[Ithildriel]

At 4:57pm on December 7th

the day that the buyers 7 days to close escrow is up, I get an e-mail from my RE Agent that all funds are now in escrow for the purchase of the house. Of course because funds were received so late and there is only one recording at 8am tomorrow, it may not record until Friday.

I think that this is the last hurdle, and at this point the buyers cannot back out (where is the praying smilie?). Hopefully my last post on this thread will be to let you all know that the funds were successfully wired into the trust account, and I can move on to the next trust related crisis.

Thanks for those who advised and supported!

Hugs

 

[Ithildriel]

Funds were wired to the trust account today!!!