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Before I was a realtor I had two different offers fall through on my own home. The first was a DVA buyer who backed out the day before his inspection once his loan officer showed him the real cost of loan (you'd think the buyers' agent would have told him about taxes and insurance), the second fell through because the sale of their own home fell through two days before closing and they couldn't get financing without it. Of the three homes of my own I sold before I was a realtor, one took 7 months, one took 12 months, the last took 11 months (these were in very small towns — slow markets). You win some, you lose some. I seriously doubt your agent blew the deal for you. Countering with a higher number to cover closing costs so the seller nets the same is VERY common (at least in my market) and best to find out before you're under contract whether the buyers are going to be easy to work with and can actually afford the house. In my experience, someone who would kill a deal over closing costs is the same kind of person who will nickel and dime you to death after the inspection. Nothing looks worse than a house that goes under contract and then comes back on the market right after the inspection period. In my market, that puts a scarlet letter on a house. So at least you avoided that.
Whose business is it where they get the money? This isn't Communist China (yet).
At first the buyer can say the down payment came from the "cookie jar". But, when the lender pulls the bank statements...and they see $3,000 just "popping up", they are going to ask where it came from. Show us the paper trail.
I Know you want this deal to come together....but there is no cash, and any attempt to make it so is going to raise red flags, which you should already be seeing, in spite of your extreme desire to get a deal done. The transaction has "trouble" written all over it...as in, solve one problem, only to have two more problems pop up somewhere else.
It will not end well...nor will it end with you selling your house to this "buyer". Might be best to just move on. If they get the money, they will be back--legitimately. Otherwise, consider yourself having dodged a bullet and wait for the next buyer to come along.
sorry this happened, but as has been noted, whether your agent that you don't trust at all had you counteroffer or not, the fact is that the buyer would be backing out sooner or later.
now, it is also true that their agent or your agent might want to exhaust their contacts and resources in the lending field.
I don't know if I am the only one in the conversation that feels this way, but sir you are rather ignorant. I think before you do anymore ranting, maybe a bit of research into how the process works... or worse maybe trust the person who's job it is to sell your home to make good choices for you. I have no idea your story or who your REALTOR is other than this post, but from what you have stated so far, I am willing to bet you have not made this process easy.
I haven't done anything but give her and any other agents who want to see it access to my house, thank you very much.
Would YOU recommend jeopardizing a deal that's so hard to get over $5k? My sibling and I had (as I pointed out) agreed that we would accept any decent offer.
And then we didn't! Still kerfuffled over that one...
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by otterhere
Would YOU recommend jeopardizing a deal that's so hard to get over $5k? My sibling and I had (as I pointed out) agreed that we would accept any decent offer.
Agents don't (or at least shouldn't) be making the decision about how to deal with an offer. You and your sibling had every right (and probably the opportunity) to set whatever price and terms you were comfortable with.
You could probably still go back to the original offer and take it as is.
UPDATE: A proposal from the "buyer," who is also our lawn-care guy and was going to be our general handyman before all this came up. He also works a day job. Apparently, he's been eyeing our house while mowing and likes it. He was also perhaps the only one, for a while, who was aware that the large side lot actually goes with the house despite the confusing ad since, you know, he mows it all together.
He proposes that he perform work for us to earn the down payment; his realtor tells him this would be perfectly legal. Of course, that's a lot of odd jobs (I assume it has to fly?), but your impression of this? Again, to qualify for an FHA loan. He could actually fix everything he would otherwise ask us to fix.
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