Has anyone who has sold their house ever had a problem that it fell through before the closing date, and if so, for what reason?
My realtor is putting such fear and worry into me and filling me up with so much anxiety. Almost every day she has another horror story to tell me. Before the inspection she was worried about everything they would find. After the inspection she was worried about how much they would ask for, despite the fact that we were mostly protected in the contract. Today's latest is that some buyers will deliberately get themselves disqualified from getting a mortgage, so that they can turn around and buy another house, and oh- by the way - there's another house going on the market today which will be very stiff competition with yours!
Personally, I think she's pissed for several reasons: 1) between the time we signed the contract and before attorney review was complete, we got another offer. It was the same price but the buyers were also her clients, so she wouldn't have had to share commission. I didn't feel right just pulling the rug, even if it was within our right to do so; (2) she felt very strongly that we needed to apply for a tax abatement and made that part of the sales pitch. We did that, but not knowing how long it would take, we refused to sign a contract with the tax attorney (who the realtor hired and gave a verbal to proceed). A settlement was reached, but it won't be effective until next year, so we forwarded the info to our buyers -- they can accept the settlement and pay the lawyer fee next year (or else lose the tax reduction). So realtor angry that she promised this attorney friend a fee that she's not getting and (3) she still wanted us to keep showing the house even while under contract. Again, it just didn't seem like the right thing to do.
But now I worry; does she know something I don't? All this time I've been excited and pleased that things were going so smoothly. Is this the other shoe finally dropping and it's all going to fall apart like she's predicting?
So.. what are your experiences?
BiggarView said
03:14 PM May 1, 2014
cherylbrv wrote:
... Today's latest is that some buyers will deliberately get themselves disqualified from getting a mortgage, so that they can turn around and buy another house...
So.. what are your experiences?
On this particular point, only accepting offers that have a substantial earnest money deposit will discourage such buyers from doing exactly that. Earnest money is forfeit if they back out for any reason other than a select few legit reasons.
Brian
cherylbrv said
03:18 PM May 1, 2014
That was another point the realtor was quick to point out -- our buyers are putting down 10% whereas hers would have done 20%. But if they can't get a mortgage, they would get their deposit back anyway. But on the other hand (I'm an octopus), if they deliberately asked to be disqualified, wouldn't it be that much more difficult to get another mortgage? That just doesn't make sense.
BiggarView said
03:26 PM May 1, 2014
While earnest money is part of a down payment the balance of which would be due at close, it can be be non-refundable if properly stipulated in the contract. I don't think that requesting to be disqualified counts as a legit reason.
-- Edited by biggaRView on Thursday 1st of May 2014 03:28:06 PM
Lucky Mike said
03:27 PM May 1, 2014
HHHhhmmm.........ride the wave or your going to drive yourself crazy......your so close your looking for failure.
dont second guess yourself....or over extend yourself
right now my famous 3 words count.
Live , Breathe , Relax.......nothing else is really under your control
BiggarView said
03:30 PM May 1, 2014
Lucky Mike wrote:
HHHhhmmm.........ride the wave or your going to drive yourself crazy......your so close your looking for failure.
dont second guess yourself....or over extend yourself
right now my famous 3 words count.
Live , Breathe , Relax.......nothing else is really under your control
Remember, Mike, she isn't happy unless she's worrying about something. Sorry Cheryl
cherylbrv said
03:32 PM May 1, 2014
Thanks, guys! You always come through for me and make me smile. I sure hope I can reciprocate some day!
TRAILERKING said
03:34 PM May 1, 2014
Also don't give an impression that you desperate to sell or you'll be "Played".
BiggarView said
03:38 PM May 1, 2014
cherylbrv wrote:
Thanks, guys! You always come through for me and make me smile. I sure hope I can reciprocate some day!
Our time will come, and I'm sure there will be a target painted on my back when the crazies get the better of me too (hopefully you'll be kind)
cherylbrv said
03:47 PM May 1, 2014
So far, it seems like it's been pretty straightforward. They made an offer, we accepted. Our lawyer and theirs fine tuned the terms of the contract which we all agreed on and signed. They had the home inspection and asked for certain things. There was only 1 thing on the list that we really need to take care of; the rest is cosmetic (agreed on in contract that we would only repair or credit structural or environmental issues) or covered under the homeowners warranty. Currently we're waiting to hear back on their agreement to that but I would anticipate the worst case here is that if not acceptable, they'd just insist we fix more and then we'll have to decide whether to or not. Still, not a situation where they can walk without losing their deposit.
I do think I am letting the realtor get the best of me. And you guys are right - none of this is in my control anyway and worrying isn't going to change anything.
Bill and Jodee said
07:00 PM May 1, 2014
Have never had lawyers involved in a real estate deal but it doesn't sound like they're the issue. Since you're under contract and the ball is in the buyers' court right now I wouldn't be taking any calls from the realtor. Let her stew in her own negative juices and you concentrate on packing and planning your first route .
Failure to get loan approved has been the only reason I've lost a contracted buyer - delayed the sale by 20 days and I got a higher price for the house. So don't despair .
This being a grown-up thing is sooooo overrated!
Jodee
WestWardHo said
05:50 AM May 2, 2014
Yes, we had a sale fall thru when we sold our home last year but we received another offer almost immediately. We were irritated at the time because the realtor stopped marketing and showing the home as soon as that second contract was signed. Our second buyer had loan issues and it took longer than it normal would to close so continuing to show the house and having a back up offer is a good thing in my opinion.
Not sure if your realtor is attempting to manage your expectations or being "Chicken Little" but either way it will all work out.
You'll be fine, Cheryl.
Sherry
cherylbrv said
02:35 PM May 2, 2014
Thank you all for being there for me yesterday. I HAVE RETURNED!!!! I have always believed that a positive attitude and positive thoughts can nudge (sometimes even push) the universe to a positive state (and I know many of you have experienced this first hand).
I strongly believe that my buyers are happily and excitedly preparing for their move to this wonderful town, and to this nice house on a great street, the same way that I am happily and excitedly preparing for buying my rig and starting a new life on the road. They want this to go through without a hitch as much as we do. So far they have done nothing to demonstrate otherwise, so why should I suddenly start to worry?
I think yesterday I just fell victim to some major negativity. It's so important to avoid those types of people at all costs. And I thank you all for helping me to remember that!
I love this "family" and can't wait to meet all of you in person some day
Lonney Wade said
03:34 PM May 2, 2014
Cheryl, I didn't know you left LOL !!!! My wife is going through the same thing, she is going on 53, I call it going on the second stage of life, (this too will pass) if I can make it too, LOL !!!
Lonney
Camper Chronicles said
03:55 AM May 3, 2014
Cheryl I think you are doing the right thing. Karma is a big deal to me and when you give your word you should stick with it. It sounds like self-interest is driving her responses and what's in her best interest is not necessarily in yours.
Has anyone who has sold their house ever had a problem that it fell through before the closing date, and if so, for what reason?
My realtor is putting such fear and worry into me and filling me up with so much anxiety. Almost every day she has another horror story to tell me. Before the inspection she was worried about everything they would find. After the inspection she was worried about how much they would ask for, despite the fact that we were mostly protected in the contract. Today's latest is that some buyers will deliberately get themselves disqualified from getting a mortgage, so that they can turn around and buy another house, and oh- by the way - there's another house going on the market today which will be very stiff competition with yours!
Personally, I think she's pissed for several reasons: 1) between the time we signed the contract and before attorney review was complete, we got another offer. It was the same price but the buyers were also her clients, so she wouldn't have had to share commission. I didn't feel right just pulling the rug, even if it was within our right to do so; (2) she felt very strongly that we needed to apply for a tax abatement and made that part of the sales pitch. We did that, but not knowing how long it would take, we refused to sign a contract with the tax attorney (who the realtor hired and gave a verbal to proceed). A settlement was reached, but it won't be effective until next year, so we forwarded the info to our buyers -- they can accept the settlement and pay the lawyer fee next year (or else lose the tax reduction). So realtor angry that she promised this attorney friend a fee that she's not getting and (3) she still wanted us to keep showing the house even while under contract. Again, it just didn't seem like the right thing to do.
But now I worry; does she know something I don't? All this time I've been excited and pleased that things were going so smoothly. Is this the other shoe finally dropping and it's all going to fall apart like she's predicting?
So.. what are your experiences?
On this particular point, only accepting offers that have a substantial earnest money deposit will discourage such buyers from doing exactly that. Earnest money is forfeit if they back out for any reason other than a select few legit reasons.
Brian
While earnest money is part of a down payment the balance of which would be due at close, it can be be non-refundable if properly stipulated in the contract. I don't think that requesting to be disqualified counts as a legit reason.
-- Edited by biggaRView on Thursday 1st of May 2014 03:28:06 PM
dont second guess yourself....or over extend yourself
right now my famous 3 words count.
Live , Breathe , Relax.......nothing else is really under your control
Remember, Mike, she isn't happy unless she's worrying about something.
Sorry Cheryl
Our time will come, and I'm sure there will be a target painted on my back when the crazies get the better of me too (hopefully you'll be kind
)
I do think I am letting the realtor get the best of me. And you guys are right - none of this is in my control anyway and worrying isn't going to change anything.
Have never had lawyers involved in a real estate deal but it doesn't sound like they're the issue. Since you're under contract and the ball is in the buyers' court right now I wouldn't be taking any calls from the realtor. Let her stew in her own negative juices and you concentrate on packing and planning your first route
.
.
Failure to get loan approved has been the only reason I've lost a contracted buyer - delayed the sale by 20 days and I got a higher price for the house. So don't despair
This being a grown-up thing is sooooo overrated!
Jodee
Not sure if your realtor is attempting to manage your expectations or being "Chicken Little" but either way it will all work out.
You'll be fine, Cheryl.
Sherry
Thank you all for being there for me yesterday. I HAVE RETURNED!!!! I have always believed that a positive attitude and positive thoughts can nudge (sometimes even push) the universe to a positive state (and I know many of you have experienced this first hand).
I strongly believe that my buyers are happily and excitedly preparing for their move to this wonderful town, and to this nice house on a great street, the same way that I am happily and excitedly preparing for buying my rig and starting a new life on the road. They want this to go through without a hitch as much as we do. So far they have done nothing to demonstrate otherwise, so why should I suddenly start to worry?
I think yesterday I just fell victim to some major negativity. It's so important to avoid those types of people at all costs. And I thank you all for helping me to remember that!
I love this "family" and can't wait to meet all of you in person some day
Cheryl, I didn't know you left
LOL !!!!
My wife is going through the same thing, she is going on 53, I call it going on the second stage of life, (this too will pass) if I can make it too, LOL !!!
Lonney