Skip to main content

Seeking advice: in a tough spot and seller is unwilling to negotiate

I am in the process of closing on a condo but decided to switch lenders halfway through the process (yes I realize this was dumb) due to getting a MUCH better estimate. Like $13k in my pocket better. So my realtor and I asked the seller for a 21 day extension in order to close the new loan. They denied. We countered by offering to waive the $3800 in seller credit. They denied again and appear unwilling to budge.

Here's the rub, the condo is in pre-foreclosure and seller likely needs the $$ ASAP, which is why they're unwilling to budge on the closing date.

I really want this place but I'm willing to play hardball if need be. The way I see it, if I walk the seller will have to start from square one and end up waiting a lot longer than 21 days, which puts them in a much tougher spot.

The other issue is if the seller does agree to the extension, now I have to hope that the lender can close on time, which isn't a guarantee considering it's BoA.

My question is, would you play hardball and threaten to walk in hopes of getting an extension and closing on a loan that would save you $13k? The downside being it could all fall apart and I lose the property and my earnest money.

OR

Bite the bullet and take the worse deal with the current lender. The upside is I would close on time and keep the condo, just with much less $$ in my pocket afterwards.

submitted by /u/JohnnyQuicksand
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/14k8j5c/seeking_advice_in_a_tough_spot_and_seller_is/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more