Skip to main content

Nightmare Transaction

I need some help getting my head around this to see if there is any saving this deal.

So early this month my buyers put in an offer on a property using a USDA loan. The offer was a fast close and we were pretty confident at the time that we could close quickly but then the following ended up happening:

  1. We learned during underwriting that the buyers would have to sell their current property before we could close on the home that they were under contract for. The buyers started the process with Opendoor right away to try and get things done quickly but due to scheduling issues the process is taking longer than expected.

  2. The buyers dropped the ball on paying for the appraisal in time. The appraisal was ordered but the buyer didn't realize they had to pay for it right away despite being told so. 🤦‍♀️ (this is their first time purchasing a resale home)

Our contingencies are now coming due so we explained the situation to the listing agent and asked for our remaining contingencies and COE date to be extended by 1 week to accommodate the appraisal and Opendoor process.

To ease the sellers concerns, we provided the following:

  1. Proof of underwriting approval of the loan pending the sale of their current home.

  2. Documentation showing our progress with Opendoor. The final inspection is scheduled for tomorrow after which we anticipate an offer within the next 3 days. The buyers have sold to Opendoor before & are comfortable with the fees involved and don't expect to receive market value.

  3. Proof of the appraisal being paid for and a rush being ordered.

We also offered to pay $100/day for 7 days to extend our remaining contingencies by 1 week as a show of good faith.

The sellers are refusing to extend the contingencies because according to the listing agent, they have no faith that we will be able to preform. They would rather put it back on the market then extend by 1 week. They don't want to be "jerked around and constantly asked to keep extending."

We have only asked for this one extention and prior to this the transaction had been going smoothly with very little back and forth.

What the heck is going on? Why are the sellers pushing so hard to force us to cancel? Is the listing agent advising them poorly? I don't see what the sellers have to gain by forcing us to cancel nor do I understand what they have to lose by extending by one week. The listing agent keeps questioning our ability to close despite everything we have provided.

What else can we possibly do to ease the seller's minds outside of forfeiting our EMD?

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

source https://www.reddit.com/r/RealEstate/comments/1abdvfl/nightmare_transaction/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

warning about Biggins and Scott Brunswick

his is a general warning for people who use this agency to rent a property. I am going to share a disgusting experience that I had with the above agency. I was new to the rental experience after a marriage breakdown so I answered a add on Real Estate .com and met a guy in Maribyrnong to look over a apartment . He suggested he was not only going to be my roommate, but he also worked at the company in Brunswick. All looked good and myself and a lovely lady moved in to the apartment in late March. Everything was going well ,we were paying our rent and things were moving forward with 3 people coming from different age groups and different upbringings. Then on the 25th of June out of nowhere 3 Breach Notices appeared on my email from my roommate but on Biggins and Scotts letterhead. I was completely surprised and after trying to reason with the sender of these documents, I then decided I had to call his boss the Director of Biggin and Scott in Brunswick. David told me that he was ...
Post a Comment
Read more