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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/
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