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Re-visited an investment property in the late fall, we had looked at it about a year previous and didn't want the work involved until we had sold off one of the properties we had for sale. Sold our property, saw that this particular one was still available. Seller was out of his mind with what he was asking considering the shape of the units and the overall property. We gave him a fair offer, which was $90K under his asking price.
He hemmed and hawed and came down $30K. We accepted his counter contingent on home inspection, of course. Well after the home inspection, we reduced our original offer by an additional $40K. He pitched a mini fit and basically told us that it's no inspectors job to comment on the physical condition of kitchen cabinets, bathroom floors, etc., and basically told us not only were we stupid, so was the inspector. So we said "thank you very much, we'll part ways here". Not two weeks later he met us in the middle, and and we figured it was fair.
We're supposed to close at the end of this week. Now our realtor, who really only deals with investment properties and investors so he's pretty much works 8-5pm, called us this evening (never, ever, ever has called us past 5pm) to tell us that he's "learned" through the grapevine (both seller and buyer realtor work out of the same office) that the seller is telling everyone who will listen that he's going to pull a fast one on us at closing. What does that even mean?
We figure if he refuses to sign the paperwork, he's a bigger ass than we thought (his main business has something to do with celebrities who live/work in NYC, and he has already told us he's the best negotiator he's ever met and his wife is the second best. He thinks a lot of himself). He would have wasted the time of so many involved.
My question is what type of a "fast one" can a seller "pull" at a closing? If he wants to back out, he should do it now, shouldn't he?
Long story short:
He hemmed and hawed and came down $30K.
...after the home inspection, we reduced our original offer by an additional $40K.
Not two weeks later he met us in the middle, and and we figured it was fair.
We're supposed to close at the end of this week.
Now our realtor...
the seller is telling everyone who will listen that he's going to pull a fast one on us at closing.
He could throw in some unreasonable term at the last minute to try to get more money out of you, rather than fail to close the deal--or maybe during your walk through you will find something he was supposed to fix and didn't.
Why isn't your agent checking this out thoroughly, rather than leaving you to speculate? Also, you have some legal recourse if he does try to pull something, and your agent should make clear that your team knows what your options are, if that's necessary.
I suggest that you do a final inspection. I hope he is supposed to be out before closing. Maybe he is planning on taking the kitchen cabinets with him, or dumping a truck load of sand into the swimming pool.
If there are doubts about the seller's integrity insist on a "morning of the closing" walk through. Verify everything that is supposed to be in the premises has not been removed, all systems are in the same states as during inspections...
If there are doubts about the seller's integrity insist on a "morning of the closing" walk through. Verify everything that is supposed to be in the premises has not been removed, all systems are in the same states as during inspections...
In addition, have a friend park outside the home with a cell phone and a camera in case the seller does something dishonest before closing.
I found out what it was this morning. He's upset that we refused to pay for the city inspection ($35) and the c/o and the repairs that needed to be made in order to get the c/o. Even though that was not specified in the contract.
The property wasn't listed "as is", the seller pretended it was after we made our initial offer. And he keeps pretending the term "as is" exists in this transaction. It does not.
Basically what this means he's been letting his tenants (he doesn't live there - he lives in a multi-million dollar home about an hour away) live without working smoke detectors (not just in need of new batteries), locking doors and something else I can't remember right now. Definition of slum lord - and all of the present tenants are section 8s. He really used and abused. One unit has an oven door that is held together with duct tape, that's what scum bag this guy is.
His big "I'm gonna get them" is that he's not going to give us the keys at closing (to any of the units or entry doors or garage) after he buys new ones for the ones that do not work. We're going to change them out anyway right after closing- don't trust him or his super.
All units are occupied, so I don't think he's going to trash anything and he does live in a completely different part of the state, but we absolutely will be doing a walk through b/c we need to make sure he didn't get his super to do anything crazy to the rest of the place. And since we don't need a super, we have our own handy-man for all of our properties, we're not sure how his super is taking his loss of a $35/hr job to make half arsed repairs that after YEARS of rigging and duct tape, need to be fixed by a professional electrician/HVAC contractor/plumber....
So his big "I'm going to pull a fast one" will fail.
Last edited by Informed Info; 03-16-2013 at 05:49 PM..
The majority of these concerns should be covered in your real estate contract. You could always have your attorney draft up a quick generic complaint that can be served at closing if this seller doesn't anything in violation of the contract.
With any real estate transaction you need to be aware of the motivation of the seller. Sometimes with wackos like this you need to make sure you're getting a good price on the property in order to put up with the hassles that you get.
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He thinks a lot of himself). He would have wasted the time of so many involved. 
