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This was a critical point for the sellers because several times throughout the negotiation the buyers agent said that the buyers could not really afford the house but just really want it.
Quote:
Originally Posted by byoak
What?
I'd take that with a grain of salt. It may or may not be true. Since it's the buyer's agent stating this (especially since the agent is the father), it may just be a negotiating ploy to try to get the price down.
And if there is, indeed, a question about their ability to afford it, a simple "proof of funds requirement" could alleviate that.
Well, the buyers agent finally provided proof of funds late yesterday, after I asked for it several times. But, even with that, I don't know what to make of these buyers. They have (via email) agreed to terms with the sellers for awhile now, yet the buyers agent refuses to draft a contract. He told me to do it so I sent him a contract today, but he and the buyers won't sign it.
So, ultimately, I guess we just don't have a deal with these particular buyers anyway. They are offering pretty favorable terms for the sellers, but their refusal to put anything in writing is very confusing.
When I say we've been negotiating for a week, I don't mean they send in an offer, we think about it and get back to them. I mean that I am getting up to 20 emails a day from the buyers agent, even though he will not draft a contract. It doesn't make sense and I don't understand why someone would do this as a buyer. To me, it is simple, you either want a house enough to write an offer or you don't.
By contrast, we've since received 2 other offers. Both were written and signed by the buyers. Simple. I think the odds of the transaction running smoothly are much higher with the other buyers.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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I had a deal with a broker who is known for her sloppiness, both in her office (when the desks get full of stuff, she buys another one and fills it up) and in her handling of paperwork. I filled out a form for what we call "seller in possession" and typically, the daily rental amount (up to a month) is withheld by the escrow company until the seller moves out. When I sent this off to her I got this back in an email;
We will just wait and see what it looks like on the 20th..... Seller is in agreement to pay the fee BUT not in advance. No way!!! You guys are treating her like she is a criminal.....what is wrong with you......You are acting like city people!!!
We actually were "treating her" like a tenant, which she will be at closing. The seller is a very sweet little old lady and I have no fear of her not paying the daily fee when she moves out. The "city people" comment really bugged me and I spent the better part of 24 hours composing a scathing reply in my mind. In the end I decided my anger at the other broker and a sharp reply didn't serve the best interest of my buyer and I never replied to the email.
Summing it up, I think we always need to make sure our distaste for an agent on the other side of a transaction doesn't hinder our representation of our clients.
He told me to do it so I sent him a contract today, but he and the buyers won't sign it.
So, ultimately, I guess we just don't have a deal with these particular buyers anyway. They are offering pretty favorable terms for the sellers, but their refusal to put anything in writing is very confusing.
What's confusing? They can't afford it.
Time to cut the cord.
If either of the two offers received are acceptable to the Sellers, you should probably give all three parties a deadline to submit a "highest and best" offer and see what shakes out.
If you don't have a contract, you do not have a buyer. Get on with your life and keep marketing until you get an offer that is in writing from someone who will sign a contract and can provide proof that they are capable of paying.
There is no possibility I would be serving up running commentary on an open, public, forum regarding negotiations in a transaction in process.
Ditto.
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