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$2500 definitely doesn't just cover the cost of changing out the outlets... they probably just don't want to pay for their own tile floor that they're having put in. That being said, it stinks that they are doing this to you but you were smart to just let them have the money and not lose your sale and your subsequent purchase over it.
Last edited by SaraSatin; 11-14-2007 at 10:01 AM..
Reason: forgot a word
I'm sure things are different in different parts of the country. In my "neck of the woods" it's the buyer who stands to lose the the most by not closing, and they don't have a leg to stand on. I've even been in situations where the seller truly has not fixed items that he's agreed to fix, and it still comes down to "the buyer will be in breach of contract if they don't close ON TIME". And so we remedy as best we can with money held out of the seller's proceeds (but even that must be agreed to by the seller).
I guess I'm a little surprised that pressure wasn't put on the buyers first. Sometimes people push just to see what they can get away with. You do what you have to do to get the deal closed, but I usually push back first (on behalf of my clients) before we roll over and write the check. I've found that many times people are just bluffing to see what they can get. I understand in this situation, though, with the simultaneous close that no one's too anxious to risk challenging the mom's know-nothing boyfriend.
Defiance, I too applaud you for separating emotion from the deal and getting on with life. I've heard of deals falling apart at the last minute over stupid things such as whether or not a swingset was to be left. Isn't that silly! I'm sorry for your situation, Definance, but I'm glad you can put this behind you and enjoy your new house!
I feel pretty comfortable that my realtor pushed the issue - I just signed the papers, and in the end, my agent and the seller's agent actually ended up contributing a portion of their commissions to 'soften' the blow. I'm sure they both tried pretty hard before making that concession. Also, I don't know for a fact, but this seems to me like a sign that even the seller's agent agrees that this was wrong, but since the buyer won't budge...
So, I'm done, and they're set to sign. Meanwhile, I'm crossing my fingers for karma
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Boyfriends! we just closed a similar transaction defiance. I'm NEVER letting a "boyfriend" wreck another deal. It's cheaper for me to hire a professional inspector for the buyer than to let the BF go traipsing through the place. The BF's occupation? Shoeing horses.
I feel pretty comfortable that my realtor pushed the issue - I just signed the papers, and in the end, my agent and the seller's agent actually ended up contributing a portion of their commissions to 'soften' the blow. I'm sure they both tried pretty hard before making that concession. Also, I don't know for a fact, but this seems to me like a sign that even the seller's agent agrees that this was wrong, but since the buyer won't budge...
So, I'm done, and they're set to sign. Meanwhile, I'm crossing my fingers for karma
Yep - looks like all the alternatives were explored. You're exactly right - since both agents contributed some commission, there was only one choice - just get the deal done. You can breathe a big sigh of relief once they've signed on the dotted line. And there's no reason for them not to - they've gotten what they were hoping for (plus their new tile, too)
I feel pretty comfortable that my realtor pushed the issue - I just signed the papers, and in the end, my agent and the seller's agent actually ended up contributing a portion of their commissions to 'soften' the blow. I'm sure they both tried pretty hard before making that concession. Also, I don't know for a fact, but this seems to me like a sign that even the seller's agent agrees that this was wrong, but since the buyer won't budge...
So, I'm done, and they're set to sign. Meanwhile, I'm crossing my fingers for karma
Hey! Good Luck!
I bet the Seller's Agent is in full-pulling-out-hair mode.
Well, we did our final walkthrough on the house we're buying tonight. We actually didn't ask for any repairs at all in it, so our final walkthrough wasn't necessary, but WE needed it, just to remind ourselves what the light at the end of the tunnel looks like.
Tomorrow, 9AM, buyers sign and I can relax again.
But in addition to the good feelings of seeing the new house, my agent also told me he's got two seperate agents who have told him to call if this one falls through - one of which said their pb didn't really want to do a backup offer, but if the house wasn't under contract, he'd definitely be making one.
So, yeah, at this point we can go to sleep tonight knowing we've done everything we can possibly do to make it work, and if it doesn't, it's still ok.
Gretchen, I'm curious what you mean by "the buyer stands the most to lose." I have not heard of sellers who have sued their buyers to force them to purchase the house--I'm sure it exists, just unclear about how frequent. I have more often heard of buyers suing the sellers for specific performance.
I was a buyer and dealt with a seller that was not nearly as nice as Defiance. The seller didn't fix the things on the list from the building inspected marked "R" and then lied that it was professionally fixed (it obviously wasn't). The problems were more serious than the ones described in the OP.
So after some negotiating and a lot of misdirection from the sellers agent, I chose to walk away from the deal. I felt that they were not negotiating in good faith.
defiance, good luck on the closing tomorrow! I hope it goes through smoothly!
I'm sure things are different in different parts of the country. In my "neck of the woods" it's the buyer who stands to lose the the most by not closing, and they don't have a leg to stand on. I've even been in situations where the seller truly has not fixed items that he's agreed to fix, and it still comes down to "the buyer will be in breach of contract if they don't close ON TIME". And so we remedy as best we can with money held out of the seller's proceeds (but even that must be agreed to by the seller).
I guess I'm a little surprised that pressure wasn't put on the buyers first. Sometimes people push just to see what they can get away with. You do what you have to do to get the deal closed, but I usually push back first (on behalf of my clients) before we roll over and write the check. I've found that many times people are just bluffing to see what they can get. I understand in this situation, though, with the simultaneous close that no one's too anxious to risk challenging the mom's know-nothing boyfriend.
Defiance, I too applaud you for separating emotion from the deal and getting on with life. I've heard of deals falling apart at the last minute over stupid things such as whether or not a swingset was to be left. Isn't that silly! I'm sorry for your situation, Definance, but I'm glad you can put this behind you and enjoy your new house!
That isw the right outcome. I would now sue the buyer in small claims court for the full 2500. Defiance may no-t0 get it all but problably a good part. And you get even...
Again this is a two house transacton. The seller is the buyer in the other transaction. So in the moral sense he punishes the other seller as well as taking on the costs of getting everything put back together.
I would agree that a late cancellation favors the seller. But not if an issue exists...and an issue exists. The seller can tie up the earnest money but not get at it. If it gets nasty the buyer can easily tie up the house and prevent a further sale. And both can pay thousands of dollars to lawyers to protect their interests.
Nope..you close it and then fight...if you are going to fight at all.
Gretchen, I'm curious what you mean by "the buyer stands the most to lose." I have not heard of sellers who have sued their buyers to force them to purchase the house--I'm sure it exists, just unclear about how frequent. I have more often heard of buyers suing the sellers for specific performance.
I was a buyer and dealt with a seller that was not nearly as nice as Defiance. The seller didn't fix the things on the list from the building inspected marked "R" and then lied that it was professionally fixed (it obviously wasn't). The problems were more serious than the ones described in the OP.
So after some negotiating and a lot of misdirection from the sellers agent, I chose to walk away from the deal. I felt that they were not negotiating in good faith.
defiance, good luck on the closing tomorrow! I hope it goes through smoothly!
Jinxor - it's going to vary from state to state, but here in AZ in this particular scenario where the seller actually fixed everything, then the seller has performed per the contract. If the buyer refused to close by the COE date in the contract, then the buyer would be in breach of contract. At that point, the seller could keep the buyers earnest money deposit and take legal action (such as sue for specific performance) if he wanted to. In this particular case, the seller could possibly sue the buyer for carrying costs on the house until he got another contract on it. In most cases, the seller would simply keep the earnest money and get the house back on the market. Hopefully, the buyer would go ahead and close rather than lose his earnest money deposit. (Plus, at this point, you'd think the buyer was pretty much thinking of the house as "his own house" and wouldn't really want to walk.)
Personally, there are times when I've been representing the buyer and felt that the seller had not performed per the contract as far as making the agreed upon repairs. In that case, it kind of boils down to the buyer issuing a "cure period notice" to the seller after the final walkthrough (when it's discovered repairs have not been made). That gives the seller 3 full days in which to correct the repairs, and it also extends closing by 3 days. However, and here's the caveat, at the end of that period, even if the seller hasn't fixed things, if the buyer doesn't close then the buyer is also in breach of contract. . . . So potentially both parties could be in breach. I've never had to go through that scenario - we've usually been able to close escrow and have necessary funds held out of the seller's proceeds and kept in escrow to cover the necessary repairs. The buyer then hires a contractor of his choice to make those repairs and the contractor is then paid out of escrow. If there are any funds remaining in escrow after repairs have been made, then that money is refunded to the seller. It's a pain for the buyer, but at least the repairs are paid for by the seller.
Last edited by Gretchen B; 11-14-2007 at 08:58 PM..
Reason: additional thought
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Isn't that silly! I'm sorry for your situation, Definance, but I'm glad you can put this behind you and enjoy your new house!
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