Realty question

[Embraer]

Ok, so I'm selling one of my houses. The house is in great shape, shows well, with nice upgrades. I listed the house on July 11th. In the first 4 days, I had 14 showings. All the feedback was extremely positive, with 12/14 saying "very interested." I listed the house at $129.9k.

On the 5th day, and attractive offer of $125k comes in. Buyer says they don't want help with fees, closing costs....or even a home warranty. I accept the offer, since it's so sound, without countering.

The house gets inspected, and comes back with no major issues. Little things like a few of the floor outlet covers are cracked. Crap like that.

I get their requests from the inspection results, and they're now saying they want 3.5% of the offer price back to help with closing costs, mortgage fees, etc. In my eyes, it's a complete bait and switch.

I'd like to keep the sale going....ive just lost out on 2 weeks worth of showings/offers, but I feel like these people are weasels. I'm thinking a flat 2k cash at closing back to them is fair.

Anybody dealt with this kind of stuff before? In my eyes, it's deceiving and unethical on their part.

[DanielDudley]

Offer what you want. I'd be telling them that the price will be going up if it doesn't close within X days.

[Baz]

Did you get their original offer in writing?

[Embraer]

Of course. It was the offer they submitted via realtor. I can tell them to pound sand, but ultimately, I'd rather just get rid of the house. From a principle point of view, i have issue with their method, but the logical side says "make 37k on the house, or stuck to my guns and make 41k". Just pisses me off. I'd never pull that on a seller.

[Eric Coffey]

Originally Posted by Embraer

I get their requests from the inspection results, and they're now saying they want 3.5% of the offer price back to help with closing costs, mortgage fees, etc. In my eyes, it's a complete bait and switch.

I'd like to keep the sale going....ive just lost out on 2 weeks worth of showings/offers, but I feel like these people are weasels. I'm thinking a flat 2k cash at closing back to them is fair.

Anybody dealt with this kind of stuff before? In my eyes, it's deceiving and unethical on their part.

Sounds like the buyers are playing you to see if they can squeeze more money out of the deal. Personally, I'd counter with a big "no".
YMMV here, but as a seller, the only way I would ever consider further concessions beyond an agreed-upon sales price, is if something fairly substantial/material was uncovered during the buyer's inspection that needed to be addressed/fixed.

In your case, they had an accepted offer and nothing of merit was found during the inspection. I wouldn't give them a dime.

Or you could counter with a 3% reduction, but only if it comes out of the buyer-agent proceeds.

[Baz]

Originally Posted by Embraer

Of course. It was the offer they submitted via realtor. I can tell them to pound sand, but ultimately, I'd rather just get rid of the house. From a principle point of view, i have issue with their method, but the logical side says "make 37k on the house, or stuck to my guns and make 41k". Just pisses me off. I'd never pull that on a seller.

Since you have their original offer in writing...you have some leverage if you choose to negotiate a final agreed upon price.

Someone responds to a CL ad and says they will buy your motorcycle for $100.00 - you pull the ad - they show up a week later and want it for $80.00. Sell it for $90.00.

I hate that someone goes back on their word but sometimes you just have to get the job done....

[Hugh R]

If you have the written offer and a good faith deposit, tell them no and say they've defaulted and keep the deposit.

[Eric Coffey]

Originally Posted by Baz

Since you have their original offer in writing...you have some leverage if you choose to negotiate a final agreed upon price.

Originally Posted by Hugh R

If you have the written offer and a good faith deposit, tell them no and say they've defaulted and keep the deposit.

Unfortunately, it doesn't work like that in most cases. During the inspection period, the seller basically has zero leverage. The buyer can typically cancel the contract and get their earnest money back for any reason, as long as it's during the specified inspection period. That is why you see many buyers using the inspection as a tool to squeeze sellers further. There really isn't any downside for the buyer to request more money during the inspection, as the seller's options are either to agree to the concession(s), or reject them and continue with the sale as agreed upon originally.

[1990C4S]

Tell them you will throw in a dozen outlet covers and they can take it or leave it.

They are what you said, weasels. Let them walk if they won't pay what they offered.

Next time get a $1,000 NON refundable deposit with the sale.

[Bob Kontak]

Originally Posted by 1990C4S

They are what you said, weasels. Let them walk if they won't pay what they offered.

They want the house. You ain't in Akron.

Toss back $1,000 for wall plates and frayed carpet.

They will crater.

[ledhedsymbols]

And here I was thinking I was going to question reality!

[ckelly78z]

Man, that's low and underhanded ! They knew all the time that they would end up demanding allowances for closing costs in the end, but by not getting it in writing on the initial contract, you don't have a leg to stand on. You can drop them, but that screws you.

I wonder who taught them this trick, and if it is commonly known?

[Ayles]

Just a side question, where do you get houses so cheap? As a Seattleite that kind of pricing is barely comprehendable.

[Embraer]

It's in Indy. Here's the house....

https://property.mibor.com/listing/3934-N-Kenwood-Avenue/5783b67cb46e6cdb93aa2504

[look 171]

Shoot their agent. I bet it was their advise to the home owner. Make a great solid offer then negotiate after inspection. That's their dirty trick. People suck and there are many around. Depending on what's on the inspection list, I stick to my guns and perform all repairs (within a couple of days if only switch plates) and have your agent counter with that. If not, ask your agent if the good faith money can be kept if they blow the deal (they need to have a taste of their own medicine). These dirty agents and buyer need to be taught a lesson. No help with closing if its written on their offer. Dirty business deal burns my chops. In the past, I have pulled real estate deals from under their feet because dishonest, BS demands or threats from buying agents or buyers. I just simply call off selling to them due to their unfair demands. I sell it to the next person, for a little less money even. My agents thinks I am nuts but its more then money here. I always compensate her the difference after the deal. After all, I am the poor business person here who gets too emotional.

[look 171]

Originally Posted by Embraer

It's in Indy. Here's the house....

https://property.mibor.com/listing/3934-N-Kenwood-Avenue/5783b67cb46e6cdb93aa2504

Wow, that's unheard of. Cheap compare to out here. What's it rent for do you happen to know? Sorry to get off track

[Embraer]

I rented it for $700 a month. It's been a rental for me

[Embraer]

(funny....when I lived in Granada hills, my rent was 4k a month for 1100 sq ft. Ha!)

[look 171]

Originally Posted by Embraer

(funny....when I lived in Granada hills, my rent was 4k a month for 1100 sq ft. Ha!)

Not that funny. Rent is going through the roof in any decent neighborhood here (thank goodness ).

[Por_sha911]

If they made that offer up front would you have taken it? Don't win the battle and lose the war. That said, they paid for an inspection so you have some leverage. Offer to fix the stuff and give them $250. They'll want to meet in the middle. If they say no, then you have the satisfaction that the dirtbag agent that told them to pull this trick will be on the hot seat since they paid for an inspection for nothing.