03.11.09 The Buyer knows that the Seller is bringing money to closing. There are some repairs to be made, and the seller says , "no more". The buyer says they will walk away if the seller doesn't pay

[Elaine Stucy]

What is your conversation with the seller?
What is your conversation with the Buyer's agent?

[Yancy Whittaker]

To the seller I say, you know we've come a long way to get to this point, would you agree??? Just look at what we've done, we got a great price in today's market, and we got a buyer who countered back to pay more than what they initially offered to pay, all pretty fast, right??? Yea, but...Woo, woo, hold on, let me finish. Put yourself in their shoes for a moment, understand them, now wouldn't you want to buy a product such as a home in as good-a condition that it should be in??? Yea...And wouldn't you agree, if you were buying a home you'd want those things that give to ware and tear to be addressed??? Yea. 0K, so look at it this way, the buyer is paying the price of the repairs simply by virtue of buying the house, they just don't know it, would you agree??? So, do you really want to run the buyer away or give them a product in as good-a condition you'd like it to be if it were you and fix whatever it is out of the money they're pay'en to buy??? Remember. these buyers have come this far, do you think it's really worth running them away over the cost to repair minor damage that occurred while you lived in the home???

When I have a seller who is not willing to cooperate at all I say to the buyers agent...at this time my client has accepted a price less than the fair market value they listed it for. It is precisely this point that market conditions has put my clients in the position to sell at prices less than the worth of the home because of deteriorating market conditions. So this means your clients are getting a great deal and they know it. So my clients are firm in this understanding and believe you should make your clients aware of this and accept that they are getting a really great deal, in as is condition; they like this home because of the way it shows and they'll just have to make repairs themselves, if they really want this home. My clients are unable to lose anymore having lost significant equity as it is.

Between these two initial scenarios, one or the other solves it completely.
If there is any misgivings between sides, then we move into compromising till agreements are found
Worst case scenario, seller/buyer reach an impasse and such time that then and only then do I explore agent participation (which I do not let on or agree to if asked to too early on)

[Steve Shull]

First place I am going to start is with the Buyer's agent...

Is your buyer really willing to walk and start this whole process over again? We are talking about x number of $'s. My seller doesn't have any more money to give. Your buyer can be in their new home tomorrow vs. back on the street looking for a new home.

Do you really want to start this process over with your buyer? You can have a check in your hand today for $______________ vs. the promise of something tomorrow. Is that what you really want?

[Amy Nelson Frelinger]

To the Buyer's agent: Does your client still want to buy this home despite the repairs that concern them? How important is it for your buyer's to close escrow and be in this home soon? Would they truly prefer to start their search again from scratch to find another home? Under any circumstances are your buyers ready to close this escrow as it is with no further credits from the seller?

To the seller: Are you okay with not closing escrow with these buyers over X $s they are requesting in repairs? Are you prepared to restart the hunt for a new buyer? What if the sales price erodes (if we lose these buyers) and you have to bring more money to the closing table on a future situation? What is best for you? What is the next step?

[Gary Price]

Seller: Do you want to risk losing this buyer and starting over? If we do go back on the market, I don't know if the next buyer will pay the same price, do you wish to take that risk? What do you want to do?

Buyer's agent: Does your client really want to close this transaction or is he really looking to get out of the deal? He has an opportunity to close and move into his new home in a few days. Does he really want to go back to the starting line and start the buying process over?

[john steiner]

Which is it? Bite the bullet or look for another buyer?

Which is it? The deal or the home?

Both the buyer and seller have a lot to loose by not completeing this transaction. The seller may not see another buyer as generous with the sales price, and the buyer may not be able to get himself as good a deal on a home he likes as much.

[Donald McVicar]

Seller conversation: do you want to go thru this process all over again? Are you willing to give up $ xx now or the possibility of giving up more down the road? The latter is highly probable if we put the house back in the market.
Now I just read Steve's and would do that. Why not pick the battle with the agent instead of my client?
Also, the seller has already assisted the buyer by bringing money to the table. Does your client really want to buy this house?

[jefflemen]

To seller: Which scenario works best for you?....
#1 - You refuse to cooperate with the buyer's request and you lose the buyer, time, and money....or
#2 - You agree to the buyer's request and preserve your time, sanity (smile) and equity

What may seem like losing several thousand more in equity by agreeing to the buyer's credit request could actually save you tens of thousands of dollars on the price of your property if we have to start over.

I have one other suggestion...I want you to feel that I'm doing everything within my power to keep the most money possible in your pocket...how about if I talk to the buyer's agent as well as some of my recommended vendors about getting the best prices on some/most/all of the repair work? Would you find that beneficial?

IF I'M DEALING WITH A REALISTIC SELLER, HE/SHE WOULD AGREE AND I WOULDN'T HAVE TO TALK TO THE BUYER'S AGENT.

[Steve Shull]

Elaine....

I want to hear how you would respond. Do you go to the Buyer's agent first or your seller or something different?

Steve

[Steven Ross]

To seller: What is going to happen if this buyer walks away? Do you think we will find another buyer so generous and patient? How long can you wait for this 'new' buyer to appear? And, what happens if no one else steps up to the plate - what if this is REALLY the last buyer for your home for the next 8 months?

To buyers agent: Look, we know the seller is at wits end. If the seller could come up with the extra money, don't you think they would?
You are days away from a check of $10,000. Are you really willing to kiss that check goodbye and start all over?

[Jennifer Jestin]

I would first reply to the Buyer's agent:
Are your buyer's serious, or are they looking for a way out of the deal?
Once I know they are serious, I would ask the agent if the buyer's are willing to lose this house and start the whole process over again. I would ask the agent, do you want to start this whole process over again?

My approach to the seller's:
I have three questions for you: Bottom line, do you want to start this whole process over? If we go back on the market now, where do you think the prices are going....up or down? (with consideration of the time we have lost already). If I am able to participate and try to keep the cost of the repairs down, will you agree to their request?

[David Griffith]

Agent to the seller: How will you feel if the market continues going down and the next offer in three months time is $50k below this one? Would you rather loose $xxxxx now or $xxxxx plus some more in three months?
Agent to the buyers agent: Our seller is completely broke and has no more money to bring, how will your buyer feel if they miss out on this great opportunity?