When Sellers and Buyers Talk.......Too much!

By
Real Estate Agent with Highland Realty

 This past week, I had a closing that really went quite smoothly, but with other clients, it could have been a total disaster. There are many good reasons buyers and sellers should not interact substantially until sitting across from each other at the closing table. Here's reason #58:

The sellers will be renting back for a month, so on the day of closing, we wanted to complete a benchmark walk-through to determine that the agreed to repairs had been completed and the home was essentially in the same condition as when we went under contract. The sellers are in the property while we do the walk-through and, we are nearly finished with everything looking great. Then we go into the master bath to see if they caulked to eliminate a leak that occurs when you put the shower faucet at a particular angle. They haven't because they were not able to duplicate the leak encouraging angle of the faucet.

We see it's still leaking. I called out to the listing agent who then brings the seller in tow. There are now six people in a bathroom that comfortably accommodates a max of three, all looking at the water leaking onto the floor. Then the seller says, "Gee, I wonder if that's why we had water leak down through the living room ceiling a couple of years ago and cost us $2,000 to fix?" Thud. That's the last thing you need to hear 35 minutes from closing.

Fortunately, I had easygoing buyers who accepted the seller's explanation of the leak and the repair. Another set of buyers might have dug in their heels and said "no closing until that ceiling is thoroughly inspected". We did have the inspector come back out a few days later and determined the prior leak and damage had been properly repaired. 

Have you had situations come up where the buyers and sellers started getting more involved with each other and, it then caused problems? 

 

Dave Rosenmarkle

 

 

Website: www.HighlandAgents.com

Email: DavidRose@mris.com


 

 

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Ambassador
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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Realtor - Ann Arbor Real Estate
Dave, man I bet you held your breath on that one. I usually don't mind if they talk but I may reconsider after reading this.
Jul 19, 2007 05:53 PM #1
Anonymous
Anonymous

Dave,

Rule #1 for me is to have the buyer and seller in seperate rooms at closing. Works wonders...

Jul 19, 2007 05:54 PM #2
Rainmaker
411,633
Richard T. Dolbeare
Keller Williams Realty - Lihue, HI
R(B), ABR, CRS...Hawaii Multi-Island Specialist
Early in my career I would fill in the boxes on our purchase forms with client contact information.  Then I had a seller use that information to contact my rather buyer client directly to go on and on about what a great property he was getting.  This very poor judgment was not appreciated by my client and I learned to put "On File at Brokerage" instead.
Jul 19, 2007 05:59 PM #3
Rainer
76,774
Chuck Christensen
Your Financial Coach - Bellingham, WA
some people just know how to talk too much and just ruin the whole deal. I had a fellow loan officer that did that...and actually talked his way out of the loans by scaring off the customers.
Jul 19, 2007 06:14 PM #4
Rainmaker
163,993
Dave Rosenmarkle
Highland Realty - Arlington, VA

Missy - Held what breath? I was on oxygen...................

Scott - here in the Old Dominion, they traditionally share the same time and table. Most of the title companies are way too booked to accommodate "separate but equal" space, except when it's a divorce sale or there have been some explosions along the way.

Richard - that's like throwing a match into an open vat of gasoline!!! Wow! I'm glad you're still around to talk about it.

Chuck - Amen and amen. 

Jul 19, 2007 07:02 PM #5
Ambassador
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Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
We do not encourage rent backs. They can cause many problems as well. They are not common here in our area. Thank goodness that your buyers did not walk out! 
Jul 19, 2007 07:09 PM #6
Rainer
12,536
Sybil Holcomb
Ayres Realty - Douglasville, GA
I hate being in that situation.  A couple years ago I had some sellers that managed to be home on one of showings of the buyers we got.  They got to know one another and were exchanging calls during the time we were waiting to close.  I sweated that one, never knowing what might happen.  The day of closing the sellers acutally spent the night with the buyers at the home?  All I could say was I was glad we had already closed.  You just have to always anticipate the worst in these situations.
Jul 20, 2007 05:39 AM #7
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