Why would a seller let a deal FALL apart for just 5 thousand- Someone help me understand

By
Real Estate Agent with Century 21 North Shore

It has been 17 months now that my client has tried to sell he home. Thefirst agent listed it at 849K. The second agent 759K. And me the THIRD women in 679K. I received her first offer about 2 weeks ago. Since the offer was excepted and buyers were told Home inspection was for ther own personl use since she was now selling for assessed value (640). She got water in the basement 20 hours before Home inspection (second time).

Well they would still move forward if she were to install a B-dry System and a Radon System.a few things from Home Inspection etc. Now the buyers want the sheet rock removed and replaced due to the water. But remember before they even put an offer in they were told that 8 months prior there was water in the basement.

They hire there own contractor and his quote is 19K.

So 15K for B-Dry, 1000k for radon ,19K for new sheet rock, and now they want 2800 for new carpets.

Let me mention these buyers said from the biginning they we not going to nickle and dime the seller. I completely inderstand B-dry, Radon maybe the rugs (she just spent 3800 to save them). now 19k for sheet rock.

I have a friend who is a contractor and he will do me a favor for 5K and do the job because I have gotten him so much work over the years. The buyers said that would be fine, but the seller said no way. I am not doing it.

Well tonight I started to show the property again and the smell in the house was foul, and the potential buyer said "I would never pay more than 500K for this house". I have heard that price from at least a half dozen people before. I think the seller is a fruit cake. Sher also said not to disclose any b-dry system to be installed just tell them it got water.

I feel at this point I can't represent her because she wants me to with hold information.

What to do, I would love to hear some feed back regarding my listing from HELL.

 

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Rainer
77,104
Patrick Harfst
HomeSmart - Gilbert AZ - Gilbert, AZ
Sounds like the seller was trying to buffalo YOU into offering part of your fee to cover it. Happens now and then... Also sounds like a potential lawsuit from the ultimate buyer, when after a few months, they learn the home has leaks. Even disclosed, these can become problems. Good luck!
May 01, 2007 12:42 AM #1
Rainer
49,825
Jacob Morales - Arizona Mortgage Planner
US Bank - Scottsdale, AZ

I worked in the legal field for a LONG time and this kind of stuff cannot be tolerated. If you buyer is asking you to not do your job especially when it's potentially a health risk I would simply walk away. I know it's a big commission, but I constantly turn down deals where I smell a rat. Your instincts are correct and you should trust them, I'd walk away if I was you.

May 01, 2007 12:49 AM #2
Rainmaker
29,853
Maria Salvaggio
Century 21 North Shore - Lynnfield, MA
MA North Shore REAL ESTATE

Jacob,

Are you saying I should let the listing go. The SELLER? I was thinking of it.

May 01, 2007 12:51 AM #3
Rainer
20,721
Jason Vombaur
Keller Williams - Vancouver, WA
I have had buyers get freaked out the last minute a number of times.  I had one owner that was talking about backing out at signing.  We was getting cold feet.  In his case when he sells his house is relation is over.  It is no turning back at that point.
May 01, 2007 01:14 AM #4
Rainer
52,682
Dan Allred
Allred Realty - Thousand Oaks, CA
DRE#01761967
Maria you must disclose. If you dont it will be your responsibility later
May 03, 2007 12:34 AM #5
Rainer
6,841
Molly Shai
MollOMedia - Safety Harbor, FL

Maria,

There is no excuse for a seller telling you not to disclose a defect with the property to a potential buyer.  It could land both him and you in jail, or slapped with a hefty fine and possibly a suspended license. 

 

It is a large comission, but do consider how much time you're spending on this unreasonable seller.   If he won't meet that $5k to cover defects he knows of, can you really expect him to work well with another buyer later?

Jacob is absolutely right- you should always trust your gut!

Good luck! 

Shai 

May 03, 2007 01:09 AM #6
Rainmaker
29,853
Maria Salvaggio
Century 21 North Shore - Lynnfield, MA
MA North Shore REAL ESTATE
Shai, I totally agree. I have had 6 showings at this house since the last deal fell apart and NO ONE wants it. It smells musty and I have been told by 2 buyers they will buy it at auction for 500k. My seller is nuts and I am concidering giving up the listing.
May 03, 2007 07:41 AM #7
Rainer
4,460
Tim Lenihan
Windermere Real Estate - Seattle, WA
Maria, you may want to think about firing your client.  I know it seems weird but just think of all the stress you have had to deal with to just keep the house on the market, led alone trying to figure out how you will disclose these issues.  If you still want to get paid, refer the listing to someone else, you will get your referral fee and be free of all the drama attached to it.  Just a thought....
May 03, 2007 06:11 PM #8
Rainmaker
78,268
Gary Smith
Agent Marketing Today - Commerce Township, MI
Maria, how about the seller getting her own home inspection or at least some estimates for the water problem in the basement. I'm not sure what b-dry is, perhaps the home doesn't need it. Sounds like additional work needs to be done for the smell one way or another!
May 03, 2007 10:58 PM #9
Anonymous
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Rainmaker
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Maria Salvaggio

MA North Shore REAL ESTATE
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