I have a question.... We have a buyer who every time doesn't get what he demands... like our curtains or playset.... threatens to walk away at the day of closing. We have fixed everything they requested from the inspection and still he is not happy. We have a 5 month old and the buyer wanted to do another "showing" 15 days after contract and 5 days after option period...at 7pm at night. When we ask him to schedule it between 9am and 3pm he again threatened to wait until the day of closing and walk...losing earnest money and all..... They know we have a contract on another home and they are willing to let us lose the other house, if we don't bend to every request..... So my question is..... DO WE HAVE ANY RIGHTS TO PROTECT OURSELVES FROM THEM DOING THIS??
It depends solely on the language in your contract, as to whether you are entitled to anything other keeping their EM, and probably there isn't. This is the problem with small EM's. It's your decision, either agree or not, to any additional requests. Sometimes they're looking to see how far they can push you, and you need to draw the line somewhere.
Let the buyer know you have shared his repeated threats with your cousin Terrell, and he will be in Texas August 16th.
Not really. If their inspection/resolution period is over then they have no legal standing in terms of trying to get the contract amended. But they do have the option to walk away, leaving you with their earnest money. They are being childish to threaten to walk away, but they may be having second thoughts about their choice and be looking for a way out of the contract.
You need to detach yourself emotionally from this and decide which is more important to you: getting the sale done, or being right. It's tricky because there's no guarantee that they won't back out, even if you bend over backwards to accommodate them. But they may just be confrontational a-holes who need to be in a position of power. Sometimes playing along with someone's psychological weakness (like that need for power) can be a strategic decision. You just have to weigh these things for yourself. Is it worth it to you to take a stand over a visit at an inconvenient time, or some curtains? Or can you roll your eyes and let them have that sense of "power"?
This is why homeowner negotiations are the worst. Everybody is emotionally invested. Much easier to sell to an investor, where it's all about the numbers :)
Originally posted by @Angel Suggs:
... the buyer wanted to do another "showing" 15 days after contract and 5 days after option period...at 7pm at night. ...
Wow, needing to do another showing, sounds like it's not a real buyer but may be a wholesaler.
Why is he showing the house if he bought it? Is he a renter or a wholesaler. I had this issue with the buyer when my parents were selling there house. It was aweful. We finally put our foot down but overall we new that we just needed to suck it up.
I might also start soliciting for backups and reshooting the house. Therefore e has less to stand on!
Hi bp community,
I just went through a similar situation last week. I had a house that I closed on with the worst buyer imaginable. I had a verbal agreement with him to purchase the house in as is condition. This was a contemporary style home that I purchased in a neighborhood that was full of colonials. I dumped a lot if money into renovations. I sold it as is because the master bath only had a jacuzzi but no shower. Didn't want to put any more money in the house so I decided to take a chance and not add one. Got an offer quickly but he wanted a shower so I slashed price and sold it as is. Mind you. I'm paying 3k per month on the home, which for me is a big nut to carry. So he had a home inspection and decided that he no longer wanted to buy as is, he wanted me to make a substantial amount if upgrades. I pushed back and said that we have an as is agreement, but he kept threatening to back out if I didn't make the upgrades. He wanted me to replace all of the Anderson windows. That cost me an additional 16k. I spent over 20k in upgrades for thus guy. I could have backed out but I had a contemporary style home with no shower in the master and in a colonial style neighborhood. On top of paying 3k per month. The first time I met him was the day before closing for the final walk through. He bought the same inspector back and found more issues. He then wanted another 10k and said that if I didn't give it, he would walk away. I got fed up and went to my attorney's office and told her that I needed her to be a pit bull and get tough with this guy. I threatened to walk away if he didn't close because by that time I was just fed up, but at the end I had to put my ego to the side and look at the bigger picture. Which was, I was getting rid of a house that I should not have bought any way. So we agreed on me giving half of it and he closed.
Sometimes looking at the bigger picture and putting ego aside is the best option. I suggest you weigh your options and see which one would hurt the most. Selling or not selling. If you're not forced to make decisions out of desperation like myself, call his bluff and be prepared to move on if he's causing you stress.
All the best
How much is the EMD? It sounds like you are being victimized by a "wholesaler." Did you see proof of funds/financing?
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