So we went and looked at a property. Listed for 80 days, the sellers realtor let or realtor know they just want to be done with the property and are probably willing to take 10k less depending on closing costs. So we make them that offer 10k less than asking and we pay closing. Counter offer ensue and we settle on a 5k increase. After being under contract for 48 hours they message us asking for a 1k-1500 increase because "they suddenly don't like the figures". We politely decline a further increase after being under contract and now "they want to keep it in the family". This seems incredibly shady to me. Any suggestions?
Posted by EditorCurrent5450
20 Comments
Some people are just fucking crazy. Just move on to the next house.
There’s nothing you can do, move on
Decide what the house is worth to you before the first offer goes in. That way you have a plan for the counter.
Regardless, I wouldn’t let them play this death by a thousand papercuts game. Also, you say you’re under contract so if you really want the house at that price then ignore their panhandling and move forward with the process.
No legitimate seller is killing a deal over $1000. You do not want to deal with these people.
I say this as someone who had a home on the market where we were uncertain if we wanted to keep it as an investment property or sell. So we definitely had our “bottom line” of what we were willing to sell it for. But even then we knew that figure could have a $10K-ish window we would wiggle around to make a deal work. We would not have killed a deal that was within $1000 of what we were hoping to get out of it. And we certainly would not accept a deal close to our bottom line and then try to renegotiate over such a nominal amount. We did say no to an offer that was $80K below our bottom line and then did take it off the market.
If they already signed the contract, and you have it under contract, you could force the sale. But better to just walk away from this. Be glad you haven’t wasted money on an inspection.
Yeah, that’s shady and unfortunately not that uncommon. Once you’re under contract, they can’t just change the price because they “don’t like the figures.” If they’re trying to back out to keep it in the family, have your agent review the contract and see if they’re actually in breach. At minimum, I’d push for a formal cancellation and consider walking — sellers who act like this rarely get easier to deal with.
You offered 5k under for a property sitting for 80 days. That was the first mistake. I would have gone in a lot lower and not moved.
These people are telling you that they’re going to be difficult to deal with.
If you agree to their terms now, it won’t be the last time they try to change them. If you want credits or repairs, they may say yes, but you’ll find out the day you expect to close, that they did nothing.
Yes, you may have a contract accepted, so legally they are in the wrong. But it’s not cheap, fast, or easy to attempt to enforce a contract if one party does not want to cooperate with it. Contracts are like simple door locks, they keep honest people in line. But shady people don’t see them as obstacles to getting what they want.
Agree with the others that you should just move on. Send over a cancellation that returns any escrow money to you and keep looking.
I’d tell them you want 1k-1500 from them to break the contract and compensate you for your time. Make sure to include the realtors brokerage.
Child please. It’s a buyers market so you will have plenty to chose from!
Your mistake was not initially bidding $20k under with the seller paying the closing costs. After negotiation you would be a lot closer to where you are now and the seller would be thinking they already got one over you.
Do you actually have a signed executed contract?
I think you did everything right and made all the right decisions…but when you say “This seems incredibly shady to me”…what does that mean? What about that is shady? Also, this doesn’t really seem like “nightmare” territory
Honestly, what probably happened is they got close enough to the sale to run numbers and realized they’d prefer their golden handcuffs
This is your deal to walk away from. There’s all kinds of emotions on the parts of buyers and sellers because for some this is the largest deal they will ever make
Add to this the [expected] lack of professionalism as these people are amateurs at best
Walk away. They don’t want to sell.
No, move along. This seller will only get more difficult if the sale proceeds.. guaranteed.
A contract is a contract. Keep to the original price.
You’re under contract already. If you want the house just keep moving on and sue for non performance. Nothing they can do about it. Either sell or lose more from lawyer fees.
They are in a contract so you could sue them. Some sellers need to be reminded of this. Beyond that this deal is not likely to work out. It’s time to move on before you waste more time and money on these nut cakes. This early in the process they will find some way to mess up the deal. I’m sure they want to keep it in the family until they figure out family wants the house for free because they can’t afford it.
Just don’t even buy it