Thread: Family goes to closing attempting to renegotiate the price of the home!

Last Friday we`re at a closing that was supposed to take place two weeks ago! Our seller is happy that we`re able to assist the other agent in locating a new lender for the buyer.
The agent seemed not to "take any" interest once it became obvious that she wasn`t dealing with the mortgage. I always believe it`s a conflict of interest to handle the Real Estate transactions and deal with the Mortgage.In this case it appeared to be!
The closing was set to take place at 2PM, the buyers called and told the Title Company they were running late by two hours!
At 4PM we arrive awaiting the buyers, who need an additional 30 minutes. Finally after a 2.5 hour delay we begin the closing. One problem! The buyers agent wants to renegotiate the "sales price" with the seller.
The conversation is as follows:
Buyers agent: Our buyer is looking for a "Price Reduction", they feel that the sales price is too high!
Me: You`re the one who wrote the "Original Offer" not us! We accepted the offer in "Good Faith and executed the contract!
Buyers Agent: Well, since they`re original "Good Faith Estimate" things have changed. Sorry, we wish to have the seller reduce the sales price by $14,000. That would help the buyer immensely!
By this time the seller is blowing a "Gasket" he walks out of the room and tells me to handle the situation.
Me; Look are we going to close or not?!
Buyers: Why are you being rude?
Me: Rude?!!! Lets see, we`re two weeks late in closing, you`re mortgage broker/ Realtor abandons you and I jump in to help you get this house. Rude?!! I don`t see how you can say that?
Buyers: We want a good situation for us! Our agent doesn`t feel you and the seller are cooperating with us!!
I kid you not! This is exactly what they said to me!
By this time, the closing agent and I are perplexed, we don`t know what to say or do! It`s now after 5:30PM and it`s Friday.
I look at the buyers and the buyers agent and politely tell them that if we`re not closed on Monday they`re in default! No more cooperating!
I can`t believe the words "Thank You" never came out of their mouths!
I hope the Buyers and their agent fully understand what they`re doing, i sure as heck don`t!!!!

There is no figureing out some people. Should have replied:
"I'm sorry, it my responsibility to my client to negotiate the best sitiuation for them, not you. We'd like to raise the price by $14,000. It would help out the seller immensely. We don't think you are cooperating with us."
(Though I don't think the sarcasm would have sunk in).

So did it close? If I were the agent I'd have stuck with contract as is. Hope there was earnest money.

-Tim

That make me wonder what`s happening in our profession.
I`ll letyou know on Wednesday of we close.