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I find that when you push back and force the issue onto the parties to the transaction, they work it out.
Angela & Stephen Hardi...
I've not done so. I've had the seller's agent ask me to do so and I've found that when I said no, magically they made it happen from their own end.
It depends how the damage happened, The seller is responsible to maintain the home until closing. Most times reading that clause of the P and S will get the seller to do it. If the buyer or seller will not pay, i will call their bluff before considering to do it.
If the repair issue is significant enough, then I may be doing a buyer a bigger favor by letting the transaction die at the table, even if it means we have to start all over. That said, I have made some last minute concessions to hold a transaction together, too. Generosity seldom goes unrewarded, but you just can't let yourself slip from generous over to crazy. Some people are eager to drive you there, if they find out you're willing to go!
It really depends on the issue, the amount and who is really at fault that the issue wasn't brought to light right away. I once talked with the other agent and we both agreed to just walk out. We didn't get to the door and both parties were calling us back.
My job is to negotiate through these issues, not to buy them.
It depends. On what the contract says. And the amount involved.
Debbie Reynolds interesting that you asked this!
This happened to me a while ago - and I worked with the lender (since buyer refused to take it from my compensation) on the difference which was not much.
Now the best part is --- I did write the post about it and that was my first featured post on ActiveRain!
I don't know if this is available in all states, but a home warranty can be purchased by the seller or agent for the listing period. I believe the cost is somewhere around $1.50+/- a day. I'd think if something breaks during escrow, the home warranty would cover it.
I would give a little if that was the only option. Though, I've never run into a repair issue this late in a transaction. Typically this will result in some sort of legal remedy.
It certainly depends on the situation, the potential cost and whether both agents can agree to make it work. Often by standing your ground the parties ultimately decide to move ahead rather than starting all over.
And at the very end there could be legal ramifications for one part of the other for not moving ahead once you are beyond the due diligence period. What does the contract say?
Sadly, this happens all of the time. Common sense is the factor to consider.
We certainly have had this happen at the very last moment...Sometimes both sides get weird and it is much easier to help the deal along with a bit of commission thrown in. We have witnessed fights over $200 to $500, (people arguing principle) and it is not worth our time not to do it. A
Chief Cook once bought a shed and some sod....but I don't think she would do it again.....I would shudder at this scenario, Debbie!
My heart always goes out to agents. You guys have one of the most emotional jobs.
As a stager for so many years, I could only stand next to them, and cry over a glass of wine after the deal went south. Trying to get everyone on the same page with a high dollar amount when emotions are strong, agents deserves a lot more credit.
I've never understood why a seller is willing to walk away. To start over will most likely start with a price reduction to get the property going again. Sometimes it's just best to bite the bullet and move on. After all, the buyer can find a new home tomorrow.
Knowing so many agents that have done just what you've asked Debbie. Agents don't deserve to take a bullet for gridlock, but I understand why they do.
I am glad you asked this question. Most of the time sellers agree to credit or fix the item and an amount is held in escrowtill it is fixed.
It depends...and only if the other agent is also willing to keep the deal going!
First go bacck to what Lenn Harley always says. " What does the contract say"? I don't know why some people turn into big cry babies at settlement. My answer would be " It depends".
Well that depends on the issue. Most repair issues are taken care of in my state after inspection and after appraisal. An issue would have to come up with the final walk thru for me to want to concede anything on my client's behalf or my behalf.
I believe it depends on the cost of the repair and you should always ask the cooperating agent to give as well if that is your resolution to getting the transaction closed.
That's why you should always do your final walk throughs at least four day prior to closing.
Yes, exactly what Sybil said. I had to do this on my very first deal! Not fun, but worth it. That particular client has referred 2 leads to me because they felt I went above and beyond.
It depends on how expensive the repair is, but I probably would pay for it if it was not substantial. Many REALTORS have had to do this at some point.