Oy, can’t believe I just used a Latin word in the title”¦
But that’s really neither here nor there.
“It also sounds like you have a great client”¦ and the seller and/or listing agent will be a PITA the whole way.”
For those not familiar with the term “PITA”, it’s “net lingo” for “Pain In The Ass”.
And as is the norm, John was spot-on in his assessment (on both parts).
Here’s a recap”¦.
Our very qualified buyers make an offer on a very nice home.
The specifics of the offer aren’t all that important. It was a strong offer, by a strong buyer (as evidenced by the amount down, earnest money, closing time line, their loan parameters, and the fact they don’t need to sell an existing home).
Some things the buyers asked for:
* They wanted a closing date of July 31.
* They needed a 15 day inspection period as they will be out of town for several days (the “typical” inspection period is 10 days).
* They used electronic signatures (which as discussed Sunday, are perfectly legal).
The sellers countered:
* They wanted a closing date of July 30. Yes, one day sooner. The reason, as quoted by the listing agent? “I don’t like closing on Thursdays or Fridays”. (wonder if the seller really cares?)
* They nixed the 15 day inspection period, insisting on 10 days ”” this despite knowing the buyers would be out of town for a portion of those 10 days.
* They did apparently relent on the electronic signatures. A concession!
There were other items countered. We were a little apart on price, but close enough we felt we could work it out.
So our buyers re-countered on price, and again asked for a 15 day inspection period.
Next the seller re-re-countered. They were now OK with the purchase price ”” and let’s face it, that is (or should be) 99% of the battle.
But here’s where it went beyond ridiculous.
They countered the closing date again (after we’d agreed on their silly “no Thursday closings” rule). They, in a seemingly random act, pulled the close of escrow date in by two weeks.
WTF? Can you say PITA? The Buyers did. They said “AdiÃ³s”.
I so want to ask the sellers:
Why, pray tell, does the COE date now need to be 2 weeks earlier, when a mere 24 hours ago you’d already dictated what date you wanted???
And for whatever reason, you again refused to allow a 15 day inspection period. Hmmmm”¦. you know that 10 days doesn’t work for the buyer. All they need is a few more days. And you say, “Nope”. Are you just being difficult, or are you afraid a little extra time might uncover a problem?
And now you want additional earnest money, with some of it made non-refundable after the inspection period (you know, the one you won’t allow five extra days for).
You were this close to going under contract. And you blew it. There are 43,158 single-family homes listed for sale in the Phoenix MLS. We’ll find another one.
Sellers, you don’t have to concede to every buyer demand. But think about at least cooperating. Look at what the impact to your bottom line is. Work with the people that are telling you they want to buy your home.
Don’t be silly.