“Not Every Real Estate Transaction is Successful”

     “Not Every Real Estate Transaction is Successful”

 

 

After speaking to my client a couple of times it was obvious that the purchase of her second home she had under deposit was not going to happen. This was definitely a case of a stubborn buyer and seller and two Realtors that couldn’t bridge the gap. This one was just not meant to be:

 

The deal fell through over the weekend.  We can't agree.  All the heating and water systems need to be replaced to the tune of 9,200 and they won't budge more than 6k on the asking price and I can't justify paying a premium for a home with working systems that I have to pull out and replace before I can put furniture in it because it' basically paying for systems twice, so we are done.

Is there a way to extend the loan so that I don't have to reinvent the wheel with all the paperwork if I find another place in the next 60 days?

Let me know, thanks much.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 23 commentsJoe Petrowsky • April 22 2016 06:13AM

Comments

Hi Joe.  To lose a home for less than $18/mo on the payment is ignorance on the buyer's agent and buyers part.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) about 1 year ago

Hi Joe.  So for an additional $3,200 she will have a brand new heating system that is worth $9,200.  Originally she was going to buy the home with a used system that could go at any time.  Doesn't sound like a wise decision to me.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 1 year ago

I'm with Conrad Allen and Gabe Sanders.....this does not sound like a wise decision. 

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) about 1 year ago

Sometimes there is just no reasoning with buyers or sellers. One of our sellers refused an offer that was only $500 under asking. We offered to pay the difference and they refused...True Story!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 1 year ago

Both Conrad Allen and Gabe Sanders knocked this one out of the park... too many buyers get all caught up with what is really a small amount of money over a long period of time and don't see the forest for the trees.

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) about 1 year ago

Good morning Joe. As they say: "you can't fix stupid"! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 1 year ago

As the previous comments noted, Joe Petrowsky this buyer must have felt that he/she was deserving of a deal  an a platter.

Posted by Sandy Padula and Norm Padula, JD, GRI NMLS#1483386, Presence,Persistence & Perseverance (Allison James Estates & Homes & Realty One) about 1 year ago

Good morning Joe. Well, it sounds as if both sides do not want to sit down at the closing table. 

Hmm... just gave me food for thought for a post. 

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Coldwell Banker Residential Brokerage) about 1 year ago

Good morning Joe. Sometimes transaction go awry simple because the principals can't get over themselves. My current home came to impass and I just decided enough: I want this place. I'm glad I did.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 1 year ago

This may come to be a decision that he regrets.  Thanks for sharing. Enjoy your day!

Posted by Joyce Marsh, Broker Associate, Premier Sotheby's International Realty (Premier Sotheby's International Realty) about 1 year ago

Joe, there are times negotiation is just too far apart, and there is no way to save it.  Luckily, that does not happen very often! 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) about 1 year ago

There are many problems that can be resolved. Isn't it a shame when the problems that can't be resolved are because of people problems? That's foolish. Too bad those that can't negotiate can't sit in the penalty box and let someone else more competent take over the transaction like they do in sports. 

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 1 year ago

Emotions do get caught up in the deals no matter how we may try to keep it business.  I do not know the price of the home but I am suspecting the $3,200 a very small percentage.  Mark

Posted by Mark Don McInnes, Sandpoint, North Idaho Real Estate - 208-255.6227 about 1 year ago

Joe,

Don't feel like the "Lone Ranger". I deal with this sort of nonsense on a routine basis. I just finished with a deal where minor electrical issues (GFI Plugs....duh?) were going to delay a closing. The owners are older folks, they were more concerned with neatening up the place than hiring an electrician to make the repairs.....it would cost money right? The issue was resolved when my buyer agreed she would take care of the repairs if the owner's left the riding lawn mower.....signed sealed and delivered. The thinking, or lack thereof with today's buyers and sellers, can boggle the mind. You can't make this stuff up!!!

Year's ago, I had two women arguing over a bedspread which matched the curtains in the master bedroom. A four-hundred thousand dollar sale was in jeopardy because neither would budge. Unannounced, I bought the "new owners" an identical bedspread and placed it on the floor of the master bedroom once the sellers vacated the premises. Everybody was happy as they thought the other had capitulated.

Many of today's buyer's consider buying an improved property like that of purchasing a new car. A new car "smells" new, looks shiny, doesn't rattle, has all the latest geegaws and  requires no servicing. This same mindset carries over with the purchase of real estate, particularly in cases where the real estate is a second or vacation property. "I am in a position to acquire the "extra's" in life and by golly, this place is going to be turned over to me in "like new" condition."

As we move forward, with younger generation's now moving in position to acquire a "piece of the good life", paradigm shifts, values changes etc. have caused most of us, including realtors, to adjust our way of doing business in order to fit the ever-changing consumer. 

The best method I have found to address buyers and sellers whose heads are stuck in the sand, sharing a few recent examples where customers and clients alike, have thrown common sense out the window only to subsequently look totally ignorant, when after the dust has settled, they missed out.

Your's is a typical example where this individual couldn't see the forest for the trees....

Have a great day!     

 

Posted by Sharon Miller (RE/MAX Platinum) about 1 year ago

I am so glad to see all of the other comments! This looks like a Buyer issue to me - and the first question that came to mind was - what does 'all the heating and water systems need to be replaced' mean? Do they not work? Are they older but functional? Are they leaking? Are you crazy? 

 

Posted by Mimi Foster, Voted Colorado Springs Best Realtor (FALCON PROPERTY SOLUTIONS ) about 1 year ago

Failed transactions are a source of great disappointments. We just have to move on.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 1 year ago

It sounds to me like the inspection said the systems are on their last legs and the seller won't replace them. I don't know that I would go forward without a really good home warranty either.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) about 1 year ago

Joe I wonder if the deal would have fallen apart if they realized that the $6,000  represented less than a cup of coffee a day at Dunkin Donuts.?

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 1 year ago

Joe,

This is the type of situation that surely can be handled.  Sounds like it is time to go to plan B which may or may not include a new agent.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding and Marketing (Napa Consultants) about 1 year ago

Sometimes common sense just left the building Joe Petrowsky 

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek & Associates LLC Team) about 1 year ago

Joe- not everything is going to work out and sometimes people can't put their emotions aside and look at the whole picture. I had a friend who almost lost the sale of their home over a $150 microwave.  Fortunately, his wife stepped in with a cooler head. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) about 1 year ago

A sad story Joe, I have been there. Sometimes people just can't agree. 

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 1 year ago

That's too bad. She's not looking at what would happen if the systems suddenly broke down a year from now, instead of now, and she was out the entire $9200 at that time. Nor is she considering the fact she will have a brand NEW system that will last for years. Peanuts for brains.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) about 1 year ago

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