Buyers asking for concessions hours before closing, may cancel

Homeseller Forum
1

UPDATE: we closed! So we are hours before closing and my realtor just called and told us that the buyer is last minute asking for concessions of 10k from us or his realtor and now no one knows what’s going on. We were supposed to close in two hours and now we don’t even know if the deal will go through. Can we sue? We have another home to purchase lined up to close in a few days, so we are getting totally screwed here.

UPDATE: our closing got delayed. Supposedly the lender hadn’t sent over the PITI (or whatever it’s called as we are renting for a little after closing) to the title and the buyer demanded that the lender halt all communication with the title company until this was settled. We refused any concessions and said if we don’t close by Friday we are walking, taking EMD and suing. We just got word that the buyer and agent agreed to a 2k concession to closing costs. We are still signing later today and the buyer will sign tomorrow. A lot of work to screw your realtor over 2k.

Weird thing is this buyer has been extremely chill. Asked for no concessions during inspection period, waived appraisal, and doesn’t even want to do a final walkthrough.

2

Sounds like a shakedown. Ignore, or refuse through your agent, and go sign docs on your end. You do not want to be seen as the one in breach of contract here.

3

Excellent answer. From the buyer’s viewpoint, you miss 100% of the shots you don’t take. They have no downside for asking.

4

Thank God everyone doesn’t have the ‘me first attitude.’

5

If the buyer defaults and refuses to close, your damages will likely be to keep the buyer’s earnest money deposit.

6

Neither state I work in says that the EMD is the ‘only’ measure. However, if a person signs a mutual release and cancellation form, then it will be.

7

Same happened to us; we said take a hike, they dropped their $5000 request, and we closed on time.

8

I can’t seem to edit my post anymore so just piggybacking top comment - we closed! They signed at 445 today so don’t have the money, but closing was verified by the title company.

9

Just a warning from my experience that you may need them to sign to release it from escrow or take them to court to force it.

10

Lenders verify funds to close. If you are just hours from closing, then it’s highly likely they have the funds and are trying to squeeze you.

11

You’re paying an agent. She should be aggressively advocating to close, and be telling their agent NO.