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#459729 - 11/09/17 03:23 PM Buyer credit to seller
koz Offline
Junior Member

Registered: 02/19/17
Posts: 4
Loc: pa
I have a listing whos closing got delayed 10 days due to change in type of loan.

He won't sign the addendum with new date/loan type unless the buyer credits him 10 days of his mortgage.
I know.. but he won't take no for an answer.

I have never had to do credit that way before except a few pre settlement per diems. Can I just 'buyer credits seller 500'? I don't want it to affect the loan.
(not that they will agree anyway, if i was the other agent id give us a big NO)

Just wondering how you would word it if you had to try.

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#459736 - 11/10/17 05:07 AM Re: Buyer credit to seller [Re: koz]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
Who's responsible for trying to alter the mortgage application at this late date . . . . that's who should pay.

Sometimes. just to "grease the skids" the Broker will provide the lubricant to keep the deal alive.

When it comes down to the wire, I would pay it out of my Commission !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#459737 - 11/10/17 06:57 AM Re: Buyer credit to seller [Re: koz]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
I can see where the seller is coming from but if he kills the deal then he has to make the mortgage payment for the entire month and the next month. Give him a choice, 10 days of mortgage or 60 days of mortgage minimum
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#459751 - 11/11/17 07:44 PM Re: Buyer credit to seller [Re: Bigtoe]
Long Walk Online   content
Member

Registered: 06/27/08
Posts: 118
Loc: New Hampshire
Originally Posted By: Bigtoe
I can see where the seller is coming from but if he kills the deal then he has to make the mortgage payment for the entire month and the next month. Give him a choice, 10 days of mortgage or 60 days of mortgage minimum

This is the best part of the business, in my opinion. All the pain of prospecting and lead follow-up to get to the negotiating of the sale. And sometimes those negotiations go all the way to the closing table.

There is a lesson I learned early on that served me well in negotiations: the fear of loss is a greater motivator than the benefit of gain. The OP will shortly find out what is most important to the client: pride or money.

I hope the OP lets us know how it turned out.

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#459827 - Today at 07:02 AM Re: Buyer credit to seller [Re: koz]
jsteinhomes Offline
Member

Registered: 01/18/11
Posts: 282
Loc: Montgomery County, PA
It is amazing to me how often the principals in a real estate transaction let their Pride get in the way of making a logical decision.

Just a few weeks ago, I had a seller who failed to mention to me that the U&O permit they received on their home was Conditional on four very minor items. Because the inspector told them it was no big deal and there was a year to remedy, they figured that it would also be no big deal to just stick the list and responsibility on the buyers.

The buyers, obviously, had a different take on the situation, and asked for $200 at the table to cover the cost of these four items. Seller absolutely refused at first. "I am not discounting my house any more, blah blah blah..."

I offered her a choice. Accept their (very reasonable) terms and walk away with a check for $33,000 instead of $33,200 that they can use as down payment on their new home (which was under contract, of course) or they could walk away, put their home back on the market and keep paying the mortgage on their current home while losing the deposit on their new home.
_________________________
Joshua Stein, ABR, e-Pro
Coldwell Banker Preferred - Conshohocken

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