"As Is" Means "As Is"
“As Is” Means “As Is”
I’ve been working a Countrywide short sale (one of many) in Navarre FL, and finally got approval yesterday. The Countrywide demand letter stipulated closing within 30 days. After weeks of the buyers’ agent asking for final approval, I am now told the buyers may not be able to close on time. They want seven more days. I got their extension approved by Countrywide, with a per diem penalty included. Now the agent tells me the buyers are not sure they can do the VA-required repairs, and won’t order the survey and termite until they know what the repairs are. I asked the agent, as she was told from the beginning of the deal, “The buyer understands that the seller will not do any repairs and the buyers will have to do them and the buyers have the means to do them, correct?” This was reiterated and even stated in the MLS. Needless to say, I’ve placed the property back on the market, pending resolution. Next goal: Find a way to hand-pick the selling agent!
UPDATE: Buyers are walking. Although all terms in their offer were agreed to by Countrywide, and the contract was in full force, after two months of negotiations, they have simply changed their minds. I told their agent it might be a problem getting back their earnest money deposit. (Buying a house is not like buying a big-screen t.v.)
FURTHER UPDATE: The buyers changed their minds again. They are buying the house. Happy ending.
ACTION ITEM: This office is requiring signed acknowledgments by buyer and selling agent regarding short sale steps and time frames on all short sale transactions.
Wendy, It is amazing to me how convoluted and confusing short sales are getting. We have some that Countrywide picked the title company (In Louisiana and property is in Pace) and put a $100 per diem if not closed in time and due to the title company, we aren’t able to close. It was a HUGE fight to get them to waive that and pay for an extension fee for the lock in since it all stemmed back to the title company (they told us that they worked their closings in order of closing date and told me to NOT email them at all until we were within 5 days of closing! I needed some information from them as the buyer was getting SHIP funds and they refused!) It’s a lot of fun, isn’t it??!! Glad this one worked out for you. I think the media is scaring a lot of people when it should be telling them that NOW is the time to buy!
Sue- Thanks for your thoughtful comment. I think a lot depends on the negotiator. Some are simply lazy, and won’t think beyond the company line. Can’t stand that!
Susan, Your agent must make your position clear. You are correct- your timeline shouldn’t start until you have a contract. You might also provide a memo from your lender.
Wow you are on a rollercoaster ride with this one … Glad they saw sense in the end.