After the offer had been signed, the agent leaves for the Bahamas on a pre-planned vacation.
Four days into the transaction, the inspection report comes in showing the need for ‘extensive repairs’ running into the thousands. At about the same time, the buyer’s lender call with news … the appraiser can’t find comps to justify the property’s selling price. After several calls and researching further, that obstacle was resolved. In the meantime, I’m trying to convey to the buyer (through his agent) that the reason for the lower selling price is due to the property’s condition. Finally, there is a new meeting of the minds.
But now, the Title Company is announcing the latest news: there is a cloud on the title that needs clearing and will most likely delay the closing. Seller has no idea as to the problem and buyer, very attentively, wants to use this as a bargaining chip.