I just completely one of the worst transactions EVER! I can't believe we even made it to closing on Tuesday. (Yes, this is the one with 3 pregnant women in the same room) This is a little long, and I've also cut a lot out as below isn't everything that happened... worth the read!
At the beginning of October, I received a low-ball offer on a listing. I received no call or email telling me to expect this offer, and I also received no approval letter to go along with the offer. I called the buyer's agent to try to get more information... left a message. The next day, left a message. Two days later, left a message...
The next Tuesday, I left a message saying, "Does your buyer want this house or not? Why would you submit an offer and not return calls?" I received a call back within 30 minutes. The agent tells me he's been in Cancun. Yes, he submitted an offer, and immediately left town and left no one to follow up for him.
I get the approval letter, and guess who is the loan officer? Yes, the buyer's agent is also the mortgage person, as he OWNS the real estate company and the mortgage company. Also, he is a builder and does 99.995% new homes, and hasn't done a pre-owned home in ages, and didn't even know the correct forms to submit through the rest of the transaction.
So, we counter the offer, and it takes over 2 weeks to get an executed contract signed by the buyer which also meant we had to change the closing date because they put Oct 15 as closing date, but when you don't execute until after that date, no chance in it closing.
But wait, it gets better! Three days before I get the executed contract, the buyer's agent LEAVES TOWN AGAIN! This time, he leaves for 2 weeks! Again, he leaves no one in charge who knows anything, and there is no one at his office who is licensed!!! My only contact was a loan processor who had no idea who the buyer was, but she did help get the contract from the buyer after I gave her his contact information.
While the agent is out of town, the buyer is supposed to have his inspections. Does he do his inspections?? NO! He waits 2 weeks to run his inspections! And then, he thinks he still had a leg to stand on when he came back and asked for 15 repairs!! Whatever!! The buyer's agent is responding to emails every 3-4 days while in Hawaii, but that's doing no good. The agent, as he's also the mortgage guy, threatened to deny the loan if repairs weren't done. Silly silly man... he is not familiar with our new Financing Addendum that states that if the buyer doesn't give WRITTEN notice of loan approval within a certain amount of days, he cannot cancel the contract due to financing and expect to receive his earnest money back... boy was he mad!!
In the mean time, the BUYER was at the house, and actually told MY SELLERS that they needed to talk with me and tell me to stop representing them to the tee and give him a break since his agent is out of town. YES, he told my sellers I was representing them too much. Can you believe this!!
Fast forward to the agent getting back in town... we agreed to 4 repairs even though we didn't need to, but we weren't going to throw things away because of $750 worth of repairs. Then, the buyer asked for MORE repairs!! You've got to be kidding me!!
I'm this |--| close to reporting this guy to TREC as he did so many things wrong. We got to closing on Tuesday, and this guy even threatened to hold up funding so my sellers couldn't buy their new house the same day, all because he demanded a key to the property right then and there though it hadn't funded yet, and my sellers also have a 10 day lease back.
Check is CASHED!! And I can't believe the stress of this didn't put me into labor!!!