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Since November 2009
You don't mention a couple of key elements: the purchase price and the agreed upon commission. Also, is the realtor handling your sale also representing you on your purchase.
There are three groups with an interest in this transaction. First, there is you. Second, there are the buyers, And, third, there are the realtors. Of course, the realtor is going to want you to make up any differences - they don't want their payday impacted. However, you may or may not be able to absorb the $5K hit.
It sounds like the buyers have the least amount to lose by having the deal blow up over $5K, but it never hurts to see what they can do about closing the gap. My guess is that, given the choice, they'll walk.
You are in a bit of a bind if you need the sale to close in order to close on the purchase (which sounds like your situation).
While I wouldn't be overly caustic about it, try putting some of the honus back on the realtor (she did agree to market your house for a set price...and it sounds like she may have missed the boat on the market analysis). Depending on the price/percentages, a half-point concession on the commission could help close the gap - especially if you could get that concession from both realtors. Remember, if the deal falls through, they get nothing - so there's some incentive for them to help you close the gap (as long as you're reasonable).
Hi Stressed,
So to clarify, your realtor thinks the appraisal your buyers are getting to buy your home will come in less than the mutually accepted price on the contract, correct?
If the buyer's dont' have the money, and you are willing to lower the price agreed upon to make if jive with the loan amount, there shouldn't be a problem.
For example. Buyer's agreed to pay $100K for your home. Their appraisal comes in at $95K. It's totally up to you if want want to lower the price on the contract to $95K instead of the original $100K.
I don't see any reason you would have to pay the extra money?
Maybe I'm missing something?
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StressedInPa
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