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What can we do to motivate seller

The only thing mentioned on the appraisal was the beam in the back needed a fascia... the obviously rotted beam needed a peice of plastic put over it, and that was only mentioned because the broker forced the appraiser back out to the site.  We took this term, put a peice of plastic over the beam, to the seller and let them know this is the only thing between were we are and closing.  The seller didn't complete it by the close date a week later so closing was pushed back two more weeks.  The seller didn't complete it by the NEW close date so closing was pushed back two more weeks.  The seller didn't complete it by the NEW NEW close date so closing was pushed back two more weeks...

We now are currently poised to miss the next close date one week from today (because the broker needs to do a follow-up appraisal to verify it's done).  The mortgage broker has also had to extend our rate lock for the mortgage twice, the cost of which is being added to the closing.

WHAT CAN MY WIFE AND I DO?!?!?!  We're reaching the end of our rope as far as sanity is concerned because we're more than ready to move out of our tiny apartment (half of it's already packed).  In trying to speed the seller's actions along myself I was requesting updates every 2-3 days from their agent.  A few days ago I received a message stating they weren't going to talk with me because it is improper to deal with me instead of my agent.  I've since alerted my agent of this and he tells me that the seller works in such bulk (Homepath forclosed properties) that they just work on their own time scheme and there's not much we can do.  I think the process has made him weary of the deal. 

I like our agent and think he's performed great up till now but I don't want to lose it this close to closing.  What can be done to speed this closing along and motivate the seller to performing the actions requested?



  • October 18 2013 - Cincinnati
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Answers (5)

Dear Frustrated buyer,

I can certainly appreciate your frustration at this point, especially given that you packed and committed to close. 

The cost of your rate lock not just once but twice may be more than the cost of fixing the beam at this point.  I suggest you ask your agent to assist you with using one of their recommended vendors to determine the cost to fix this and take back the control that you so desperately need at this time, to make this home yours!  

I am seeing evidence of the market picking up again and if you were to lose this property it may be more costly to pursue another home due to home values increasing. I also recommend discussing the possibility of sharing in the cost with your agent to resolve the situation. I'm sure your agent is as committed to successfully closing this escrow for you as you are.

The very best of luck to you.  I sincerely hope you resolve this and close! :)
  • October 19 2013
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If this is an FHA or VA loan escrow may not work.  The appraiser does not sign off until the work is done.  I just had one.  The appraisal was not released until the work was done and the appraiser went back to check and collected his extra 100 bucks.
  • October 19 2013
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Check to see if your bank will allow a certain amount of funds to be escrowed at closing for the repair.  Just make sure you retain well over the amount the repair would cost and trust the seller will get it fixed then. 
  • October 19 2013
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If you want to get this closed put the plastic on yourself.  i have never seen a piece of plastic  cure a rotted beam.  Just do it and go to closing.
  • October 18 2013
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Profile picture for Outer Banks N C
Piece of plastic over a beam? No is idea what that could be or what covering up a rotted beam with plastic could fix, but...... what ever.

It sounds like you are dealing with a bank owned home. How much will it cost to make this plastic piece thing? You have delayed closing for 8 weeks now because of this? I can't help but think there is more, lots more, you are leaving out. Banks are difficult to deal with but even they don't like delays of 8 weeks. Can you pay to have it done? Have your lender allow money to be escrowed to do it after closing?


tim
  • October 18 2013
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