Since June, 2008, I’ve been trying to sell the home I shared with Gene my partner of 14 years. As of today, I still have not closed a sale. The home is 70 years old but in good condition. It’s on a large lot (compared to most urban lots in Seattle) and has a remodeled kitchen, master bedroom, and a three car garage. The bad part? My home has lost almost 4o% of its value since is was last appraised in 2007. Therefore, I cannot pay off the mortgage now (a refinance that we completed at its peak value just prior to Gene’s death). So I’m trying to complete a short sale. A home appraised in 2007 at $700,000 is now selling in 2011 for $425,000.
About a month ago, I signed my third purchase and sale agreement. The other two deals fell through. Fortunately or unfortunately, this third deal is making more progress than previous deals but I fear I have signed an agreement with….well, to put it bluntly, an asshole.
The most recent buyer made a lowball offer. Since I was growing desperate I accepted the price, but only if he locked himself into the deal and agreed not to walk away. After an argument with my broker, he agreed. Apparently he wanted me to lock myself into the deal, but not himself. He wanted to be free to walk away for any reason, but I wasn’t allowed the same freedom. DING! First sign of an asshole.
This week, my bank approved most of the terms of the short sale agreement. What they didn’t agree to do was to pay the requested $6,000 in buyer closing costs. The bank agreed to pay $2,000 (generous, if your ask me). Yesterday, he threatened to walk away from the deal – despite our agreement. He had one loophole in our contract and he threatened to use it. The bank wouldn’t agree to change their end of the bargain, so the buyer threatened the agents. Either they give up more than $2,000 dollars in commission (each) or he would walk away.
Oh, by the way, did I mention the buyer is a corporate lawyer? Yeah. The reputation is not undeserved.
So – the agents agreed. They know completing a short sale is more difficult than getting into heaven.
Now, after 6 months of hard work, my agents just lost a big chunk of their commission. Usually, after such outrageous behavior, I would walk away from a deal with a man who has proven himself t0 be untrustworthy. I, unfortunately, don’t have any loopholes to use.
Guess what folks – the kind of behavior this guy is guilty of is not unique in today’s real estate market. A “buyer’s market” that’s filled with desperate sellers either close to bankruptcy or foreclosure has spawned a feeding frenzy of immoral and opportunistic buyers who have no qualms about screwing anybody if it will save them a couple thousand dollars.
I hope they all (including the buyer of my house) burn in hell. I’m disgusted, bitter and fed up with humanity.
UPDATE: April 26, 2011. The sale has closed. Though I’m not as angry as I was when I wrote the entry above, I still have a lingering amount of anger, regret and sadness. I wish the current housing market wasn’t so open to abusive and unethical behavior. But, at least the process is complete and all of us involved in the sale can move on. I hope the new owners are happy in their home. I know I’m happy in mine.
