Posted by Bud Branstetter on August 28, 2002 at 13:36:31:
I walked out of a closing once, as a seller, because I refused to may for an owners title policy in addition to the mortgagee’s policy for a VA loan where they put up $100. The policy would cost me more than that. They flinched.
I am so mad, I can just, well, just!!! - Posted by Aaron-TX
Posted by Aaron-TX on August 27, 2002 at 22:02:44:
I did my half of the closing on a deal today, and waited around for the sellers to arrive for their signing over. When they arrived and looked over the HUD-1 and settlement statement, they stated they wanted an additional $1500 because they didn’t think the settlement costs were going to be that much and they wanted more NET cash from the deal.
Grrrrrrrrrrr! I’m in the deal at LEAST $1500 so far and I’m seeing nothing but red.
The seller’s agent was just flabbergasted.
My agent was quite calm.
I was p eye ess ess ed.
I told them that should they not sign they’ll lose more than the $1500 they want from me cause I can cloud that title for months since I have a valid contract.
Still awaiting the outcome.
I’d let it go except that I’ll be getting $700 a month from the deal. Can I help it if they or their agent was a poor negotiator?
Am I reading this right? - Posted by ScottE
Posted by ScottE on August 27, 2002 at 23:29:30:
Aaron,
Did you say you are going to make $700 net a month cashflow from this deal? And for $1500 you didn’t just get it settled right then and there and make a deal, rather you are willing to risk the whole deal?
I don’t know how many closings you have gone through, but yours is not unusual at all. In fact, I would go as far to say it is the norm and things often ‘pop’ up at closing. Use your best negotiating skills (and your head, not your gut) when the pressure is on in cases such as those. You should be anticipating problems at closing and playing those scenarios in your mind long before the actual closing.
Scott
Re: Am I reading this right? - Posted by Aaron-TX
Posted by Aaron-TX on August 28, 2002 at 09:58:18:
I haven’t had that many closings, but this is the first time this has ever come up for me. It really just raises my ire more than anything else.
Re: Am I reading this right? - Posted by joe
Posted by joe on August 28, 2002 at 11:37:28:
pay them the money and close ASAP, then smile every month when your check is deposited.
suppose they find out what you’re making and decide you’re getting too good of a deal? if another investor is offered the property, you think he’ll turn it down even if you have a contract?
The sellers flinched first. - Posted by Aaron-TX
Posted by Aaron-TX on August 28, 2002 at 11:41:06:
I was getting ready to give them the $$$ when I got a call from the title company saying that they were there signing the papers.