I think your buyer's agent has a major conflict of interest. They can NOT represent both of you and just because he's a buyer's agent does not relieve them of their responsibility to the seller.
When we were buying our house, we had a buyer's agent and a similar situation. Our agent made it clear he could not act in our best interest in this case.
yes, there are no other buyers...so what...so you are unreasonable ..who cares....you got no other houses to buy in that price rang
The agent can not represent both parties. The agent works for the seller. The seller does have the right to accept or refuse any offer. She did not fire the agent, it was just turned over to the broker who he works for to attempt to sell you the property but try to work something out with the seller. Ever buy a new car? This is what you are facing. Walk away for a few days and you might see a change in attitude on the sellers part. Of course, it comes down to how badly she wants to sell the home.
Lowering the price to 72K is fair & needed to be done because of the appraisal value. As for house, termite, radon inspection & appraisal payments, that is something you would need to pay no matter what house you plan to purchase, because it's something you want (& should have done) for your piece of mind, to ensure you're getting a quality house. Paying for those things is your job as a buyer, because this will be your investment. So the seller should not be expected to pay for any portion of those fees. As for closing costs, I think that making a 50/50 deal is fair. Closing costs can go so many ways, some buyers pay all of it, some sellers agree to pay all, some split it, it really varies between each sell/purchase of a house. So in my opinion, if the house got lowered to 72,000 (4,000 less than previously agreed), & what you already paid is your job as a buyer, I think what the seller is asking is fair. You pay $1,500 of closing costs & they'll pay the rest.
You're only being unreasonable if you really want the house and it falls through because you refuse to cough up the couple of thousand bucks needed to make up the difference between your offer and the appraisal. If you had 20% down like you should have this would be a non-issue.
And at the same time...if the seller wants to blow the deal over a couple of thousand dollars because they think they can do better than you, so be it. There's nothing wrong with that.
I'm getting the impression it's not a matter of being "reasonable," but rather you being cash poor. If that's the case then you can't afford the house so just walk away.
If you want the house and can cough up another 2-3 grand then just buy the house already. In the course of a lifetime in the house it won't make one bit of difference in the long run.
If you can't come up with the necessary cash it doesn't mean you're unreasonable. It simply means there is no deal.
P.S. By the way, I don't think you understand what pre-paids are. Pre-paids are things that must be deposited/paid IN ADVANCE at the close of the sale. Examples are property tax, homeowner's insurance and minimum balance in an escrow account.
Pre-paids have NOTHING to do with your purchase inspection, appraisal fee, etc. Those are "pay as you go" and have nothing to do with the purchase contract or closing cost.
I am a first time home buyer. My Real Estate Agent is also the agent who has the house that I want listed. So therefore, he is acting as a dual agent, but he is on "my side" since he is a buyers agent. This seems to have the seller on edge. Initially, I was going to buy the house for 76k with seller paying up to 3k in closing costs. I am taking out a FHA loan and the appraisal was done after the inspections: house inspection, termite insp, radon testing - all paid by me. The appraisal was also out of my pocket. All in all, I've invested around 1k in prepaids into this house. I am putting 5500 down.
Well, the appraisal came back at 72K. So my RA and seller came to a verbal agreeement of 72K + 1500 credit toward CC. But when seller got the actual contract, she said she will not be paying towards any prepaids. Only closing costs. And she wants me to pay the first 1500 in closing costs and she will make up the difference of up to 1500. My realtor gave her a hard time and she fired him. The owner of the brokerage firm is now her rep.
