What would your buyers do?…

As you can see, I’ve been lacking on posts lately. After the conversation I had today with one of my buyers I figured I should write about this one. It’s a terrible sign that I’m surprised by someone sticking to principles and putting morals and values before money. Unfortunately, we live in a society that has become “all about me” and getting greedier every minute… or so I thought. I’m in the middle of a deal on a single-family house in Yonkers, NY. The listing agent is representing a couple going through a bitter divorce. At one point my buyer said to me out of frustration, ”I understand this process is tough for the sellers but why is it that I feel like I’m the one going through a divorce”. I couldn’t help myself, I thought that line was hysterical and burst out laughing. The negotiations weren’t too bad until our appraisal came back $10,000 under the negotiated price. At that point the solution should have been simple; the sellers drop the price to match the appraisal and we wait for a closing. NOPE, why should anything in this business ever go as planned? The husband insisted the house is worth more and he’s not budging on the price. His own real estate agent and lawyer are trying to convince him that he has to drop the price or the deal is off. We have been stuck at this point for two weeks now. Earlier today the mortgage agent, the listing agent and myself suggested to do what we hate most. Yup, we were going to each throw in $1,250 along with the wife (out of her half of the proceeds) to come up with the $5,000 he is required to give up. If you’re paying attention, I did say the appraisal was off by $10,000 but that’s $5,000 from each of the husband’s and wife’s half of the proceeds. I don’t want to get off topic but it’s a joke that a seller would blow a deal over $5,000! Anyway, I presented this solution to my buyer. Now remember, he’s a tax credit buyer. He stands to lose his $8,000 tax credit if we don’t get this straightened out in the next week or so. His response was, absolutely not!!! He said there is no way he is going to allow myself or his mortgage agent to give up any of our hard earned money to bail out this owner. I explained that my commission is secondary and that closing this deal and getting him the tax credit is my primary concern. He then said that he was glad to hear me say that his results were more important than mine but he has to move forward keeping his principles in order. He also stated that if he misses the tax credit then so be it but it wouldn’t be the right move to pay someone else’s way. His comment was, “if every transaction you had to give up that much money, why get into the business in the first place?” I was taken back by the sincerity of my client. The whole conversation was just something I’ve yet to encounter in this business. I’m used to people who are quick to ask us to reduce our fees or give them bonuses. Of course they’re the same people that if you asked them to take a pay cut in their profession because of budget restraints would tell you to go take a walk…. In not so nice words too! Especially in today’s times, it’s not to often you will come across a young couple that will jeopardize their new home along with $8,000 to make sure you don’t have to unjustly give up $1,250 of your hard earned money. So again I ask, what would your buyers do?