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Agents and BIG EGOS… a Sad Combo

I have a problem…well…my buyers do. I have a transaction in escrow now that is an owner/agent. For those of you who don’t know what that means…it means the seller/owner of the property is also the listing agent.

This person listed the vacant home and we quickly made an offer on it which was accepted. My clients did everything RIGHT. They are “kids” in their 20’s. They managed to save the money to position themselves to buy. They were very reasonable throughout the inspection period only asking for repairs necessary for them to obtain funding. They got all of their documentation to the lender quickly in order to close ASAP…and got right in to sign documents and bring in their funds to close.

So you may be wondering…what is the problem? The seller has a line of credit which is attached to this property. He has an agreement with his bank to split the proceeds when his investment properties sell. Well, as happening all over the country…the rules of the banks are changing. The bank wants him to pay all of the proceeds toward his credit line. And he does not want to.

I do understand that he has the right to negotiate on his credit line with his bank. But REALLY!!?? Holding up the closing for my clients because he wants his way? That is SO not right.

We are not technically due to close until later this month…but my clients are REALLY anxious and scared they might not get the home. I think this guy has always been a pretty good agent and I am surprised that he is allowing this to stand in the way of doing the right thing.

I just hope he makes the right decision BEFORE the contract close date. I think he will…and my clients are praying he will.

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