Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Sorry. But Unless You "Chip In" I Ain't Closing!!

Our short sale business model is structured on the premise that we may need to chip in to get a deal to close.  With Short Sales, the number one focus is on helping the homeowner avoid foreclosure and getting the short sale closed.  Commission comes second.

Real Estate StoryHi folks. Have you ever had to "chip in" to make a deal work? I have. If necessary I will help to get a transaction closed.

Here's a perfect example of my willingness to help. I had a closing a few years back. It was a pretty good deal for me. A vacant lot, selling for $240,000 cash, with me being on both sides of the transaction. For me, that's a pretty good pay check. And of course being that it was vacant land, and a cash deal, there was very little work involved.

Anyway, when I wrote the deal, the buyer had placed a $10,000 deposit and said he would bring $230,000 to closing and not a dime more. No problem, I wrote the deal stating that the Buyer would incur no closing costs, so the only difference in his $230,000 would be tax pro-rations which would be in his favor anyway.

The closing was scheduled for late in the afternoon and my Seller, who is a long time customer of mine, decided to go in in the morning to sign his side of the deal and we would let the Buyer go in at 4:00 to take care of his side. I decided not to go since it was a pretty straight forward cash deal and I couldn't see driving for an 1 ½ hours for a 10 minute closing. Both parties knew this and had no issue with it. They were both seasoned Buyers and Sellers.

I never did see a HUD1. As usual in Florida it is very, very difficult to get a HUD statement prior to closing. But no big deal, I spoke to my Seller after he had signed and he confirmed everything was OK on the HUD. I asked him to fax it to me when he got back to his office later that day and he did.

While reviewing the HUD, I noticed that the Title Company was charging the Buyer some costs and his figure was now higher than the $230,000 he was counting on. So, I called the closer and after several E-mails she agreed to just deduct the charges from my commission and bring the Buyer back down to an even $230,000.

I called the Buyer and informed him of this and he was pleased and all set to close. Unfortunately, he got stuck in traffic and didn't arrive until just about 5:00. The closer I had been dealing with had already left and had not made the changes on the HUD as we had discussed. Well, when the fill in closer whipped out the HUD for the Buyer to sign, he refused!!

In fact, he refused to close and picked up his check and headed for the front door. The closer in a panic tried to reach me but couldn't so ran out into the parking lot and called the Buyer back in and then got authorization from the owner to remove the charges. Folks, this deal almost fell apart at the table because the closer did not initiate the HUD change we had agreed upon and because I was not there to solve the problem.

However, the good part was, they ate the charges and the Buyer signed and the deal closed. It was a close call but it closed.

The amount in dispute..................$4.36!!!!!!! Yep, that's right, four dollars and thirty six cents!! Go figure.

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

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About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
Haven Express
Keller Williams Arizona Realty

Comments

I am stuck on the under $5 amount. Holy cow! Are you serious! That is pretty funny!!! Thanks for sharing....

Posted by Ellie Shorb, Realtor DC, MD & VA Luxury Home Expert (Compass Real Estate) over 9 years ago

Great post, thanks for putting it up again to read!

Posted by Dan Edward Phillips, Humboldt and Del Norte Counties, CA (Dan Edward Phillips, Humboldt and Del Norte Counties, CA) over 9 years ago

Tony:  Wow.  What a close call.  My only thought is that if this was such an "easy deal"... and so little work was involved... why in the world would it NOT be worth the one and one-half hour drive to attend the closing?  I mean, it was obvious that the buyer was a "stickler"... and without a copy of the HUD-1 before closing... anything could happen, as it often does.

PS... I always attend my closings.  I think it can be a very stressful time for the buyer or seller... and I really feel I want and need to be there... either for the buyer or the seller... or... for my OWN interests as well.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Ellie  I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - hope you are still in the 'Rain!  

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 5 years ago

Dan  I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - hope you are still in the 'Rain!  

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 5 years ago

Karen I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - wishing you a full recovery!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 5 years ago

Enjoyed this post and want to read more - try this one - Peacocks and Pickles for Christmas 2015!  Wishing you a prosperous and Happy New Year!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

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