Some buyers balking at unreasonable seller demands

Medi-spa nurse manager Tina Sherman struggled to find a larger Orange County home offering a downstairs bedroom to support her elderly mothers’ physical limitations.

Sherman’s challenge has been less about finding a fitting fortress than the incredible seller expectations once her written offers were submitted.

A very frustrated Sherman has walked away from eight separate property negotiations.

With so little inventory and plethora of buyers, sellers wanted more than just top dollar from Sherman. They said no to everything from paying for property repairs to fixing termite trouble. Forget the appraisal contingency, they’d say. We don’t care if it appraises or not.

The topper was asking Sherman to allow the sellers to stay free of charge for 60 days once the transaction closed. On a million-dollar home, that’s not chump change.

“I don’t know if I’m ever going to buy a house and help out my mom,” Sherman said.

Including Sherman, I’ve had three clients cancel escrow over the past two weeks because they are fed up with paying tippy-top dollar and then getting no love from the sellers for what they believe are necessary and reasonable requests. The last time I saw so many dropouts was about four years ago.

In addition, your lender also has a say in many of these contractual matters that you might be unilaterally agreeing to.

For example, cash buyers have a huge advantage over mortgage borrowers in terms of closing quickly. I have exactly one lender who will guarantee a 15day closing or sooner. You may be at risk of losing the home and losing your earnest money deposit if you don’t perform within your agreed timelines.

Appraisers — or lack thereof — are the numberone obstacle to closing on time. Lenders sometimes struggle to find appraisers. It is becoming commonplace for appraisers to fail showing up, to miss report deadlines, to miss important details and to raise fees significantly. The need to correct and amend reports adds to appraisal delays.

If you agree to waive the appraisal contingency — meaning you agree to complete the purchase even if the property appraisal comes in lower than the contract price