Hello fellow Rainers, here's a scenario for you. This happened to me a few months ago and I'm curious what you would have done.
One of my listings was under contract to close in about 2 weeks time. The Buyers had final mortgage approval and were supposedly ready to close. It had been a pretty difficult deal for me and the Sellers, as they were under a lot of stress trying to coordinate a dual closing, and I was feeling their pain. The Sellers were really nice folks and we had become friends during the two months it took to get their home under contract In fact, they had already moved out of their house, against my advice, and were staying in a hotel in another State, with all of their belongings in a storage facility, while they were waiting for their dual closings. Everything seemed to be going well.
Finally, day of closing arrives and I find out from my closer, one hour prior to closing, that the Buyers are needing to bring $2,000 to closing, which they don't have. So like the good little REALTOR® that I am, I call the Buyer's agent to see what's going on. Wow! Was I shocked to hear that the Buyers, the loan officer and their REALTOR® had been arguing and cussing at each other for several days over this $2,000 needed to close the deal. From what I understand, the Buyers were told they would need no funds for closing AND they had moved out of their apartment and had been sleeping in a U-haul truck with all their belongings for two days.
It was ugly, the Buyers couldn't close because they had no money, the Sellers were a mess of stress three States away, the Buyer's agent was too busy cussing at the Buyers to solve the problem and the loan officer had already given up on the deal. No one, on the Buyer's side, was willing to do what it takes to get the deal closed. They basically told the Buyers to close on it or get lost! Only the words they used were a lot harsher.
Now remember, I didn't find out about any of this until one hour prior to closing. The Title Company had the package and were ready to close the deal. They already had final HUD approval from the Lender. There was already a 6% Seller contribution on the HUD.
When I arrived at the closing, the Buyers were crying and their agent and loan officer were no where to be found. In fact, they would not answer their phones and had just abandoned these poor folks. As far as they were concerned this deal was not going to happen.
So here's my question. What would you do?