Asset Management & Recovery: How About A Quick $50, Honey? No? You’re Kidding?

I was at a closing tonight on a lender owned deal.  This was especially nice since it was one of the few where an owner/user was getting the property instead of another investor.

The buyer agent was extremely nice and extremely professional although she does not do a lot of lender deals and thought the process was extremely taxing. Cross the T and dot the I.  Not that big of a deal to me.

A term in the addendum was that if the property failed to close by Dec. 18, the buyer would pay an additional $100 a day until closed, but only if the delay was the fault of the buyer or buyers side.  As it happens, the buyers lender was late so the deal closed today.  Yep'er'doodles there was an extra $100 on the HUD.

The buyer agent, of course, is wanting a refund.  I really, really, really need to be somewhere else, so I offer to cover the $100.  Let's move on, ok folks?  The buyer agent tells me that she can't let me do that because she will feel guilty.  There's nothing to feel guilty about, I tell her.  If it is a big deal and will make you feel better, whip out a $50.  Problem solved. 

That wouldn't be right, she says.

So here I am sitting in a closing with $100 between me and getting to my next appointment and the buyers agent will not allow me to write the check.

Ultimately, the buyers agent demands that the closer call the lender/seller and get the $100 waived.  Long story on why this was not my responsibility.  Trust me.

Longer story shorter, I email the lender/seller to tell her that the closing has been completed and ask if there are any more deals I can help with.  The response was that she will keep in mind both my request and the fact that I cost the bank an extra $100.

Please folks.  As a matter of good business and common courtesy, if the other side is willing to cough up the $$ to make the deal work either step up to the plate and help or stay out of the way.