I advised him that the sellers knew they had available funds, because the specified mortgage amount was low and the buyers weren’t selling another home. How could I make a case that sellers should accept just 1% as a hedge against buyers’ default, I wondered, when the buyers weren’t actually dealing in good faith?
“Listen,” said Mr. Buyer, with a sneer to his voice. “Just remind them that it’s a downpayment, not a highpayment.”
I wouldn’t say that, so the clients took their business elsewhere. The agent told me the deal fell apart before contract, and he’d heard the couple split up shortly thereafter.