This happened to my son, not me, but I wondered if anyone else experienced something like this.
My son put his house on the market and had an accepted offer in 24 hours. It was close to asking, no closing costs and standard inspection and financing contingency. The inspection turned up two minor issues that my son took care of immediately. Everything went smoothly until…
Ten minutes before closing, the buyer requested an additional $1000 to change the wiring from aluminum to copper. It had already been inspected and looked at by three electricians with no indication of anything wrong before then. The electricians said it would be good to change the wiring but wasn't actually necessary.
My son was livid. He told his agent to tell them to suck a bag of dicks (the agent didn't phrase it that way) and said he was willing to lose the house he was purchasing when he received funds that afternoon. They wanted an additional week to think it over before closing.
Apparently, they told the electrician that they were concerned about resale value in a couple years. Semi-understandable but who waits until closing to negotiate something like that?
The agents decided to give up part of their commission to get the deal done. Apparently, they are now getting estimates to rewire the entire house. Crazy.