response to accepting offer?
eosinophil
8 years ago
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Would you accept offer contingent on buyers selling their home?
Comments (40)During a poor response despite multiple showings and price reductions, a buyer made an offer on 5/8/15 and insisted on 5/29 closing, giving us just three weeks to move contents of our house in NJ to a couple of new town homes in Blaine WA, one primarily to use as storage while we build a new home nearby; we had to pay extra to the moving company to expedite the move, three day packing and two day load ending on 5/28. The sale contract had a mortgage contingency however in "Sufficient Assets" section there was mention that buyer will need funds from his home sale, that was under contract and the contract was verified by my realtor however there was no contingency clause in our contract for his home sale. Buyer's mortgage was approved shortly, which was only for $100k since he expected to use entire proceeds of his home sale to purchase mine. Then one week prior to scheduled closing date, my realtor informed me the buyer's buyer walked and that my buyer signed release to his buyer (God only knows why). My realtor prepared an extention to the contract since the buyer had capacity to take an additional loan which would need around three weeks and his mortgage company agreed to the loan, subject to underwriting. In the meantime I also agreed to make allowances to fix the driveway and had a couple of other things fixed which were reported in inspection, whilst the painful home contents move occured. This morning the realtor called me to say the buyer is not interested in purchasing the home (no reasons given) and sent me a release form to sign (I have not signed), so $10,000 ernest money may be released to the buyer. I'm at loss if I should fight for a piece of $10k or just let it go. Other complications and inconveniences due to an earlier 5/29 move is that I had to move to WA in April since my client insisted I start; my wife stayed behind to deal with the movers and to wait on her business sale closing, scheduled around 6/13. She is so stressed out, is currently staying in a hotel, whilst the home is empty and devoid of any furniture, all of which would have been tolerable had the home sale gone through. I think this is the biggest screwup we've been involved in, since I moved to the US some 18 years ago. I can't believe it happened to us. Can't wait for her to join me on 6/20. I think we'll spend the following weekend in Vegas just to help release her stress; at this time I really could not care about much else. All this, to be closer to our daughter and her family especially a granddaughter and second one on the way; yeah a silver lining to a cloud....See MoreHow long to accept or reject my offer...
Comments (51)A little update. I can't even find the site again (maybe it was taken down because of the errors), but the info I found was wrong. It was not foreclosed twice. It was foreclosed once. The house was sold in 2007, and foreclosed earlier this year from that owner. The listing agent also told my agent the wrong bank to begin with. Our funds are going to clear up within a few days, we got the signed papers back and are under contract (they removed the listing from all sites it was on), we went back again to check every inch of the house inside and out and nothing new popped up, except I realized that there is no dish washer hook up and that the big tree in the back actually absorbed and grew around part of the fence and it needs to be repainted. I figured out how and where I'm going to make closets (the only room in the entire house with a closet is the bathroom), arranged things with an attorney, and if all goes well we should close in 11 days. I'm leaving it at this post as we're already under contract, but I figured I'd leave an update. Thanks :)...See MoreMy offer on a lot was accepted, now what?
Comments (6)Tip #1, go to sams club and buy bulk pepto bismal. You'll thank me later. Tip #2, Get a cost plus fixed contract with your builder. I just wrote about it a few minutes ago in the thread titled "Please help us understand" Good luck!...See MoreSeller Changing Sale to As-Is After Accepting Offer
Comments (137)I've bought and sold a lot of houses. I've appraised even more. I'm not getting a warm and fuzzy regarding your buyer's agent. There seems to be a real lack of attention to detail, poor communication and no motivation. Understand that there a zillion really good agents out there. Why don't you find another agent? You are a serious buyer. You are the client, not a burden. Squeaky wheel gets grease. Get on the phone. Ask when you letter was delivered? Be bold, demand some service. If she admits she hasn't forwarded the letter, tell her that you want her signed release from the buyer's contract within the hour. Follow up with an email confirming the conversation. If you don't get it within the hour, call her broker and demand a release. Find yourself another agent....See Moreeosinophil
8 years agoRon Natalie
8 years agomidcenturymodernlove
8 years agolast modified: 8 years agoeosinophil
8 years agoeosinophil
8 years agoeosinophil
8 years agoncrealestateguy
8 years agochicagoans
8 years agoncrealestateguy
8 years ago
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