Seller Backs Out, Inspection fee refund recourse.

[markjames68]

Originally Posted by ave1024

A true buyers market would have had this realtor accept the offer and possibly even the concession on the inspection.

Instead the realtor and seller basically told the OP to pound sand and figure they can do better without even having another offer lined up. They likely know they will end up having multiple offers on the house.

And yes many towns are eclipsing 2005 levels on prices. And if they aren't most towns are still drawing significant interest from buyers.

Prices in the towns and villages OP mentioned are all still below 2005 prices on average. Full stop. There may be homes at the low end that are priced appropriately that the seller doesn't want to drop further, but mid-priced homes and above are valued at levels 10-20% below the peak, with slow growth for the foreseeable future.

[NYTom]

Originally Posted by markjames68

Seller's market? Am I in a time warp from 2005?

Market around the area in question is cool to cold - definitely still a buyer's market. This ain't Garden City.

Yes it most certainly is a seller's market now. Ask any realtor and read the papers!

Especially modest priced starter houses, they are in demand, with hardly any inventory and plenty of buyers you are seeing houses sell for more than asking price and many ending in bidding wars.

If you see a house you want to buy you have to act fast.

[ovi8]

Originally Posted by Implicate13

The problem I have with a buyers agent is that they don't have your (buyer) interest. They get paid by the seller (closing) and the higher they get you to bid on a house, the more money they make and the faster they can move on to another client.

You should consider the math on this and realize it's not that much more money to the buyer agent after all the splits, even when you pay an extra $50k. These agents would rather have their good name and word of mouth for more business than to earn extra chump change on a sale (which aren't easy to come by) if their client thinks they're being pushed higher. They would not have much business going forward without client satisfaction.

Look at the difference between these earnings after splitting a 6% commission with the other agent plus their own agency... turns into something like 1.5% cut... $750 extra if they get you to pay an extra $50k (unheard of). It's not worth being dishonest for them.

350000 @ 1.5% cut = $5250
375000 @ 1.5% cut = $5625
400000 @ 1.5% cut = $6000

IMO, just about the only benefit to not using a buyer agent is the seller agent may push for the sale to you since they wouldn't have to split the cut in half with another agent.

[martinx]

Originally Posted by ovi8

IMO, just about the only benefit to not using a buyer agent is the seller agent may push for the sale to you since they wouldn't have to split the cut in half with another agent.

The person to hire is a "broker with a realty office" not an "agent." Agents work under the greater licence of a broker, the broker holds the agent's licence. Trulia will tell you which broker closes the most deals in your area. There is usually one that dominates a town or village. That is the one to use.

As a buyer the best thing you can do is to hire a good attorney, not a buyer's agent.

[TomMoser]

It is unfortunate, but you have no recourse against anyone regarding the inspection. Until contracts are signed by both parties anything can happen. They can back out or you can back out. I have seen some cases where the seller accepted another offer after the inspection and willingly agreed to reimburse the buyer, but it is entirely up to them.

[suzook]

Martinx truly needs to GTFO. Get a life. Stop with the doom and gloom.