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Hi
We have been house hunting for our relocation and fell in love with Clayton. June 11th we Found a home and put in an offer that was accepted as a "backup". We have better terms to our offer apparently and the sellers prefer it (as per our agents communication with sellers agent) but the other offer has to be withdrawn...(the dates we are being given keep changing, first they said the 5th then the 10th then the 15th and then they have a grace period... who knows?!)
As of now they have passed the 30 day point without being able to obtain financing and after being unable to close on the 15th, they are now definitely in the 14 day grace period. It may be that the house will go to us after all but we are getting really frustrated with the "Congratulations, you got it - send the check overnight post, well actually no you don't, yes you do, oh no-not yet..." nonsense and feel like maybe we should just get out and look elsewhere...I get all excited and then wind up crying. Problem is we really love the area and the neighborhood in particular. We really are not in a great rush, we plan on renting the home we buy until we sell our present home anyway, we just fell in love with this place, really felt like we belonged there , I can SEE us there, ya know?
What do you think?
Did your offer have an experiation date? If so and it has passed I would move on and tell your agent to inform theirs to contact you if / when there house becomes available again and they are ready to make a deal.
I don't understand why you would be getting "you got it" and "oops not yet" messages over and over again from your agent. I'm not an agent, but I've never heard of a "grace period".
All Purchase & Sale Agreements will have expy dates, probably just for a few days or weeks after the offer is given. And I suspect both your and the Primary Offer agreements have long since expired. All this means is that either the Buyer and/or Seller can back out WITHOUT the penalties specified in the (now non-binding) P&SA for canceling the sales.
What this tells me is:
Since the Seller isn't obligated anymore to proceed with that first P&SA, but are still trying anyway to let the Primary Offer people work out their own problems (by giving them more and more time), the Buyer must prefer the Primary Offer to yours despite what they have been telling you.
Otherwise they would have let the Primary P&SA expire and immediately proceed to closing with yours.
So you should reissue your P&SA, with a new issue date and a new deadline, and tell them that after this deadline, you will be moving on.
It could be a timing thing. If the seller believes that "any day now" they will close, they might just keep hanging on. If they change to you, they have to go through inspections, appraisal, and loan process again which could easily be another 30 days.
Hmmm....
I have to look to see when our offer expired, now that you mention it. Personally, I think our agent isn't so great (obviously) if and when this does fall through we've decided to switch agents already.
We might also look in Garner (mind you, I know nothing at all about Garner except the location) now instead since we don't really like any of the others we've seen so far... I love the house but the plot is too small or totally bare of trees (I hate it when they clear the land for building ease). And I'm not crazy about the other parts of town as much...Maybe I'm just so dissapointed and turned off to everything after this...
Hmmm....
I have to look to see when our offer expired, now that you mention it. Personally, I think our agent isn't so great (obviously) if and when this does fall through we've decided to switch agents already.
We might also look in Garner (mind you, I know nothing at all about Garner except the location) now instead since we don't really like any of the others we've seen so far... I love the house but the plot is too small or totally bare of trees (I hate it when they clear the land for building ease). And I'm not crazy about the other parts of town as much...Maybe I'm just so dissapointed and turned off to everything after this...
Before you walk away, did you sign a Buyers Agency Agreement with your current agent? It isn't mandatory, but if you did, then you need to read it about how long that agreement lasts, and if it's exclusive.
Well thats that we are out and looking for a GOOD BUYERS AGENT!
starting from scratch again
-any recomendations?
I will be looking for a house in the intermediate future, (6 months or more in the future) and I also have a question along these lines.
How can you approach an agency and get from them an agent who has the skills you need that are in a special area, and not just have to work with the next agent "up on deck" for whomever phones in.
Well thats that we are out and looking for a GOOD BUYERS AGENT!
starting from scratch again
-any recomendations?
Quote:
Originally Posted by Ed_RDNC
I will be looking for a house in the intermediate future, (6 months or more in the future) and I also have a question along these lines.
How can you approach an agency and get from them an agent who has the skills you need that are in a special area, and not just have to work with the next agent "up on deck" for whomever phones in.
One of your best protections is to look at Section 13, "Additional Provisions," in the NC Exclusive Buyer Agency Agreement, and NEVER sign one that doesn't include in writing, a provision that let's you terminate.
An "Escape Clause," or "Get Out of Jail Free" card.
I always write in "Either Party may terminate this agreement at any time prior to location of a suitable property."
Other language to that effect may suffice, but don't let standard language in the agreement tie you to an agent who is not working for you.
As far as not getting the next available agent, just do not engage someone who does not make you feel comfortable that they will work for you.
Large firms all have all-stars and duds, for sure. Choose wisely and well.
And, for sure, avoid the human trafficking lead generation sites which offer to match you with an agent. You are generally being sold to the highest bidder, with no concern if the agent has any experience or skill.
The willingness of the agent to pay the vendor determines the agent's qualifications to serve you. IOW, it is a crock....
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Done deed
