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Old 02-17-2018, 06:15 PM
 
Location: Raleigh NC
7,749 posts, read 6,110,007 times
Reputation: 6867

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Quote:
Originally Posted by Hal Roach View Post
I had a buyer..waited till the last minute..sent his expert over...came up with a list..said 1500...I said 750..take it or....we closed. So he got an extra 400 or so. But, when he made the offer, it was all suppose to be quick close, etc..and that was one reason they got the price they did.
I let my agent do the talking.
I thought you only did FSBO?

 
Old 02-17-2018, 06:36 PM
 
Location: Raleigh NC
7,749 posts, read 6,110,007 times
Reputation: 6867
the OP's arrogance is showing, and obviously they don't like the contract that they AGREED TO
 
Old 02-17-2018, 06:48 PM
 
5,682 posts, read 1,712,156 times
Reputation: 4527
Quote:
Originally Posted by Tac-Sea View Post
He is an out of state investor who had his realtor come look at the place the first day, send video, etc. They were adamant to be mutual/under contract that night so that it would be marked pending...

Now they seem to be milking the inspection period. Inspector came back with a lot of subjective opinions, such as the deck MIGHT not be permitted, the washer and dryer work but look old and will likely need to be replaced/are due for replacement, etc.

Now the guy wants to come and look at the place in person....it's been nearly TWO weeks. My house has been marked pending and NO ONE comes to look at a house once it's marked pending.
I do.

That's how I wound up with the wonderful home I live in.
 
Old 02-17-2018, 07:00 PM
 
Location: Philaburbia
31,162 posts, read 57,274,608 times
Reputation: 52025
Quote:
Originally Posted by Tac-Sea View Post
Soooo....in your infinite wisdom, I should foot an 8K a month expense to give the buyer the advantage as he ties up the house shopping for a better deal
Your expenses are not the buyer's problem.

But since you're such an experienced real estate buyer/seller, you should already know that.

Stop whining until the buyer violates the terms of the contract. Then you can complain.
 
Old 02-17-2018, 07:20 PM
 
Location: Ocala, FL
3,119 posts, read 5,745,422 times
Reputation: 2639
Quote:
Originally Posted by Rakin View Post
Once a house is Pending, very few agents will continue to show.

I would be very reluctant to put my house under contract to 1. An Investor and 2. An investor who's never seen the house.
In a hot market, the practice is not uncommon.
 
Old 02-17-2018, 07:31 PM
 
5,682 posts, read 1,712,156 times
Reputation: 4527
Quote:
Originally Posted by Tac-Sea View Post
DYou people seem to be so unsophisticated that you don't seem to get that I'm literally losing 8K a month while this idiot makes a decision at the last possible minute of every step!!!
Draft a better contract next time.
 
Old 02-17-2018, 08:57 PM
 
3,323 posts, read 3,259,105 times
Reputation: 8423
Quote:
Originally Posted by Tac-Sea View Post
He is an out of state investor who had his realtor come look at the place the first day, send video, etc. They were adamant to be mutual/under contract that night so that it would be marked pending...

Now they seem to be milking the inspection period. Inspector came back with a lot of subjective opinions, such as the deck MIGHT not be permitted, the washer and dryer work but look old and will likely need to be replaced/are due for replacement, etc.

Now the guy wants to come and look at the place in person....it's been nearly TWO weeks. My house has been marked pending and NO ONE comes to look at a house once it's marked pending. I had it out with their agent last night, pushing to get them to make a decision. Although they came up with $4,500 in bogus repairs (washer and dryer work but are old, deck may not be permitted, gutters need cleaning, all of $4,500!!!) I offered to fix some legitimate issues like the cleaning of the gutters, and give $2,700 in concessions toward closing costs. They still would not make a decision, wanting to call the same inspector that said hey, the garage doors work but might need maintenance, the deck MIGHT be un-permitted (it's not).

Merely cancelling the contract and relisting guarantees I lose the deal at this point, but how can I get them to make a decision or get off the pot so I don't waster another day on this clown? It sure seems like he wanted to get it under contract quick to keep it off the market but is taking his sweet time to get the deal done.
You never should mark a house "pending" until after all the contingency dates have gone by. Of course, your listing agent would immediately move it to "show only" or "under contract", since they don't want to bother showing a house that is under contract, even if it's still under inspection contingency. And if you gave them more than ten days for inspection, that's too long.

Put it back on the market and start looking for more buyers. If this guy wants it, that ought to get him to make his move.
Unfortunately, if it's evident that it went from pending to back on market, people will think that the first buyer's inspection found a serious defect.

Lots of investors use this technique - get it under contract, then try to knock down the price with supposed defects found on inspection. You don't have to play along. Just put it right back on the market.
 
Old 02-17-2018, 09:01 PM
 
16,476 posts, read 17,501,756 times
Reputation: 23521
You can also stipulate under contract but taking back up offers.
 
Old 02-17-2018, 09:12 PM
 
16,476 posts, read 17,501,756 times
Reputation: 23521
Quote:
Originally Posted by Tac-Sea View Post
Soooo....in your infinite wisdom, I should foot an 8K a month expense to give the buyer the advantage as he ties up the house shopping for a better deal....
Your monthly nut on the house isn’t the buyers problem. You can roll your eyes all you want. But if your nut is 8k a month you’re better off agreeing to 4500 in concessions to get rid of 96,000 worth of house payments a year.

He’s not doing anything illegal by “tying up the house” . If you agreed to a x amount of days for due diligence he has the right to that amoun5 of x days. When I bought my house I took ALL the time I negotiated for every step of the deal. I didn’t care if the seller wasn’t happy. If I had 17 days to do my due diligence I took 17 days.
When I was given 72 hours to respond to x I took 72 hours. Why wouldn’t I?

Unless the buyer is violating the contract you dont really have a leg to stand on.

Btw NO is a complete sentence. If you didn’t like his resubmitted after ibsoection you should of said no and leave it up to him. Hell you can say no to anything resubmitted other than the original contract.

Last edited by Marka; 02-23-2018 at 02:41 AM..
 
Old 02-17-2018, 10:17 PM
 
Location: Denver CO
18,975 posts, read 10,032,914 times
Reputation: 27746
8k in carrying costs but you're dicking around with 4500 in concessions?

Where is the logic in that?

But yes, you foot the bill for the 8k, it's YOUR house until it closes, and the buyer is allowed to take every second of the contractual time if they want to. Stop complaining about the terms you agreed to. Are you going to sell it, and then after closing complain the buyer didn't pay enough even though they paid the amount you accepted?
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