Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Arkansas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-03-2008, 08:42 AM
 
2 posts, read 7,092 times
Reputation: 10

Advertisements

We are buying a foreclosed house here in Arkansas that we plan to fix up and rent out. Our bid was accepted and we signed the real estate contract and put down Earnest money on October 3 '08. We are buying the house "as is" and are paying outright (no loan). We are just waiting for the final closing (title). On Oct. 27, we were sent an Amendment for "extension of closing date". The new date is Nov. 17. Question #1 How many Extensions can the seller do legally?
We decided to buy the house in the condition that it is in as of Oct. 3. We know that there are a few repairs to the house that we will have to make. For example-none of the windows are broken or even have a crack as of right now. But the longer that the property stays empty we are concerned about vandels. So in the course of these "extensions" what can we do if -by chance things are damaged in the time we are waiting for the closing? We talked to the agent and all she keeps saying is that we can back out but we will lose our earnest money (i really dont think she is on our side at all). Questions #2 Is there some action that we can take if the property is not in the condition when we go to close as it it was in Oct. 3?
I would be most THANKFUL for any info/advice on this.
THANKS.
Reply With Quote Quick reply to this message

 
Old 11-03-2008, 12:35 PM
 
483 posts, read 1,558,297 times
Reputation: 196
You would probably get better answers to this in the Real estate section.
Reply With Quote Quick reply to this message
 
Old 11-06-2008, 05:56 PM
 
15 posts, read 26,243 times
Reputation: 16
Default TO: FrustratedInArkansas

Take pictures ASAP with a photo of that day's newspaper (or other valid proof of date) of the house. Pictures of windows, a/c unit, kitchen cabinets, flooring, appliances (if any) and other items that would interest
theives. Vandals normally knock holes in walls, etc. YOU WILL NOT LOSE YOUR EARNEST MONEY!! if the property is not as it was when your offer became an executed contract.
Reply With Quote Quick reply to this message
 
Old 12-15-2008, 10:28 PM
 
Location: Little Rock, Arkansas
45 posts, read 154,730 times
Reputation: 24
You should talk to your agent about writing in some ammendments. She should protect you and your earnest money. Depending on the agreed upon terms, you could lose your earnest money if you back out of the contract....so it's time to write in some ammendments. Hope this helps!
Reply With Quote Quick reply to this message
 
Old 12-15-2008, 11:27 PM
 
288 posts, read 1,076,178 times
Reputation: 227
Quote:
Originally Posted by LivingInLittleRock View Post
You should talk to your agent about writing in some ammendments. She should protect you and your earnest money.
Aren't real estate agents the SELLER's agent unless there is a specific buyer-agent agreement? If so, the agent's responsibility is to the seller, not to the buyer.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Arkansas
View detailed profiles of:

All times are GMT -6. The time now is 03:54 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top