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Old 03-14-2013, 08:08 PM
 
23 posts, read 30,190 times
Reputation: 12

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We are selling our house and have a contract on it. The inspection is tomorrow. The option period ends next Thursday. Sounds normal right??? Well...just found out the buyers put a contract on another house as well. They are 50/50 split between the two (or so their realtor says). The realtor will not disclose other house so both of our houses do not say "contract pending" on MLS. They want to decide after the inspection. Our house is only a few years old so I'm not worried about horrible discoveries. Just feel like something is fishy. What are your thoughts? Is there a second house? Are they using it as leverage? My realtor and their realtor are both Sotheby so they work together. But, mine is relatively new so wondering if their experienced one is pulling a fast one. Wondering if we should postpone our inspection tomorrow?

Also, I should add that they were the backup contract for the other house. The first people dropped out so now they are the top contracts. So I feel like they must really like that house if they didn't rescend their backup offer after making an offer on our house. Seems like they are just wasting our whole day with the inspection. Annoying. I ave two napping kids!

Last edited by Lovindallas; 03-14-2013 at 09:17 PM..
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Old 03-14-2013, 08:23 PM
 
162 posts, read 303,659 times
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Any thing is possible but what do you have to loose? If things go well then you sell it, if they try to ask big repair allowance, counter with what you feel comfortable doing. There are other buyers out there.

I don't like the idea of both agents from same brokerage, conflict of interest.
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Old 03-14-2013, 08:28 PM
 
23 posts, read 30,190 times
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Quote:
Originally Posted by Jasmine0 View Post
Any thing is possible but what do you have to loose? If things go well then you sell it, if they try to ask big repair allowance, counter with what you feel comfortable doing. There are other buyers out there.

I don't like the idea of both agents from same brokerage, conflict of interest.
I agree with you. Nothing to lose. I guess my husband feels like they are playing a game and he doesn't want to give them an upper hand. I think if it is legit, it would only turn them off to postpone. However, I'm not thrilled about having a buyer who is only 50/50 about my house having full access to it for six hours.
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Old 03-14-2013, 08:36 PM
 
162 posts, read 303,659 times
Reputation: 75
It's a business deal, don't let emotions intervene. Every buyer has different needs and taste, not everyone can tell a gem from a stone. However, you just need a to sell your house so whoever pays the right price is fine by you. You are never going to meet them.

I suggest do have a real estate attorney review your contract if you go ahead, it's just $500 flat fee but you'll have someone in your corner.
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Old 03-14-2013, 08:36 PM
 
Location: Simmering in DFW
6,952 posts, read 22,688,447 times
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Next time only give them a 2-4 day option period so you have a very short time the house is tied up
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Old 03-14-2013, 08:40 PM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,257,217 times
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You can't postpone the inspection. You can turn down the inspection time requested but you could be in breach of the contract. You are supposed to give reasonable access to the buyers for inspection etc.

It is very odd that they have 2 contracts on 2 homes. I can see that they put in 2 offers and see which one they get but going through an actual contract requires depositing earnest money on both homes... very weird.

Just let it go through and if the sooner they decide to back out the sooner you can move on to a more serious buyer.

Just one more thing, when they come back with the request for repairs and you agree to them or negotiate them, make sure you terminate the option period at that time, you don't have to wait until next week.

Naima
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Old 03-14-2013, 08:41 PM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,257,217 times
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Quote:
Originally Posted by Squirl View Post
Next time only give them a 2-4 day option period so you have a very short time the house is tied up
It is very very difficult to get the inspection done, get the report and negotiate the repairs in a 4 day period. The good inspectors are booked heavily right now.

Naima
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Old 03-14-2013, 08:47 PM
 
23 posts, read 30,190 times
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Quote:
Originally Posted by nsumner View Post
You can't postpone the inspection. You can turn down the inspection time requested but you could be in breach of the contract. You are supposed to give reasonable access to the buyers for inspection etc.

It is very odd that they have 2 contracts on 2 homes. I can see that they put in 2 offers and see which one they get but going through an actual contract requires depositing earnest money on both homes... very weird.

Just let it go through and if the sooner they decide to back out the sooner you can move on to a more serious buyer.

Just one more thing, when they come back with the request for repairs and you agree to them or negotiate them, make sure you terminate the option period at that time, you don't have to wait until next week.

Naima
Really? Very interesting. Thank you for the tip!! S you can terminate the option period early (after repair request) Didn't realize that!
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Old 03-14-2013, 09:04 PM
 
13,194 posts, read 28,298,950 times
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I would have your agent continue to show you home. Get backup offers lined up if possible.

In the really tight markets (ie, inside 635 in Dallas), homes are selling so quickly that your buyer may have been bidding on everything just to get one. It's a bit shady to be in contract/ option on 2 homes, but I heard of that happening in UP on a home a few weeks ago. Contract fell out as buyer picked the other home; backup contract(s) were lined up & house was back in option status within 24 hours.
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Old 03-14-2013, 09:15 PM
 
3,834 posts, read 5,761,517 times
Reputation: 2556
Quote:
Originally Posted by Lovindallas View Post
We are selling our house and have a contract on it. The inspection is tomorrow. The option period ends next Thursday. Sounds normal right??? Well...just found out the buyers put a contract on another house as well. They are 50/50 split between the two (or so their realtor says). The realtor will not disclose other house so both of our houses do not say "contract pending" on MLS. They want to decide after the inspection. Our house is only a few years old so I'm not worried about horrible discoveries. Just feel like something is fishy. What are your thoughts? Is there a second house? Are they using it as leverage? My realtor and their realtor are both Sotheby so they work together. But, mine is relatively new so wondering if their experienced one is pulling a fast one. Wondering if we should postpone our inspection tomorrow?
Thse offers are not in good faith. Their realtor did not act professionally in my opinion. If your realtor knew about the other offer he should have told you.

This is an abuse. Of course, the option is just that, an option, so no legal course of action.
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