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Old 04-05-2020, 01:55 PM
 
382 posts, read 1,919,196 times
Reputation: 166

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Thank you kindly for your advice
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Old 04-05-2020, 07:16 PM
 
Location: OC
12,737 posts, read 9,443,992 times
Reputation: 10529
Quote:
Originally Posted by odessit771 View Post
OK, so how do I do this? Here is the timeline:


1. Initially on market for 240K
2. Under contract with someone else. The contract does not go through.

3. Back on the marker at 230K now. We see it.

4. Offer for 185K from us. Declined.

5. Offer for 200K from us. Accepted after long wait.

6. Appraisal for 195K. Asking seller to drop to 195. Strong NO.
7. After numerous attempts, she finally drops to 195.

8. She previously said that no way can she drop below 200K due to mortgage payoff.

9. Contract is due for closing on 4/17, which we will ask to extend until 4/29 to give us more time to analyze and recover.

10. Under contract now with furniture and fully move in ready. Nice place.



How do we go about dropping even more in this situation?



I think there is a way to get out of the contract because she accepted the offer day after the deadline for acceptance. SO it is probably invalid anyway. Plus it says contingent to the financing satisfactory to the buyer. We can say that we are not satisfied with the mortgage and that she signed after the deadline.


We did spend $1100 in feed already and 15K in earnest.


While it appraised at 195K, afraid it will be 15-20K less later this year.



Any professional advise is appreciated
We've seen this 9 million times. Honor the contract or lose your money. If you like the house buy it. Unless, you don't have the down payment yet
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Old 04-05-2020, 07:51 PM
 
Location: Rochester, WA
14,415 posts, read 11,954,182 times
Reputation: 38811
Why are you trying to both delay the deal AND squeeze this seller to further reduce the price below what you agreed to?

Fulfill your end of the bargain in good faith or get out and let this seller find a buyer who doesn't want to jerk them around.


My two cents.
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Old 04-05-2020, 08:39 PM
 
Location: Boca Raton, FL
6,883 posts, read 11,212,926 times
Reputation: 10792
Smile From a mortgage broker in Florida

Quote:
Originally Posted by odessit771 View Post
Dang.... Thanks!!!
You already got your price cut in a sense.

Believe me, appraisers are erring on the side of caution right now.

You also are getting a great interest rate for a condo.

Figure out your payment and you say the place is great (with furniture too) - keep in mind, furniture cannot be part of the contract.

I've bought a few homes - the ones I bought even before a downturn turned out fine because I wanted to actually LIVE there and knew I wanted to live there.

If you want more from the seller, try to meet their closing date.

Not many condos at that price in South Florida - I'm also in South Florida and I do a lot in South Broward.

Good luck and we will all get through this crazy time together.
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Old 04-05-2020, 09:10 PM
 
Location: OC
12,737 posts, read 9,443,992 times
Reputation: 10529
Quote:
Originally Posted by Diana Holbrook View Post
Why are you trying to both delay the deal AND squeeze this seller to further reduce the price below what you agreed to?

Fulfill your end of the bargain in good faith or get out and let this seller find a buyer who doesn't want to jerk them around.


My two cents.
And he/she can't make up his mind. Like does pushign it to 193,500 change anything in your life? The seller has already given up leverage twice, now is the time to poop or get off the pot. I'd buy. Pyaing another year of rent is silly.
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Old 04-05-2020, 09:20 PM
 
382 posts, read 1,919,196 times
Reputation: 166
Thank you all!
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Old 04-05-2020, 10:45 PM
 
9,891 posts, read 11,721,623 times
Reputation: 22086
Quote:
Originally Posted by odessit771 View Post
OK, so how do I do this? Here is the timeline:


1. Initially on market for 240K
2. Under contract with someone else. The contract does not go through.

3. Back on the marker at 230K now. We see it.

4. Offer for 185K from us. Declined.

5. Offer for 200K from us. Accepted after long wait.

6. Appraisal for 195K. Asking seller to drop to 195. Strong NO.
7. After numerous attempts, she finally drops to 195.

8. She previously said that no way can she drop below 200K due to mortgage payoff.

9. Contract is due for closing on 4/17, which we will ask to extend until 4/29 to give us more time to analyze and recover.

10. Under contract now with furniture and fully move in ready. Nice place.



How do we go about dropping even more in this situation?



I think there is a way to get out of the contract because she accepted the offer day after the deadline for acceptance. SO it is probably invalid anyway.
[b]
WRONG....You accepted her signing late when you continued going towards closing, so this factor is not valid[ reason to cancel contract./B]


Plus it says contingent to the financing satisfactory to the buyer. We can say that we are not satisfied with the mortgage and that she signed after the deadline.


We did spend $1100 in feed already and 15K in earnest.


While it appraised at 195K, afraid it will be 15-20K less later this year.



Any professional advise is appreciated
..
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Old 04-06-2020, 07:18 AM
 
Location: Virginia
10,077 posts, read 6,372,858 times
Reputation: 27600
Quote:
Originally Posted by Diana Holbrook View Post
Why are you trying to both delay the deal AND squeeze this seller to further reduce the price below what you agreed to?

Fulfill your end of the bargain in good faith or get out and let this seller find a buyer who doesn't want to jerk them around.


My two cents.
If I was the seller I would be fuming at this point with the OP's tactics. I agree that he needs to either close the deal or get out, but he's going to lose a few dollars in the process, as well as a good deal.
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Old 04-06-2020, 08:09 AM
 
Location: Rochester, WA
14,415 posts, read 11,954,182 times
Reputation: 38811
Yeah, once you burn up good will in a transaction you never get it back.
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Old 04-06-2020, 09:06 AM
 
Location: OC
12,737 posts, read 9,443,992 times
Reputation: 10529
Quote:
Originally Posted by Bungalove View Post
If I was the seller I would be fuming at this point with the OP's tactics. I agree that he needs to either close the deal or get out, but he's going to lose a few dollars in the process, as well as a good deal.
Quote:
Originally Posted by Diana Holbrook View Post
Yeah, once you burn up good will in a transaction you never get it back.
I've been pretty vehement the last few weeks on my thoughts on some realtors, but the OP is just asking for bad karma. The seller has already made some large concessions and the OP seems to want to hang on to the deal while looking for a last second way out. This is not acting in good faith
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