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okk... we finally sold our home after being 3 months on the market.. right now the conditions are being met.. the financing which is done and we will recieve a letter tonight and the status report for the condo which will come sometime next week (hopefully). so we started to look for another home and found one we loved.. BUT.. the sellers agent gave us the worst experience of our life.. we offered a really decent price and also we added the condition that we need to finish our own home's conditions which will be done by the end of next week and by that time we would be done with home inspection of their property.. !! GUESS WHAT!! the seller's agent refused to present the offer.. he said his clients are difficult people and he wont present it to them coz they will say NO.. my agent forced him to atleast present the offer but he just kept on saying no.. finally... he presented the offer and they came back with a counter of full price and to remove the conditions of selling our home first.. the thing is our home is SOLD. .we are only meeting the conditions right now.. we gave them the full price and also met another couple of conditions of theirs.. but we requested back to keep our property's selling conditions on the list..!! he refused plainly.... my agent was furious.. but there was nothing we could do.. he called my agent last night and offered a 4,000$ off the price if we remove the condition of finishing to sell our property first.. !! my agent is shocked.. she doesnt know what to tell us.. and i am soo disappointed.. this is the second home we offered on and it went away!! FOR NOTHING.. is this really our bad luck??? what do you suggest?? should we remove the condition?? or just wait and start looking for another home?? how many of you actually had to go through agents who are worst in their profession???
Just my opinion, if I am understanding you correctly, I would not accept a buyer for my home who is making the sale of their own home contingent on our agreement to sell my house to them. I do not care what type of market we are in I would never go for an agreement like that. It's too entangled and complicated for me to handle. Plus, I would be thinking that I am taking a gamble, because if the deal does not go through then I wasted a lot of time tied up with this buyer and lost a potential real buyer who looked elsewhere.
The house is not really sold until all the papers are signed at the settlement table, until and if that happens your home is not really sold and the deal can fall through at the last minute.
My husband has several co-workers who have been through the same thing themselves and ended up not selling the house at closing. My younger sister is also trying to sell a home right now and she has several problems to overcome and it's really a 50/50 deal at this point.
As a teenager my entire family moved out of our home into an apartment only to have to move back to the house 3 weeks later when the deal fell through. I swore to myself that would never happen to me.
There are two kinds of contingencies for homes sales...contingent on the sale or contingent on the close of escrow. You sound like yours is contingent on the close of escrow? I don't understand your finishing your conditions clause. That sounds weird to me personally. What conditions to you have to finish?
The agent refusing to present the offer is against the law in most, if not all states. There is no law that says that sellers have to be reasonable though. It doesn't sound like these sellers are interested in being reasonable, so you need to move on to another house.
When I sold my last house I instructed my agent not to present any offer that included a home sale contingency. I am about to list my current house and again my agent will be instructed not to present any offer with a home sale contingency.
Sellers are increasingly reluctant to take their home off the market for a contract that is contingent upon the sale or close of the buyer's current home. In effect, you are transferring the risk of closing on your current home to the seller of your intended home.
I am aware of a contingency domino that took 5 transactions down when 1 transaction failed.
Once you and your buyer have satisfied all contingencies, you might be in a better position to represent your offer, if the place is still available and you want it. A home close contingency is easier to sell than a home sale contingency.
I will admit up front that I don't know the rules around presenting offers. But if I am selling my house and tell my agent I don't want to see offers that look like "x" it seems pretty reasonable that my agent won't present them to me.
As far as the condition, I am not surprised they won't take it. I can tell you from direct experience I had two contracts on my house fall through near the end due to financing.
is this really our bad luck??? what do you suggest?? should we remove the condition?? or just wait and start looking for another home?? how many of you actually had to go through agents who are worst in their profession???
I would say it's just the luck of the draw that you got those sellers. As for removing your closing contingency, I wouldn't do it if it were me. If for some reason your buyers fall out, you'll lose your ernest money that you presented with your offer.
Unless your market is vastly different than much of this country, the path I would use is very clear. Forget these folks for now. They're trying to put you in a dangerous position.
Once the sale closed on my house, I would go back and make another offer on their house at that time . . . if I really liked it. The chances are that it will still be sitting there. However, I would offer less than I offered the first time around. In my mind it would be for the hell they put me through, but my justification to them would be the fact time had passed and the market had continued its decline over that time. If they didn't accept the new terms, I'd just find something else.
Let's face the facts. Houses are a dime-a-dozen on the market right now. Buyers are scarce and sellers are languishing on the market. There will be another house available that's just as nice as the one with the difficult sellers. You have the opportunity to walk away to something as good or better rather than be bullied into something that's not to your benefit.
If it was a seller's market, you'd have to put up with the bullying or be left on the side of the road. However, the table has turned and now it's your chance to take advantage of any opportunity. Don't let them bully you.
I would also be concerned about something that they might be hiding. I've found that extremely difficult people are sometimes being that way to take your attention away from something else. I don't know what that might be, but the end result is that your attention may be diverted away from something that could make you feel better about holding your ground or could result in you not finding the house a satisfactory product.
Whatever you decide . . . good luck with it!
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