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Old 02-13-2014, 01:52 PM
 
549 posts, read 1,395,345 times
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Hello all,

My house went under contract early last week, and the buyer was quick in getting the inspection done. However, it has been a week since the inspection and we still haven't heard anything from the buyer. Every time my agent asks about it, their agent says they'll have something for us "tonight or tomorrow". We've gotten that response three times now since Monday. When I bought, I had my repair request in a day after the inspection. At the rate we're going, I'm not going to have time to get any repairs done, at least not by anyone reputable. Is it normal for the buyer to be looking over the inspection for this long?
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Old 02-13-2014, 02:27 PM
 
Location: Riverside Ca
22,155 posts, read 29,561,421 times
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Is the buyer still within his due diligence period? He may be using it as a tactic where he makes you a resubmitted offer on last day with a 24 hrs to respond or he walks.
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Old 02-13-2014, 03:28 PM
Status: "So many micro breweries" (set 7 days ago)
 
Location: Berkeley Neighborhood, Denver, CO USA
17,080 posts, read 26,826,800 times
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Default Maybe

Quote:
Originally Posted by Electrician4you View Post
Is the buyer still within his due diligence period? He may be using it as a tactic where he makes you a resubmitted offer on last day with a 24 hrs to respond or he walks.
If you are in a buyers' market or the buyer thinks it is a buyers' market, then I would agree. In a buyers' market, buyers use the inspection as just another way to get a lower price.
If you are in sellers' market, then soon you will be negotiating with a new buyer.

Or, it could be:
incompetence
cold feet
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Old 02-13-2014, 03:41 PM
 
Location: Denver & Boulder regions
166 posts, read 388,353 times
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Quote:
Originally Posted by starla View Post
....

Always refer to your contract about dates and deadlines!! Each state and contract provisions will differ, but check when the deadline is for inspections to occur and subsequent paperwork is to be submitted to you.

From a seller and listing stance, its not your responsibility to remind a buyer of their deadline obligations; because, ask yourself, what happens if they miss their deadline and how does it affect you? - chances are that if they miss their date, they waive there rights therein and can't balk and walk over inspection and have missed their chance to submit requests for you to haggle over as any inspection resolution and period! .... therefore, accept the property's condition and move forward with the contract towards closing. (again, consult your contract!!!)

It is common, as Electrician4You implied, that a buyer will submit paperwork on the last day of inspection/due diligence period deadline.
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Old 02-13-2014, 04:00 PM
 
549 posts, read 1,395,345 times
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If the buyer wants a reasonable amount for repairs in lieu of me doing the repairs myself, why would he/she just not ask? In other words, if that's going to be a deal breaker, then why bother waiting until the end of the DD period?

If the buyer walks at the end of the DD, it's fine with me. We will go back on market just in time for the spring rush. I'd just like to know so I can go on vacation.

As for whether this is a buyers or sellers market, I would say it's relatively balanced, but seems to be shifting in favor of sellers. However, I'm not the best person to ask. Things were slow over the holidays, but showings picked up significantly for me starting the week of Christmas. After a few months of nothing moving in my neighborhood, a bunch of stuff went under contract starting the last week of January. I was almost disappointed to get an offer in late Jan b/c things were heating up so fast. The only houses left on the market in my hood now are one on a busy street, which is horribly overpriced, and one that faces the train tracks.
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Old 02-13-2014, 04:01 PM
 
549 posts, read 1,395,345 times
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I find it surprising that an agent would be complicit in lying though. Their agent told mine that they had the inspection and were planning to get us the repair request by that night. That was yesterday morning.
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Old 02-13-2014, 05:13 PM
 
Location: northern va
1,731 posts, read 2,664,085 times
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Quote:
Originally Posted by starla View Post
If the buyer wants a reasonable amount for repairs in lieu of me doing the repairs myself, why would he/she just not ask? In other words, if that's going to be a deal breaker, then why bother waiting until the end of the DD period?

If the buyer walks at the end of the DD, it's fine with me. We will go back on market just in time for the spring rush. I'd just like to know so I can go on vacation.

As for whether this is a buyers or sellers market, I would say it's relatively balanced, but seems to be shifting in favor of sellers. However, I'm not the best person to ask. Things were slow over the holidays, but showings picked up significantly for me starting the week of Christmas. After a few months of nothing moving in my neighborhood, a bunch of stuff went under contract starting the last week of January. I was almost disappointed to get an offer in late Jan b/c things were heating up so fast. The only houses left on the market in my hood now are one on a busy street, which is horribly overpriced, and one that faces the train tracks.
typically (atleast in my previous dealings), any repairs requested are countered with atleast the ability to confirm a price to complete said repair PRIOR to agreeing to the repair. typically a couple days for a contractor. if the buyer is impatient and doesn't want to wait, then you either blindly accept to repair and hope its not expensive/extensive, or send over the notice to void the contract.

if, after contractor estimates etc come back okay (or in the case of a simple repair request that you're confident in just agreeing to), then it's mutually agreed upon that the repairs will be done prior to settlement. I guess, at that time, the buyer could request a specific date (to allow them time to follow up on the repair etc), but if said request were granted by the seller, it would have to be written in and initialed off on (based off my local contract paperwork)
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Old 02-13-2014, 05:28 PM
 
Location: Riverside Ca
22,155 posts, read 29,561,421 times
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Quote:
Originally Posted by starla View Post
If the buyer wants a reasonable amount for repairs in lieu of me doing the repairs myself, why would he/she just not ask? In other words, if that's going to be a deal breaker, then why bother waiting until the end of the DD period?

If the buyer walks at the end of the DD, it's fine with me. We will go back on market just in time for the spring rush. I'd just like to know so I can go on vacation.

As for whether this is a buyers or sellers market, I would say it's relatively balanced, but seems to be shifting in favor of sellers. However, I'm not the best person to ask. Things were slow over the holidays, but showings picked up significantly for me starting the week of Christmas. After a few months of nothing moving in my neighborhood, a bunch of stuff went under contract starting the last week of January. I was almost disappointed to get an offer in late Jan b/c things were heating up so fast. The only houses left on the market in my hood now are one on a busy street, which is horribly overpriced, and one that faces the train tracks.

Leverage. Some people know or can tell the seller is looking to get out of the house for whatever reason. So they bid a bit higher to get a seat at the table where they can play games. I think its a little low but it is done as a tactic to get leverage over the seller. Some buyers figure well the seller is already x days into it that they lost so they will counter.

He could also just be getting cold feet.

He could be trying to get quotes for the needed repairs so he can justify the lower offer

I had a buddy do this on a house. He basically got 12,000 dollars back after escrow closed as credit for a roof. Not my way of doing business but some people see it as a perfectly good way to leverage. I saw it as a low tactic.
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Old 02-13-2014, 05:39 PM
 
549 posts, read 1,395,345 times
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Quote:
Originally Posted by kww View Post
typically (atleast in my previous dealings), any repairs requested are countered with atleast the ability to confirm a price to complete said repair PRIOR to agreeing to the repair. typically a couple days for a contractor. if the buyer is impatient and doesn't want to wait, then you either blindly accept to repair and hope its not expensive/extensive, or send over the notice to void the contract.

if, after contractor estimates etc come back okay (or in the case of a simple repair request that you're confident in just agreeing to), then it's mutually agreed upon that the repairs will be done prior to settlement. I guess, at that time, the buyer could request a specific date (to allow them time to follow up on the repair etc), but if said request were granted by the seller, it would have to be written in and initialed off on (based off my local contract paperwork)
Yes, and that is exactly how I would like it to happen. But even with the negotiations aside...

When I bought the house, I requested some repairs. The sellers agreed to most of them, then sent me a receipt for the repairs as proof that they were done. I got the house reinspected, and whaddaya know, a bunch of the repairs that were on the receipt weren't done. I can't say whether the seller was colluding with the contractor, if the seller didn't know they were cheated, or if the seller knew and just didn't care because they had plausible deniability (I find it hard to believe the seller was ignorant -- how would you not know that a house you were living in didn't have two foundation piers replaced?). Unfortunately, by then it was two days before closing. The seller, who was an attorney, got the contractor back out there and they worked through the night to do the repairs. My inspector reinspected again, and we closed on time. What I learned from this experience was:

1) Hire reputable contractors.
2) Reinspection is worth the cost if you actually care about the repairs. If your repair request consists of a bunch of junction box covers and piddly crap like that, then I'd still skip it.
3) Get your inspections and repairs done with time to spare.
4) It is best to be an attorney when dealing with crap like this. I imagine if it were any other seller, the deal would have just fallen through.

If I don't get a request soon, #1 and #3 are going to be difficult. #2 is their problem, and as for #4, I am not an attorney and will not become one between now and closing.
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Old 02-13-2014, 05:45 PM
 
549 posts, read 1,395,345 times
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Quote:
Originally Posted by Electrician4you View Post
Leverage. Some people know or can tell the seller is looking to get out of the house for whatever reason. So they bid a bit higher to get a seat at the table where they can play games. I think its a little low but it is done as a tactic to get leverage over the seller. Some buyers figure well the seller is already x days into it that they lost so they will counter.

He could also just be getting cold feet.

He could be trying to get quotes for the needed repairs so he can justify the lower offer

I had a buddy do this on a house. He basically got 12,000 dollars back after escrow closed as credit for a roof. Not my way of doing business but some people see it as a perfectly good way to leverage. I saw it as a low tactic.
Well they already entered the condition of some of the systems in the house into price negotiations. And I already had the house inspected before I put it on the market. So there should be no surprises, and like I said I am ready to walk if the buyer starts playing games. But the buyer doesn't know those last two things, so you might be right. I can't think of any legitimate reason for the buyer to be taking so long, so the game playing thing is looking more and more likely.
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