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For anyone defending the sellers, no sh*t it's their right to sit on an offer as long as they want. I didn't say it wasn't their right. I said it was a stupid thing to do when your house has been sitting for 3 months. It makes me wonder how serious they are about selling and if they will find a way out of the deal. A valid concern as a buyer. No nobody "made" us offer that amount. But we were listening to the advice of the person who is supposed to be representing us. So I guess it's our fault for even trusting our realtor for a second.
And djohnslaw show me where I blamed anyone but myself. I let my agent scare me into thinking I was going to lose the house to this mysterious other offer. My husband and I agreed we should have offered a little under asking. Then let them come back and ask more. We thought going higher would cut to the chase and not play games. And here the other side was playing games. That's what the market is. One big game.
but this is why I never believe it when I hear about the "fickle sellers" who just suddenly "changed their mind". In fact the seller's agent said the house was under contract a month earlier but the fickle buyer got cold feet and just walked away. Yeah right. I'm sure that buyer had a different story.
Well we will see how inspection goes and then appraisal. I totally regret waiving appraisal. It was sprung on us unexpectedly. And we were told this is normal. I wouldn't agree to that again should this place fall through. I'm happy with the house but can't help but think we could have saved ourselves money by at least trying to offer lower.
And we never should have agreed to an offer right there. We should have went home and thought about it. It's not like there were other buyers there writing offers. We had time to go home and think and we should have.
And proof how duel agency is garbage. Too much incentive for a realtor to drive away a good buyer in favor of one of his own buyers. Lots of good lessons learned here. thank you for those who listened and gave decent feedback. The house hunting cumulative stress is very real
Don't disagree. Can your seller shop it? Sure knock yourself out. But the house has been sitting right? do you want to do business or not? My guess is they had another buyer and they wanted to either stick it to them or grab a counter.
True and true. But unless you need the money 2-3 weeks sooner, and/or there isn’t any red flags with your house that would hold up financing, why not wait for more money?
It’s quite common for people to put in all cash offers (with the money to verify it obviously) only to drag out escrow an extra week or two while they secure a loan. Don’t ask why I know this happens, lol.
This is nice to read. Thank you. I feel like my husband and I have always been smart with our money. And I was really feeling like a fool these past couple of days. Emotion played such a role in what we offered. Just the desperation of wanting a home and tired of house hunting already.
Stop with the anguishing. You wanted the house and you got the house. Move on.
True and true. But unless you need the money 2-3 weeks sooner, and/or there isn’t any red flags with your house that would hold up financing, why not wait for more money?
It’s quite common for people to put in all cash offers (with the money to verify it obviously) only to drag out escrow an extra week or two while they secure a loan. Don’t ask why I know this happens, lol.
Not your house. them. Time kills a lot of deals. People change their minds, people get fired. Loans require quite a bit to close and there's always surprises. Not with cash.
I don't understand how the buyers in the forum you mention didn't sue for the sellers to fulfill the contract. An accepted offer is a contract - refusing to sell after signing it is a breach of contract and the sellers can be legally forced to perform. At the very least, besides getting the deposit back, I would sue for any expenses incurred such as the inspection and appraisal.
True, but in my experience courts are hesitant to order a specific performance remedy. And some of the cornerstone considerations in determining whether specific performance is appropriate are whether monetary damages are inadequate and whether the piece of real estate (in this context) is considered to be unique. In short, specific performance remedies are not very common (or at least not as common as some may think).
True, but in my experience courts are hesitant to order a specific performance remedy. And some of the cornerstone considerations in determining whether specific performance is appropriate are whether monetary damages are inadequate and whether the piece of real estate (in this context) is considered to be unique. In short, specific performance remedies are not very common (or at least not as common as some may think).
The threat of an expensive court battle can be enough. I had a client tell a seller who had changed their mind after signing the contract something to the effect of "I'm willing to spend as much money as it takes to force you to honor your contract and I have lots of money." The seller relented and closed.
The threat of an expensive court battle can be enough. I had a client tell a seller who had changed their mind after signing the contract something to the effect of "I'm willing to spend as much money as it takes to force you to honor your contract and I have lots of money." The seller relented and closed.
That's a good point. Often the threat of litigation is enough to get people to follow through!
True and true. But unless you need the money 2-3 weeks sooner, and/or there isn’t any red flags with your house that would hold up financing, why not wait for more money?
It’s quite common for people to put in all cash offers (with the money to verify it obviously) only to drag out escrow an extra week or two while they secure a loan. Don’t ask why I know this happens, lol.
Plenty of folks can get a pre-approval or pre-qual to shop for houses then can't make it through underwriting. Lots of things can kill a mortgage besides issues with the house. In fact I'd wager issues with the buyers credit/finances kill way more mortgages than issues with the property.
Mortgage broker says you qualify no problem then underwriting says uhm nope you actually don't. Old collection pops up on credit report during underwriting and tanks credit score. Buyer foolishly opens a new store credit card and charges up $15k of furniture and appliances a few days before closing.
As an aside I actually had the debt collection thing happen to me when buying first house. Applied for mortgage. A week later a collection pops up on my otherwise flawless credit report. A whopping $50 I supposedly owed to my college bookstore. And it tanked my score, like 80pts for that one thing. I didn't believe I owed the money, but I really didn't care, I just wanted it gone. I could have fought it but that could take awhile and in the meantime screw up my mortgage. That $50 collection was going to cost me thousands in the interest rate I qualified for. I called and said I'll pay it today if you'll remove it from my reports, and I want it in writing. They agreed and it all worked out thankfully.
Afterwards I did some research. It's no coincidence these things pop up when people are trying to buy a house. Debt collectors monitor reports looking for inquiries from mortgage lenders. When they see that it's the perfect time to report the old debt. They know the person buying a house has some money and will be inclined to quickly settle in hopes of making the debt go away.
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Emotion played such a role in what we offered. Just the desperation of wanting a home and tired of house hunting already.
