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Old 02-22-2010, 04:34 PM
 
Location: New Jersey
141 posts, read 207,623 times
Reputation: 169

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I placed a bid on a home a week ago. Seller came back a day later with his lowest price, which was my highest and we agreed on this ($255,000). A contract was drawn up by my Realtor (someone I have used in the past twice and that I trust completely) and sent to Seller to sign.

Seller, has yet to sign. According to his Realtor, he works odd hours for one thing, and twice already I was promised that a signature was forthcoming. Last one was this past Friday evening. Saturday, I get news that the Seller now needs to discuss financing for his new home with his pension people (he needs to move due to ill family members coming to live with him from out of the country and this house is way too small for extra people to live with him and his family). What this had to do with him signing the contract, is beyond me - but, whatever.

I now have been promised once again, that tonight, the papers will be signed for sure.

I am getting the feeling that this person is dragging his feet, possibly waiting on a better offer although why he agreed so rapidly to my offer in that case is beyond me. Particularly since the house was only up for sale a week.

It's making me anxious, and sleepless to say the least

Anyone else go through this?
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Old 02-22-2010, 05:37 PM
 
Location: Houston area
1,408 posts, read 4,037,875 times
Reputation: 639
How long has the home been on the market?

Often sellers put their house on the market and aren't completely sure of where they will move. Or they do, but that falls through.

They don't want to sign and accept because the contract will be binding.

Just my opinion.
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Old 02-22-2010, 05:45 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,532,806 times
Reputation: 2201
You might try giving a final date for signing after which you will cancel your offer. That might provide some motivation to get it done. We put expiration dates in our offers.
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Old 02-22-2010, 05:47 PM
 
Location: U.S.
3,973 posts, read 6,531,951 times
Reputation: 4133
Honestly - my guess would be it sold faster than he thought it would and now may be panicking trying to figure out where he can go.

My wife and I are looking and this keeps going through my head. I don't want to carry two mortgages, but since our next home is our "forever" house (at least until retirement) we are being super picky and I worry all the time about if our house sells fast (or doesn't) what a mess we will be in since we don't see too many houses that we like.
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Old 02-22-2010, 06:19 PM
 
Location: Barrington
63,919 posts, read 46,468,992 times
Reputation: 20674
Just curious....

Are verbal negotiations routine, in some areas of the U.S.?
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Old 02-22-2010, 06:24 PM
 
Location: Just south of Denver since 1989
11,815 posts, read 34,287,950 times
Reputation: 8935
I prefer everything in writing. But some local brokers prefer to hammer out the important stuff on the phone or via email.

If my client is ok with it. so am I.
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Old 02-22-2010, 06:42 PM
 
Location: Gorham, Maine
1,973 posts, read 5,200,047 times
Reputation: 1505
Something's wrong here, if the seller wanted to sign, he would have.

If I'm the listing broker, I want it in writing - if a buyer's agent can't take the time to send me a 4 page Purchase and Sale Agreement, a copy of the escrow check, pre-approval and disclosures, than I just consider it feedback.
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Old 02-22-2010, 07:03 PM
 
Location: Salem, OR
15,500 posts, read 40,211,096 times
Reputation: 17374
Actually I have had this happen. What happened for the seller is that we got an offer right away. He wasn't quite ready for it since I prepped him for a 9 month sale time, which was the average. It kind of threw him off guard and he got kind of paralyzed. Seriously, he couldn't make a decision.

The sellers were patient and gave him a couple of weeks to get his head screwed on straight and then we moved forward. Since this really isn't a voluntary move on his part, I can see that things are happening just a bit fast for him. Any way...that is what happened in my similar scenario. Maybe something similar is going on here.
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Old 02-22-2010, 08:17 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,532,806 times
Reputation: 2201
Quote:
Originally Posted by middle-aged mom View Post
Just curious....

Are verbal negotiations routine, in some areas of the U.S.?
Common here for negotiating the counter offers, usually after the first written counter by the seller. By then we each have a feel for what the other wants and we can work towards a compromise then put it in writing to finalize. It is very unusual to negotiate the initial offer verbally.
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Old 02-22-2010, 08:22 PM
 
Location: Illinois
718 posts, read 2,072,307 times
Reputation: 987
What do you have to lose by giving the seller a bit of time? In the meantime submit an amendment to your contract with a term of offer. That this contract will be void after a certain date. Sellers get sellers remorse many times more than buyers experience buyers remorse.
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