Did we do the right thing?

Question

We recently made an offer on a home contingent upon ours selling. Well the contingency date was up yesterday with no sale. During that time we realized that we didn't want to be that strapped down that much anyway. We also heard disturbing news about the neighborhood (a few Meth labs had been busted around there). It also needed exterior work as well. We loved the house though. So I called my realtor and told him that if they could come down in their price they still have a buyer. He basically said that they wont and will probably just totally pull away from our offer. Our realtor sounded kinda upset that we wanted to pull the deal with them..even though we are no longer under contract. Is it appropriate to offer less after your original contract is up? We are just looking out for our own well being and don't want to get screwed ont he deal.

Our home has been on the market less time then the prospective home yet the realtor thought we should lower our price. Yet the others shouldn't have to. He is a dual agent for all parties involved. I can't understand why he wouldn't try to get them to lower theirs since theirs isn't getting any offers either.

We did our research before we made the offer. My husband was forced to take another job during this time which reduced our income. I stumbled upon the Meth lab info as well. I shouldn't even know about it since it's suppose to be a hush hush thing untill it is released by the authorities. I have some connection with the local law enforcement here otherwise I wouldn't have known about it.

Answer 1

Pulling out of this purchase is in your best interest. First off, a realtor should have only one client. We used a buyer's agent and were much happier with the final costs.
If the contract offer has expired, review everything completely and make sure you are no longer on the hook. Is a deadline a "real" deadline - or just a euphemism for a "few more days".
You made all the right moves, by not buying before you sold your home.
I suggest you concentrate first on selling your home, and second on finding another place. Start packing up, and be ready to move out.
And remember a realtor only gets paid if you buy or sell your home, it isn't your best interests they are thinking of. Do your research; I recommend books by Robert Irwin.
Good luck and hang in there. Things happen for a reason.....

Answer 2

You have to love the neighborhood, not just the house. You can offer whatever you want if you are not under contract. There is no law against negotiating for a better price. If you find something wrong with the property, adjust your offer accordingly. The worst thing that could happen is that they would say no.

However, if you would really like to have the property you would have to make the offer attractive enough so that you can get a bargain for exchange going. You don't want to start your negotiations on the wrong foot by insulting the seller with a ridiculously low offer.

Answer 3

Contingent on selling always causes major stress in a real estate transaction. Get a realtor (other than the one you have to do a BPO). Look at the dom (days on market) for similar properties sold in your neighborhood, and what those houses sold for. That's about how long it's going to take to sell your house, and what you can expect to get.

If you are serious about buying another house you need to sell yours first, and move out. Then make an offer on a house in a neighborhood where you have investigated what's going on there.

The neighbors area a great source. If you feel uncomfortable about ringing their door bell go to www.searchbug.com
and put in the address of the house you are interested in. There you will be able to get the neighbors names and phone #'s. They will be glad to tell you anything.

Answer 4

>During that time we realized that we didn't want to be that strapped down that much anyway

You just walked away from "eyes bigger than wallet" syndrome, the number one reason why people get into trouble with real estate.

Of course the agent is upset. That's thousands of dollars they're not going to make, even though they did a lot of work. It happens. It happens a lot less when they work in your best interest, rather than with their eyes on the commission check.

Answer 5

Anyone with any ethics would not advise you to move into an area where there are meth labs. You absolutely did the correct thing in reducing the offer. Remeber your real estate agen works for you not the other way around. Making him upset because he has to work a little harder is his/her burden not yours. Good luck on selling!

Answer 6

You did the right thing !
Let it go and search for another house in a better neighborhood.
Go to another realtor and seek some advice about your situation.

Answer 7

Good job walking away but it doesnt seem like you really wanted the house enough to purchase. Well than you should of not pushed it further. Find another house in the area or surrounding are that might benefit you more.

Answer 8

Next time, make sure you really want the house BEFORE you make an offer and waste other peoples time.

You did the right thing by walking away, but you really should have done your research BEFORE you placed an offer.

Answer 9

Remember, realtors are working for themselves, not you, not the seller, themselves. Some will do whatever they think they can to make a commission. Do as your heads tell you to do. Sounds as though you are proceeding logically.