I just made an offer to purchase a coop on Sunday and the owner accepted the offer on Monday. The broker (seller's) called me right away and wanted to set up an appointment for me to sign a lead-paint waiver form and she's pushing me to find a attorney so that we can have the contract ready to sign by the end of this week.
This is my first time buying a home. It's not like buying shoes. I want to take time to make sure everything is done properly. I explained to the broker and she kept telling me that there's another offer. If I don't want it, I shouldn't drag the process. Is there any way I can slow down the process? I still want to have a contractor look at it and negotiate the price with the owener. How should I do it? Any suggestions?
2007-01-09 12:13:52 · 4 answers · asked by shopaholic 5 in Business & Finance ➔ Renting & Real Estate
I didn't work with any brokers when looking for houses only because I didn't get a chance before I found this one. I'm getting a lawyer for myself. Should I still get a broker to represent me? If so, do I have to pay my broker or the seller does?
2007-01-10 04:59:34 · update #1
This is a bit confusing. You said you already placed the offer. The price negotiation part is DONE once it was accepted.
A week isn't too fast, your broker can have all of your inspections done before then. Homes usually take a month, but it is because of funds crossing over (when you buy one while selling the other), since you have nothing to sell things are moving along quickly.
The sellers broker should NOT be calling you. Do you have a broker of your own? If not GET ONE. No cost and they will look after your interest. THe sellers broker is legally obligated to look after the SELLER, you and your life are not their concern.
Dont worry about starting this w/o a broker, they can jump in now. The other broker MAY be pushing you because something is wrong and they are hoping you don't ask about it.
2007-01-09 12:22:39 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You need to get a good real estate agent. Most often, they are paid by the seller so you put out any money. They are the ones that will be negotiating your purchase through making offers. They are also likely to find out when somthing is wrong. If the sellers are rushing you there is probably a reason, (agent knows you don't have representation) I would get away now while you still can, and come back when you are less exposed.
2007-01-09 13:00:47 · answer #2 · answered by Ron B 3 · 0⤊ 0⤋
You can take as much time as you need once you're in escrow, usually 30 days. After an offer is accepted you still have one last chance to bargain for the price through an inspection. You can itemize things you want a discount for if there are anyproblems with the house. But the most important thing is to beaware of signing away the contingencies. Because once you do that you lose your deposit money if you cancel the deal.
2007-01-09 12:32:24 · answer #3 · answered by HBSL621 3 · 1⤊ 0⤋
Do you have an agent reprsenting you? Because most offers are contingent on it passing inspections and getting financing. You need an agent in your corner--don't assume the agent repping the seller is going to help you too much--they aren't supposed to supress anything, but their fiduciary responsibility is to the seller, not the buyer.
Coop deals might be a little different because that is a little different type of real estate deal. Good luck with it!
2007-01-09 13:01:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋