My husband and I made an offer on a house. . .?

Question

for the asking price and the seller countered with three conditions
1. we move the closing date up a week
2. the option period is only 7 days as opposed to 10
3. the period in which we have to terminate in case our funding falls through is only 15 days instead of 25
(they are apparently going on vacation . . .)
Our realtor seems to think these are alright and so do I, I am just afraid that there is something wrong with the place and they are trying to pressure us into closing early so we won't notice. The house is in a wonderful neighborhood, although this whole area is prone to foundation cracks. My husband doesn't think that is the case, could they really just be trying to close early to go on vacation?

Answer 1

Yes, do your inspection and if there are any problems you can cancel the contract.

I don't blame the seller's.

Some buyer's draw out the inspection period, then cancel at the last minute and get their money back.

Terry Smith
http://www.Welcome2Arizona.com

Answer 2

I hope that you include some items in your offer, such as a successful housing inspector review of the house and all of its systems. The idea of closing is strange. What if you didn't make the offer, would they have not gone on vacation?

If you made an offer of the asking price and didn't include any changes in you offer then you have met all requirements and they shouldn't be making a counter offer. Also understand than unless you signed a buyer/broker agreement with your realtor, he really works for the seller, NOT YOU. He gets paid from the commission on the sale of the house and would get paid that much faster if you agree to the terms.

I can't say that anything is wrong, but there certainly is an opportunity for something to smelling fishy.pp

Answer 3

You should have a home inspection done. They can tell you if the foundation cracks are a big concern or if they are just cosmetic. You will have peace of mind. Tell your agent to put a contingency that reads:

Sale contingent upon Buyer's satisaction and approval of Home Inspection report.

Those conditions stated above are not realistic and your agent is not looking out for you. Number 3 is unrealistic because the lender will not adjust their time because the contract states so. You will lose out.


Also if you want to go with those conditions please do not offer full price. The seller wants to get out quick and feels they might be able to if you agree so readily.

Answer 4

you can counter back with your original conditions and let them take it or leave it. in this buyer's market I am surprised that a seller is trying to pull this. the fact that you offered full price gave them some indication that they can run over you because you obviously really want the house. I don't know anyone offering full price in this market.

or you can counter back with agreeing to their terms but dropping your offer price by $10,000 (if the LP was $100,000 or less), $200,000 (if the price was between $100-$200,000) and so on. In this market you shouldn't let them dictate terms like this that could cost you more money than you realize in the end. The only way I would accept their counter was if I reduced my offer price by enough chunk to make it worth my while to pay the potential loss that I would incur due to rushing the process.

People don't usually schedule vacations when trying to sell their property. They can sign papers and fedex and fax from anywhere with telephone lines and roads.

Answer 5

I am not sure that you can get all your money by then, it depends on the lender. Make sure that a check of the complete house is done by an independent company. Make sure it all passes. Leave a way out if it does not. Vacation is a stupid reason to move everything up, it is only the biggest purchase you will make and the most important one to sell too. There are way too many houses available to get suckered into a deal you might not want. Go see the house again too and make extra sure everything works for yourself too. Take something to plug into every outlet, run water and everything before you agree.... Good luck, check with your lender to see if they can work in that time frame too.

Answer 6

The others bring up GOOD POINTS but guess what? A similar scenario happened to us when we were in the process of buying our 2nd house (we are now in our 3rd) and in our case we the Purchasers were the ones going on vacation and the Seller refused to accept our contract offer bec the market in the 1990 was just like now, where there are an abundant number of homes available after the peak prices had come in the late 80's. Why the Seller refused to accept our contract until we came back from a 3 week vacation overseas was they were afraid if something happened that required our attention, they did not want to be stuck in a situation where they were helpless and locked in..just in case other Buyers and opportunities came along from John and Mary Doe that the sales transaction could go through. Funny thing is we returned from vacation, the house was still available but we went down the main road like a mile or 2 further west and actually ran into the House that we actually bought for $10K to $15K cheaper.

Back to your original questions:

#1. Our closing dates have always been like 30 days out bec supposely that is the approx time to take care of important issues like home inspection, correction of deficiencies, appraisal and processing of mortgage application are all time consuming, and not controllable other than fact Buyers need to take prompt action finding Good qualified home inspector & scheduling appointment as well as once inspection completed, Buyers need to decide on corrective actions to remedy etc and reach agreement with Sellers

#2. Though I work with Contracts everyday for living, I don't see nor understand what OPTIONS you would be referring to?

#3. No problem on adjusting period from 25 to 15 days if mortgage fell through and was not approved, bec there are only few choices esp if lender won't approve mortgage bec they felt too much risk and say offering price is below appraisal, and say Seller decides to hold ground on sales price... Thus if Purchaser really wanted house and to pay above appraisal if price adjustment could not be settled, by all means release or terminate contract offer so Sellers can relist their house promptly as available should be given so to reduce chances of missing other Buyers looking.

I agree with others on having important home inspection done and having inspector render opinion on foundation cracks, which I truly have only seen one in a neighbor's that was a major concern. Neighbor's crack actually was bad enough that one could see crack running down exterior side of outside brick wall and they had to temporarily nail lumber to both sides where neighbor said he needed to find contractor to dig below foundation and pull steel beams on concrete base to where adjustable steel jacks would push sliding portion back level with original foundation. I think it's pretty rare and example was meant to give you idea of unacceptable major foundation cracks.

Your explanation that Sellers were going on vacation gives impression that house is vacant and Sellers already moved out bec otherwise Seller's too would also need the normal 30 days to make arrangements for Movers as well as cleaning etc.

Final comment is YOU SHOULD ALWAYS USE WHAT LEVERAGE you have to the maximum and if and when you give up some item of importance, then contract negotiation is about receiving some type of consideration in return for that right etc. In works both ways and the outcome is a NEGOTIATION SETTLEMENT or agreement between both parties....otherwise you have what is referred to in contracts as STALEMATE where parties can not or refuse to some type of compromise.

You say it is a wonderful neighborhood and I was watching on CNBC a special called THE MILLIONAIRES INSIDE where all had made the milions on real estate and one advised always buy in a neighborhood was college SAT scores were high bec it will continue to always lure buyers in the future. That said, depending on how long the Sellers house has been on market and the likelihood the Seller would accept a different Buyer's contract requires you and your husband to do thorough analysis. If anything you should always have TARGET HOUSES #2 and #3 etc and maybe continue looking bec who knows, patience is a virtue and the Lord may reward you with something better!

It appears the biggest issue of the 3 conditions is adjusting closing, and if I were in your shoes and you decide to proceed then I would state in writing that "you are willing to adjust and accept an earlier closing date only on the conditions that your mortgage loan has been approved and more importantly it does not jeopardize the due process and your legal right to a qualified home inspection as well as the Seller taking prompt actions to insure correction of all identified deficiencies discovered during inspection." That should give the Seller something to chew on and buy you whatever time ils necessaary for peace of mind.

Good Luck and Congratulations!

Answer 7

you can agree to these conditions contigent on having a home inspection done. Also do they have a clear pest inspection??

Answer 8

Have an inspection done! ~