I made a written offer to buy a co-op unit and it got accepted. the seller's attorney is drafting the contract now. the kitchen of the unit needs some repairs and i was thinking i should have asked a $3000 credit at closing for some repairs in the written offer. is it too late to ask for this from the seller now?
thank you
p.s. - please let me know if you're an attorney, real estate agent etc. so i know where you're coming from . thanks again
2007-07-31 14:39:46 · 8 answers · asked by tom 1 in Business & Finance ➔ Renting & Real Estate
Oregon Real Estate broker here, telling you that you are now trying to renegotiate the offer. Unless you have some contingencies about approving the home inspection, you are bound by what you committed to.
2007-07-31 14:57:57 · answer #1 · answered by godged 7 · 0⤊ 0⤋
As a CA real estate broker, my response would be you made an offer and it was accepted, if the attorney is drafting the contract ,is your offer in writing with acceptance by the sellers?
Will you be getting a home inspection, which make bring about some of your concerns ie health & safety issues.
It does not look like you had any form of representation and your the one that made the offer.
You can ask for a credit and its up to the sellers to accept reject or counter your request.
A contract is a contract.
Good luck
2007-07-31 14:51:04 · answer #2 · answered by Jimmy 5 · 0⤊ 0⤋
Wisconsin real estate broker advising you that you ask for the credit in the offer to purchase. Once the offer to purchase is accepted and signed by both parties, there is a valid contract to perform on the duties of both parties.
You can ask for a credit now, but the seller is under no obligation to accommodate your request.
2007-07-31 17:19:26 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
you say you made a written offer...but seller's atty is drafting a contract? the credit you want can be included in the new contract upon your request if the language in your existing "written offer" is labeled as "non legally binding" until a sales agreement is signed by both parties. I don't think its too late to modify your offer, but you may risk the deal if the seller is not willing to give you the credit.
2007-07-31 15:00:38 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Well, yes, it is. Because once the contract was accepted, the sellers also accepted the terms....which was according to you, no repair contingencies.
It may even be the only reason your contract was accepted, because that is very attractive to a seller.
I'm a Real Estate Broker and own my own business.
2007-07-31 14:58:50 · answer #5 · answered by Expert8675309 7 · 0⤊ 0⤋
you can try asking but it's too late, when the deal was made it was made without the guarantee of fixing the kitchen. if you back out on the deal, he can sue you for the house plus other fees because you wasted his time and time is money so he can sue you more then what the house is for. best thing to do is try asking the other person, and if the other person feels generous then he might go for it. but there is no incentive for the other person to do something like that. and the deal is already sealed verbally.
i am a business major, and my family deals in real estate. i had to take business law, so i know what can happen to you if you back out.
2007-07-31 15:06:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
What state are they buying a home in? I am a realtor in California and the closing date is usually put into the inital contract. The escrow process is generally 30-45 days unless agreed upon longer by the parties. Usually the only time you can close earlier than 30 days is when its a cash transaction. You should have them check with their realtor to see if a date was agreed upon in the contract.
2016-05-19 02:56:17 · answer #7 · answered by ? 3 · 0⤊ 0⤋
In short, its to late.
RE Agent, Remax
2007-07-31 16:24:25 · answer #8 · answered by frankie b 5 · 0⤊ 0⤋