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#423711 - 05/12/13 08:27 PM Isn't there only 10 days from mutual agreement to do an inspection?
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Sorry for the questions as I'm sure everyone is getting tired of me posting. There's so many what-if's going through my mind and I'm obsessing about everything.

My husband and I are dealing with flaky people on another short sale and they haven't even signed the purchase agreement after a week of accepting our contract. We keep going back to one of the very first houses we looked at where we put an offer in but it wasn't accepted. It too was a short sale but we LOVED it and were very heartbroken not to get it.

Well the house we love went pending (pending inspection) on April 26. It is now May 12, 16 days later, and it is still "pending inspection". According to the addendum we have that I have read numerous times, it appears that if the inspection isn't done within 10 days, the buyer waives his right to do it.

My husband and I have told our agent several times that we like the house and will do anything to get it and asked if we could ask to put in a back up offer, but he seems to just kind of laugh that whole idea off saying that it's doubtful the house will go back to active and there were other higher offers on it. It says on the paperwork we did that the sellers can accept other offers while they already have one. Everyone would have to put in new offers anyways so what does the fact that there were other offers higher than ours put in a month ago?? We'd be willing to put in $20,000 over because we like it THAT much!

So what is going on with this house? Is it just a case of the agent not changing the status or could the buyers be having second thoughts? If the inspection was complete or waived wouldn't it say just "pending"?

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#423715 - 05/13/13 05:13 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7456
Loc: Vermont's North-East Kingdom
Originally Posted By: Mapper
". . . My husband and I have told our agent several times that we like the house and will do anything to get it and asked if we could ask to put in a back up offer, but he seems to just kind of laugh that whole idea off saying that it's doubtful the house will go back to active and there were other higher offers on it . . ."

But, I thought your Agent was of the female persuasion.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#423716 - 05/13/13 07:10 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Vermont]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
No our agent is male. The female I've been talking about in my previous posts (the one who appears to have broken English from her emails) is the sellers agent on the house we are currently trying to get.

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#423717 - 05/13/13 07:46 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
HomeTeamGA Offline
Member

Registered: 07/15/11
Posts: 339
Loc: Georgia
If the house had a 10 day inspection contingency and it is now 16 days past the binding agreement date and the property is still in pending status, the house either passed the inspection or they are renegotiating the offer based upon the items discovered in the inspection report. Ask your agent to call that agent and find out what is going on. If your agent doesn't want to do it then call the other agent yourself. Also if your current offer doesn't work out and it is terminated, I would consider finding another buyer's agent who wants to work for you, not against you.

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#423718 - 05/13/13 07:52 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
HomeTeamGA Offline
Member

Registered: 07/15/11
Posts: 339
Loc: Georgia
One more thing, no body is tired of you asking questions. That is what we are here for. What I was saying was that buyers who obsess over details are not really cut out for buying distressed properties and would be better served going the traditional route. Either that or you have an agent that is not answering your questions. My wife and I have clients from time to time that it seems like every day we get hit by a barage of questions on the most trivial details but we take it in stride and try to address them all. It's something that comes with the territory.

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#423719 - 05/13/13 08:01 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: HomeTeamGA]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Thank you for your info. I would think that if it passed inspection then it would go back to simply "pending" not "pending inspection", wouldn't it? And this is the period when buyers would most likely drop out if they wanted to right?

We have the listing agent's email and phone number from when we made the offer so we are going to contact him and find out what is going on as our agent never seems to want to do it for us. I have read the agreement several times and it says that the sellers may still accept offers even after one has been accepted. I brought this up to our agent and he sort of laughed it off and never pursued it for us. We told him again about a week later after he showed us another property how much we really liked that other one and would be willing to bid over the asking price on it. Once again we kind of got a smirk and a chuckle and he said "I really doubt there's much chance it will go active again and there were a couple of other offers higher than yours anyways". What does that matter? Everyone would have to rebid again anyways. Why won't he at least talk to the listing agent and SEE if he would take another offer??

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#423725 - 05/13/13 10:36 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
But I also have to ask, why would we set up an inspection after the buyer signs the purchase sale agreement before we even know if the lender accepted our offer? It says in the paperwork that you have 10 days after MUTUAL ACCEPTANCE between seller and buyer to get the inspection done and if not then you waive that contingency. Isn't it kind of silly to spend $300 on an inspection BEFORE you even know if you'll get the house?

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#423726 - 05/13/13 10:47 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2189
Loc: Outer Banks
If the other house is a short sale then the buyers are waiting for lender approval of the short sale before they get the inspection done.

Your contract is written incorrectly. If the seller signs it then you will have to get the inspection done before you get lender approval.

Since the sellers have not yet signed, have your agent withdraw the offer and resubmit a new offer with wording that does not commit you to getting an inspection done until the lender approves the short sale.

This is very important considering how long it has been since you submitted the offer and the seller still has not signed the offer. This seller is not showing any desire to sell short sale and if they are this slow getting the required paperwork to their lender then this deal has little chance of happening.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#423729 - 05/13/13 11:16 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Bigtoe]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
But then if we wait to do the inspection, we could be waiting months to get approval (even though it has been pre-approved which I know means nothing) and then do the inspection only to find out how much stuff is wrong with the place. Then we'll kick ourselves because then it's too late to look for another house as we need to be out of ours by the end of October. I guess I'd rather know up front what's wrong with the house and if the sellers will fix it rather than finding out 4 months down the road. It will allow us to look for other houses in the meantime.

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#423732 - 05/13/13 11:43 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7456
Loc: Vermont's North-East Kingdom
Originally Posted By: Mapper
". . . I guess I'd rather know up front what's wrong with the house and if the sellers will fix it rather than finding out 4 months down the road.

Nothing is stoppng you from doing an Inspection on your own time frame, and while placing at the risk your own investment in the inspection.

But expecting the Short Seller to pay for removing deficiencies you discover is like asking them to pay your Closing Costs . . . . when you ready know that they're not servicing the current Mortgage.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#423738 - 05/13/13 12:47 PM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Okay so we FINALLY got back the signed sale purchase agreement. However now I have another question. The price was originally $199,000. We put in a bid of $210,00 to assure we got it. Cryptic email from the listing agent:

i changed the purchase PRICE to $199K,there's no way that FHA LOAN WILL APPROVED TO ADD THE THIRD PARTY FEE, buyer will pay separate the negotiation fee of $1,695.00.

Okay we knew about the 3rd party fee, but why is the price changed $10,000 on the agreement? I mean it went down which is good, but why?

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#423759 - 05/13/13 08:29 PM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
How can the seller's agent change the price of your offer without your consent and signature?
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#423769 - 05/14/13 07:25 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: johnnyloans]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
I have no idea what is going on! Our agent wasn't really sure either and kind of laughed and said "The offer WAS for 210,000 right? I mean okay it's $11,000 less in our favor, but where on earth did that come from? And what does $11,000 less have to do with the FHA not paying $1700 of the third party fee? The sellers initialed the change and then we had to go in and initial something yesterday.

What is going on with this sellers agent? First off, English is obviously not her first language as all her emails are cryptic. She doesn't alert our agent that our offer was accepted until the next day when our agent emails her and asks. Then it took her a week to get the sellers signature. Now an $11000 drop in the price without us being told about it until it's in writing??

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#423770 - 05/14/13 08:05 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: johnnyloans]
HomeTeamGA Offline
Member

Registered: 07/15/11
Posts: 339
Loc: Georgia
Originally Posted By: johnnyloans
How can the seller's agent change the price of your offer without your consent and signature?


He/she can't. If anything is changed, even 1 word, it is no longer an acceptance, it becomes a counter offer. It is likely that the lender has already approved the short sale at the price of $199k and a higher offer may start the process all over again. Who is charging a 3rd party fee here? Is the seller's agent using a short sale negotiator? Normally the 3rd party negotiator also becomes the closing attorney. It is up to them to get FHA to pay the fee, not the sellers agent. Sometimes they get it, sometimes it's a reduced amount, and sometimes they get nothing but the fees they get paid at closing. It is not something the buyers pay. There are too many people involved in this transaction who don't know what they are doing. You may have intialed the changes but you now have due diligence to back out of this contract. That is something you may want to consider.

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#423772 - 05/14/13 09:02 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2189
Loc: Outer Banks
I hope you are still looking for houses because this looks like a train wreck getting ready to happen.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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