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  #1  
Old 03-18-2014, 12:06 PM
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property closing blues

I have a situation which is rather peculiar.

Before wandering around looking for houses I got talking to a mortgage banker to see where I stand in terms of property value. We looked at a place (half of what I quality for), liked it and nodded on the agreement to buy. First up - sellers disclosure.

Looks like the average disclosure, earnest money, inspection, date of closing, vacating and handing over keys etc. I write up checks for the monies, sign the doc hand it over to the realtor.

seller party is a bit lazy - initially it was agreed that I would get a pro to inspect the place, gave them a date too. I show up along with inspector on the said date and find a locked house.

call my realtor, who calls other - no answer.

2 days pass - I come to know the other party has put an amendment in the closure asking for 2 times the original earnest money, a date 2 weeks earlier for closure and a clause that if I dont purchase said property on that date regardless of facts - I lose all my monies.

the other realtors claim is that - they want some sort of guarantee that Im not wasting their time if I cant get financed. They are also sort of not agreeing to pony up for any "spooky" bits - if found during the inspection - they are saying that I can walk through the house one day prior to close to check for damages and proof that its been cleaned.

I mean I should have the right to have it inspected and they should in some way abide to it under some legality.

So technically lets say if the house has a bad A/C unit, termites, leaky roof or something that the lending bank does not like - they wont buy it - which then makes this into a sinkhole for my earnest monies...

am I being silly or does this sound normal in buying a house.

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  #2  
Old 03-18-2014, 12:17 PM
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Not normal. something fishy is going on. Not sure what it is. Perhaps someone else is willing to give them more for the house than you were and they are trying to scare you off?
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  #3  
Old 03-18-2014, 12:33 PM
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Is this in Texas? There is a standard real estate contract which specifies the option period, earnest monies, etc. Sounds like they are asking you to drop all the buyer protections included in that contract.

I find the sellers demands completely unrealistic. Not sure what the market is like where you are looking, but my instinct would be to walk away now and look for an equivalent property with a seller that isn't crazy. If they had nothing to hide, they wouldn't ask for all this.
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  #4  
Old 03-18-2014, 12:37 PM
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Walk away.

Simple process is you make offer, they accept offer, you put down deposit pending a good inspection, inspection is scheduled, if issues you either back out or a new round of negotiation happens.

Them evading the inspection says to me one thing, they know something bad, which an inspection will find. Black mold, powder post beetles, structural deficiences, code violations, ect.

There is always another home that you will also like, id move one, and get a lawyer to get your deposit back
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  #5  
Old 03-18-2014, 12:57 PM
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Absolutely not normal. Home sale agreements are almost always contingent on professional home inspections. And he's locking you out of the house? What on earth?

Run. Faster.
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Old 03-18-2014, 12:59 PM
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Yes this is houston, texas.

What is surprising to me is that they pushed an amendment after me signing the original disclosure that they provided and according to my realtor - thats OK (I think realtor is not firing on all cylinders)

I am going to back off from this if they dont accept a proper inspection before purchase just as a normal process will go, and Im not signing that foolish amendment.
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  #7  
Old 03-18-2014, 01:20 PM
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I would think the seller is contractually bound to honour the first assigned agreement. Have your lawyer tell them you are not tire kicking. Just want to engage the original agreements terms as is normal and contractually agreed to. You might have to threaten to sue to get them enacted. Or I am missing something.

What I am not missing right now is due diligence by the buyer will have to be really done well. If you still want the property. In a way the locking you and/or the inspector out on an agreed contractural inspection day may already. be a breech of contract by the seller.

There may be a disaster with the property as the seller wants you to agree basically the house is as is other than it has been cleaned. Anything negative found could not be applied then.

In simple terms the new agreement is a potential downhill ride. What is with your realtor? You need a lawyer familiar with your venue now to move forward. It almost seems like an attempt to tie up or seize your deposit as well. Do not sign anything further now without a lawyer looking it all over. This smells in too many ways. .
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Old 03-18-2014, 01:37 PM
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Have you signed an agreement for your agent to act as a buyers agent? If not, they are acting in the sellers interest and hence would advise you to sign away your rights from the standard Texas real estate contract.

Edit: I hadn't seen Barry's response when writing this, but we are both going the same place. You agent isn't working for you, they are working for the seller. Don't take their advice, and go get yourself a buyers agent.
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  #9  
Old 03-18-2014, 02:16 PM
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my agent is a buyers agent - and is employed to negotiate with the sellers agent.

Im waiting on a response of my "opinion" on this transaction. I basically said that if the seller do not wish to follow their originally inked documents then hand over my money and I close this book. The games will be held in usual real estate transaction fashion.

If not then Im off the table.
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  #10  
Old 03-18-2014, 02:33 PM
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Quote:
Originally Posted by Zulfiqar View Post
my agent is a buyers agent - and is employed to negotiate with the sellers agent.

Im waiting on a response of my "opinion" on this transaction. I basically said that if the seller do not wish to follow their originally inked documents then hand over my money and I close this book. The games will be held in usual real estate transaction fashion.

If not then Im off the table.
x2 and walk away. I'm no expert, but from my own recent house buying and investigating it sounds like they're trying to either sink you for the deposit as a fast cash scheme or pass off a money pit.

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  #11  
Old 03-18-2014, 03:18 PM
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If I wanted the house I'd say, "No, we have an agreement and I mean to hold you to it."

I had something similar happen when I was buying a lot to build a spec home on. The seller is a large volumn realtor who did not want to make any waves. The neighbor did not like what I was planning to build next to him and filed a lawsuit to block my plans. The realtor selling the lot asked me to let her out of the deal and I said no dice. we have a deal and I expect you to deliver it to me.

She hung in there and I eventually bought the lot, settled with the neighbor and built a very nice house there. The neighbor ended up paying all my legal fees and extra interest and I agreed to move the house on the lot, which by that time I had decided to do anyhow.

If you want the house tell them you intend to hold them to the agreement.

I'd look extra hard at it though in the inspection, because it looks as if they are trying to keep you from discovering something negative.
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  #12  
Old 03-18-2014, 03:23 PM
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Exclamation

Quote:
Originally Posted by barry12345 View Post
I would think the seller is contractually bound to honour the first assigned agreement. Have your lawyer tell them you are not tire kicking. Just want to engage the original agreements terms as is normal and contractually agreed to. You might have to threaten to sue to get them enacted. Or I am missing something.

What I am not missing right now is due diligence by the buyer will have to be really done well. If you still want the property. In a way the locking you and/or the inspector out on an agreed contractural inspection day may already. be a breech of contract by the seller.

There may be a disaster with the property as the seller wants you to agree basically the house is as is other than it has been cleaned. Anything negative found could not be applied then.

In simple terms the new agreement is a potential downhill ride. What is with your realtor? You need a lawyer familiar with your venue now to move forward. It almost seems like an attempt to tie up or seize your deposit as well. Do not sign anything further now without a lawyer looking it all over. This smells in too many ways. .
X2 I'm in total agreement.

OP, There was a definitive move on the part of the seller to deny you access to the house to perform your inspection. They are very likely hiding something, or are fearful you will discover more than they disclosed. Termites and other wood destroying organisms (carpenter ants, carpenter bees, etc) can have already done immense internal damage to the structure that is not at all visible. It may have a dozen golf balls flushed down every one of the toilets by toddlers & causing plumbing backups frequently. A previous rodent problem may have left feces/urine/hair/animal dander in the walls, wreaking havoc on your allergies. Previous water leaks causing mold to flare up whenever the humidity spikes. There is all sorts of things that can be wrong with this or any house really.

Unless you are getting this house for a screaming deal, like less than 30 cents on the dollar, I would run, not walk, away. It also sounds like your "buyers agent" is either inexperienced, incompetent or is super lazy if he/she isnt explaining all this to you in minute details. Just my 2 cents.
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  #13  
Old 03-18-2014, 03:46 PM
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Sounds to me as if they have something to hide. Time to tell them to pound sand.
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Old 03-18-2014, 03:56 PM
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seems like that is going to happen at 1800 CST.

pounding sand i.e.
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  #15  
Old 03-18-2014, 06:11 PM
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run away. doesn't pass the smell test.

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