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#1
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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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2012 BMW X5 (Beef + Granite suspension model) 1995 E300D - The original humming machine (consumed by Flood 2017) 2000 E320 - The evolution (consumed by flood 2017) |
#2
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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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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
#3
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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. |
#4
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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
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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.
__________________
"Senior Luna, your sense of humor is still loco... but we love it, anyway." -rickymay ____ "Your sense of humor is still loco... " -MBeige ____ "Señor Luna, your sense of humor is quite järjetön" -Delibes 1982 300SD -- 211k, Texas car, tranny issues ____ 1979 240D 4-speed 234k -- turbo and tuned IP, third world taxi hot rod 2 Samuel 12:13: "David said to Nathan, “I have sinned against the Lord.” And Nathan said to David, “The Lord also has put away your sin; you shall not die." |
#6
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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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2012 BMW X5 (Beef + Granite suspension model) 1995 E300D - The original humming machine (consumed by Flood 2017) 2000 E320 - The evolution (consumed by flood 2017) |
#7
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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. . |
#8
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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. |
#9
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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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2012 BMW X5 (Beef + Granite suspension model) 1995 E300D - The original humming machine (consumed by Flood 2017) 2000 E320 - The evolution (consumed by flood 2017) |
#10
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Quote:
JB3-Talk to me about powder post beetles...
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$60 OM617 Blank Exhaust Flanges $110 OM606 Blank Exhaust Flanges No merc at the moment |
#11
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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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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC] ..I also have a 427 Cobra replica with an aluminum chassis. |
#12
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Quote:
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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2007 Dodge Ram 3500 Cummins Turbo Diesel 4x4 1994 GMC S-15 pickup 4.3 5MT 1985 300 SD 1978 300 CD 1962 220-S Fintail - awaiting restoration |
#13
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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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2001 SLK 320 six speed manual 2014 Porsche Cayenne six speed manual Annoy a Liberal, Read the Constitution |
#14
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seems like that is going to happen at 1800 CST.
pounding sand i.e.
__________________
2012 BMW X5 (Beef + Granite suspension model) 1995 E300D - The original humming machine (consumed by Flood 2017) 2000 E320 - The evolution (consumed by flood 2017) |
#15
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run away. doesn't pass the smell test.
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You're a daisy if you do. __________________________________ 84 Euro 240D 4spd. 220.5k sold 04 Honda Element AWD 1985 F150 XLT 4x4, 351W with 270k miles, hay hauler 1997 Suzuki Sidekick 4x4 1993 Toyota 4wd Pickup 226K and counting |
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