Gah!

[meccahi]

Soo... newest update on the house..

Realtor received my earnest check and contract... I find out that two other people are bidding on the house. Contract states that Seller has to make a decision by Feb.28th ...

That would be today.

Last night I made the decision to raise my bid to $60,000... due to the other bidders. This was after having a nice long talk with Grog's Dad who was a realtor for about 20 years and I guess also does some consulting or some such.

Call Realtor... she apologizes profusely and says that the seller has not been able to be reached and did I want to continue to pursue this or would I like my earnest money back?

I said that I would like to pursue this. I also asked her if she had found out what the other buyers were bidding... she didn't know... and didn't even know if she was allowed to disclose that information... but she'll try and find out anyways..

So that's where we stand.

I really want this house... I also do not wish to go crazy.. I'm not certain that these two will compute..

Comments

[meccahi.livejournal.com]

That's good to know...because I certainly didn't.. and I told her as such. I'm not sure how they work things in South Carolina.. but i don't think she's come across a "bidding" situation before..or she has and is just clueless... Or this is a whole new world for her. Either way... I'd rather just know for certain if the sellers are going to accept the offer or take someone elses..or just start all over.

I can't blame the realtor for this since it isn't her fault the sellers are being flakes.

[sol-amoun.livejournal.com]

well, if she's a "REALTOR®" then she's a member of the National Association of Realtors and bound by the same code of ethics that I'm bound by (not all real estate agents are "REALTORS" by the way...you can be licensed to sell real estate by your state's department of real estate and not necessarily be a member of the NAR)

she would be allowed to disclose to you what the other bids are only with the express consent of her client, but then if she didn't disclose that to the other bidders there could be a potential case for discrimination (especially if any of the other bidders are members of a "protected class" as covered by the Equal Housing Opportunity guidelines...)

shit, I can't believe I still remember this shit..I haven't been active in real estate for over a year...but uh, yeah.

good luck, maybe some day we'll come visit!!!

:)

[meccahi.livejournal.com]

Heh.. that's awesome that you remember all of that!

GAAHHH... so newest update is that the seller wants no contingencies and wants the sale to be in cash..

Is this normal???????

[sol-amoun.livejournal.com]

sorry I couldn't respond earlier, art detour kept me occupied...

have you seen the home yet? I would hire a home inspector to do a thorough, detailed inspection of the home...in AZ home inspections are typical during the process...but if he wants a cash sale and no contingencies, to me that means that there is something seriously wrong with the property, such that after an appraisal a bank/lender would be unwilling to provide a mortgage for the properties...

in az a good home inspection would cost around $300, but they're usually very detailed reports, exact measurements of rooms, plumbing and electrical is looked at, as well as they look for leaks, previous damage (fire, etc) mold, asbestos, or any other health threats, check the roof, etc etc...a good inspector will take pics with a digital camera and provide you with pictures along with his report...you would then know what you're facing, what might need to be replaced or repaired in the future, and thus be able to make a more informed decision about whether or not the home is a good investment...the most important thing is to not allow yourself to become emotionally attached to any one property...buying a home is a serious commitment and a long-term investment, you want to base your decisions on reason, not emotion...and reason requires information.

often times you can get the seller to pay for the inspection or have it paid through escrow, but from what you've already said I'm going to say that this is unlikely, hell, he might not even give you permission to have the inspection done...

[meccahi.livejournal.com]

Thank you! I feel better now about demanding an inspection... I also told them that I could fax over a copy of my approval if needed... but that I absolutely HAD to have an inspection done...

I'm trying to be less emotional about it since I know what danger that can get me into... if it's meant to happen it will happen... and don't want to buy a house that is either falling apart or potentially toxic... I figured an inspection was so standard that people wouldn't even have a question about it.. but with this guy I kind of wonder..

Thanks Dre!