Buying a House

[shyvas]

I’m hitting “post reply”...reader beware.

So, I got an acceptable cash offer on my house. I was pretty excited but we’re already hitting some annoyances. Most of it is just me being me because of the anxiety. So this is going to be all over the place. And I had to cut and paste because, yeah, my thoughts are all over the place, lol.

. Then he calls me and says, he got the buyer to come up another 5000 but he doesn’t want to close until March. Really? WTH. I need my lawyer.

I’ll probably do it because I was ready to take the house off the market November 7, when the listing expired, and relist in February/March anyway. I just feel like it’s shady and I’m getting conflicting information from my agent, who’s been pretty much useless and talks in circles. I always feel like he’s trying to “convince me” of something but then his story changes. I need my lawyer.

There’s the issue of disclosures. My daughter was big on signing the disclosure statement which I was prepared to do. But my agent is pushing me not to and to give the $500 credit at closing instead. Several friends are saying that is the way to go.

I’m also getting a lot of advice from friends and family so it’s confusing. My daughter sold her house and bought the new one last December. She’s very good with stuff but I think laws vary from state to state. My buyer wants to do the inspection next Monday and daughter says not until the contract is signed and the binder is in place so all this technical stuff has to be worked out. I need my lawyer.

I love my buying agent. She’s going to help me even though she’s in a different state. She said my agent should be getting proof of funds from any cash buyer. So I’ll make sure he does that. I need my lawyer.

 

[shyvas]

That sounds like very positive news and a cash buyer is a gift sent from heaven.

Don't give in to any pressure from your realtor as he wants to sell quickly.

If I rightly remember, you don't really trust your estate agent/realtor so you feel that what's he's suggesting may be shady ? However, there's nothing shady or even unusual about wanting to close in March. People always have a legitimate reason for not wanting to move asap. This would also give you more time to look for a property that suits you instead of rushing into things.

From what I have read about disclosure laws it's not something that you should bypass. As a buyer, what would you expect from the seller ?
A credit of 500 $ seems odd as if a property does have a serious issue, it may not be enough to cover any repairs.

I also don't think that it's always a good idea to ask too many people for their opinion. Trust a reputable estate agent ( your buying agent) your daughter as she seems to be very sensible and has experience in this field, and do read up the necessary legal requirements.

Buying and selling are indeed daunting but if you know the law and have the necessary guidance it shouldn't prove to be something that is impossible or too complicated.

I would have thought that the buyer would only have to prove that he has the funds if he signed the offer. The inspection could then take place only after this step and not before.
Oh, I did see 'beware' before I hit reply.

https://www.nolo.com/legal-encyclop...ers-disclosures-required-under-state-law.html

https://www.nolo.com/legal-encyclop...our-attorney-real-estate-agent-will-play.html

 

[KLS52]

Thanks shyvas. I probably jumped the gun, surprise surprise, because I haven’t said I will accept the offer yet. So if I call my agent today and say I will accept the cash offer with the March closing, We should be signing something before I let him do the inspection? This is what my daughter is saying. I will feel better once I talk to my buying agent and the lawyer on Monday. I really just need to know the “steps” and the correct order of how it should play out. Thank you for the links. I’m going to read them now with a second cup of coffee.

 

[shyvas]

Thanks shyvas. I probably jumped the gun, surprise surprise, because I haven’t said I will accept the offer yet. So if I call my agent today and say I will accept the cash offer with the March closing, We should be signing something before I let him do the inspection? This is what my daughter is saying. I will feel better once I talk to my buying agent and the lawyer on Monday. I really just need to know the “steps” and the correct order of how it should play out. Thank you for the links. I’m going to read them now with a second cup of coffee.

I would have thought ( I don't know your legisilation) that it would have to be a written offer. Stick to what your daughter and lawyer tell you.
Indeed, it's essentiel to know the steps as you may not agree on something in an earlier one and hence get into a fret over nothing.

You also don't have to accept the offer if you think it's too low. Go in with a counter offer.

I'm busy working so sorry for giving you such short answers.

 

[KLS52]

No problem, work away! Don’t feel pressured to reply. I may ramble on for awhile...sometimes I just feel like getting thoughts out.

 

[KLS52]

So a written offer is something I would expect as well. Once I talk to my buying agent I will have a better understanding of what to ask my selling agent.

 

[shyvas]

No problem, work away! Don’t feel pressured to reply. I may ramble on for awhile...sometimes I just feel like getting thoughts out.

No problem as I'm multi tasking here. I can only give you moral support and my own personal feedback further to my experience in real estate.

 

[silva]

Since you were willing to wait till march this sounds good if everything is legit

http://www.homebuyinginstitute.com/inspections_article10.php

I know nothing of cash offers, or how they would have to qualify. Is it contingent on their house being sold first, or they just have the cash?

 

[silva]

When I put an offer on my house, which was done without either of us having realtors, I called a real estate lawyer. I was surprised that he was willing to answer all my questions without even a consultation! I would strongly just advise you to do what research you can online, write questions, and call a lawyer. I'm sure facebook or something has groups about realtor stuff.
I put contingencies on the sale pending the inspection, and got the price down for the garage repairs and age of furnace.
One thing I guess, is that even though the inspection belongs to the buyer, what comes out of it I would think, would become your knowledge and have to be provided to future buyers (?). Like if the inspection (mine was crazy thorough!) finds some sagging or whatever, that you previously didn't know about---this is a question- I don't really know, since the inspection is the property of the buyer

 

[KLS52]

Since you were willing to wait till march this sounds good if everything is legit

http://www.homebuyinginstitute.com/inspections_article10.php

I know nothing of cash offers, or how they would have to qualify. Is it contingent on their house being sold first, or they just have the cash?

It is not contingent on a sale. It’s cash up front.

 

[KLS52]

When I put an offer on my house, which was done without either of us having realtors, I called a real estate lawyer. I was surprised that he was willing to answer all my questions without even a consultation! I would strongly just advise you to do what research you can online, write questions, and call a lawyer. I'm sure facebook or something has groups about realtor stuff.
I put contingencies on the sale pending the inspection, and got the price down for the garage repairs and age of furnace.
One thing I guess, is that even though the inspection belongs to the buyer, what comes out of it I would think, would become your knowledge and have to be provided to future buyers (?). Like if the inspection (mine was crazy thorough!) finds some sagging or whatever, that you previously didn't know about---this is a question- I don't really know, since the inspection is the property of the buyer

I wouldn’t buy a house without it being contingent on an inspection. I don’t expect my potential buyer to. So I’m not worried about that. If something turns up I’d be happy to know about it. And he claims he isn’t going to try and negotiate the price down if small things come up. If there’s anything that might be big he said he will just walk away. And that’s fine because I’m not agreeable to taking less. We are not anticipating any issues that would cause a problem. He already knows we get seepage a few times a year so I’m not concerned about that either. The gutters need a new lead pipe and need to kept clean of debri. We’ve had rain for days, at times, with no issues.

I think you are right about whatever the inspection turns up would need to be disclosed to future buyers. But I’m sure we will have fixed anything that needed fixing at that point. I have no desire to not be forthcoming about everything. I need everything to be on the up and up.

I’m hoping I can get some basic answers from the lawyer tomorrow.

 

[shyvas]

I wouldn’t buy a house without it being contingent on an inspection. I don’t expect my potential buyer to. So I’m not worried about that. If something turns up I’d be happy to know about it. And he claims he isn’t going to try and negotiate the price down if small things come up. If there’s anything that might be big he said he will just walk away. And that’s fine because I’m not agreeable to taking less. We are not anticipating any issues that would cause a problem. He already knows we get seepage a few times a year so I’m not concerned about that either. The gutters need a new lead pipe and need to kept clean of debri. We’ve had rain for days, at times, with no issues.

I think you are right about whatever the inspection turns up would need to be disclosed to future buyers. But I’m sure we will have fixed anything that needed fixing at that point. I have no desire to not be forthcoming about everything. I need everything to be on the up and up.

I’m hoping I can get some basic answers from the lawyer tomorrow.

It sounds like you are on tops of things and managing each step at a time. Fingers crossed.

 

[KLS52]

I’m on a rollercoaster of emotions. I go from total calm and acceptance, ready to just let things play out, to being so annoyed that I want to say just forget the whole thing and stick to my plan about taking it off the market and waiting until February. But then I say, what purpose would that serve? It’s no different if I go into contract and something happens before the closing in March and the sale falls through. I just put it back on the market like I was going to do.

What I need to do is stop worrying about the what if’s. I could die tomorrow. What if? I think my biggest gripe is still with my agent. We so do not click and it’s making it hard. He is insisting I not contact an attorney today and let the buyer do his inspection on Friday before drawing up the contract. It’s not unheard of but it’s not protocol either.

I googled if you should ever have the inspection before the contract and most information says contract first. Then I found out the cost of drawing up the contract is in the commission. So that leads me to believe that my agent doesn’t want to spend the money and have it come out of the commission. Because he did say to me, prior, it’s a waste of money to draw up the contracts and then something goes wrong with the inspection and the sale falls through. So that was another thing to make me feel like he’s looking to cut corners and not working in my best interest.

 

[shyvas]

I’m on a rollercoaster of emotions. I go from total calm and acceptance, ready to just let things play out, to being so annoyed that I want to say just forget the whole thing and stick to my plan about taking it off the market and waiting until February. But then I say, what purpose would that serve? It’s no different if I go into contract and something happens before the closing in March and the sale falls through. I just put it back on the market like I was going to do.

What I need to do is stop worrying about the what if’s. I could die tomorrow. What if? I think my biggest gripe is still with my agent. We so do not click and it’s making it hard. He is insisting I not contact an attorney today and let the buyer do his inspection on Friday before drawing up the contract. It’s not unheard of but it’s not protocol either.

I googled if you should ever have the inspection before the contract and most information says contract first. Then I found out the cost of drawing up the contract is in the commission. So that leads me to believe that my agent doesn’t want to spend the money and have it come out of the commission. Because he did say to me, prior, it’s a waste of money to draw up the contracts and then something goes wrong with the inspection and the sale falls through. So that was another thing to make me feel like he’s looking to cut corners and not working in my best interest.

Yep, you're spot on. The problem is with your realtor. Don't forget that you are the one in charge.

Yes, contract before the inspection. You're really an expert KL.

 

[KLS52]

Yep, you're spot on. The problem is with your realtor. Don't forget that you are the one in charge.

Yes, contract before the inspection. You're really an expert KL.

I know but being in charge is my weak point. I was so uncomfortable yesterday when we were on the phone and he’s telling me not to contact an attorney yet and to let the guy have the inspection on Friday. I had to come out and tell him, “look no offense to you, I know you’ve been doing this a lot longer than I have, but I am not comfortable doing it this way so I’m sorry, but I will be making a phone call to a lawyer in the morNing”. I was shaking. Lol. I mean how was he not insulted by that. I pretty much said, I don’t believe/trust you.

 

[KLS52]

I’m probably making him sound worse than he is. I know he smart and I know he knows what he’s doing. I think he’s just a non-conformist and doesn’t mind doing things not quite by the book. And obviously this has worked for him very well. It’s not like he’s doing anything illegal.

but He definitely has a problem dealing with women who don’t just go along with what he says. It was very apparent from the beginning. I was the one who initially contacted him and asked him to come and give an appraisal. I did all of the legwork yet every time he had a question about something he would call my husband. That really irked me because my husband has very little involvement in this whole process, other than me relating back to him what’s going on. He has very little input which isn’t really helping me either, because it puts all the pressure on me to make the big decisions. He will pretty much just go along with whatever I think is best and that’s a lot of responsibility for me. But he’s always been like that so it’s not going to change after 45 years. He had better hope, though, that he dies first, LOL. Because he’s going to be in big trouble if he has to make decisions at some point for his well-being, lol.

 

[shyvas]

I know but being in charge is my weak point. I was so uncomfortable yesterday when we were on the phone and he’s telling me not to contact an attorney yet and to let the guy have the inspection on Friday. I had to come out and tell him, “look no offense to you, I know you’ve been doing this a lot longer than I have, but I am not comfortable doing it this way so I’m sorry, but I will be making a phone call to a lawyer in the morNing”. I was shaking. Lol. I mean how was he not insulted by that. I pretty much said, I don’t believe/trust you.

I do understand you not feeling too comfortable if you don't like discussing such issues over the phone. However, there are a few techniques you could use. Don't let him feel that he is in charge despite him having experience. Some people will never gain skills despite the number of years that they have worked in a given field.

 

[shyvas]

I’m probably making him sound worse than he is. I know he smart and I know he knows what he’s doing. I think he’s just a non-conformist and doesn’t mind doing things not quite by the book. And obviously this has worked for him very well. It’s not like he’s doing anything illegal.

but He definitely has a problem dealing with women who don’t just go along with what he says. It was very apparent from the beginning. I was the one who initially contacted him and asked him to come and give an appraisal. I did all of the legwork yet every time he had a question about something he would call my husband. That really irked me because my husband has very little involvement in this whole process, other than me relating back to him what’s going on. He has very little input which isn’t really helping me either, because it puts all the pressure on me to make the big decisions. He will pretty much just go along with whatever I think is best and that’s a lot of responsibility for me. But he’s always been like that so it’s not going to change after 45 years. He had better hope, though, that he dies first, LOL. Because he’s going to be in big trouble if he has to make decisions at some point for his well-being, lol.

That is not acceptable.

 

[KLS52]

That is not acceptable.

He got the message after a while when he would call my husband and my husband, instead of calling him back, would call me instead and say, call Doug.

 

[KLS52]

I do understand you not feeling too comfortable if you don't like discussing such issues over the phone. However, there are a few techniques you could use. Don't let him feel that he is in charge despite him having experience. Some people will never gain skills despite the number of years that they have worked in a given field.

I hope I have been challenging him enough that he is figuring it out but I’m not going to be an easy pushover. My attorney says that it’s acceptable to go ahead with the inspection before doing the contracts, I will have no problem doing that. I do not want to go into contract if there’s going to be an issue with the house. I would rather know on the up and up. I’m not looking to get anything that isn’t fair and square.