So I went through the questionable property on Thanksgiving and thought "heeell no" walking through. I don't know what my husband was thinking when he said it was okay?! Last time I send him to go look at a house! ha, ha. I told my realtor we had our contractor out to look and could do no more than $25k. I sent this message on Friday and got this email from her today:
"As far as Lakeshore is concerned, it is getting a little sticky. It is already in their system as an accepted offer due to the first paragraph of the addendum talking about verbal agreement. It is not binding until you sign the addendum but the agent is getting a little edgy and may try to make you stick with the offer. Let me know what you think."
Here is my response:
"That agent can kiss my ass and take me to court. I had an inspection contingecy. The inspection did not go well - end of story. How can he make me "stick to the offer" with a contingency in place? What is the point of contingencies if an agent is going to "force" someone to buy anyway? This really ticks me off. How concerned should I be with this guy?"
Am I wrong here? I have lowered offers/upped offers/backed out because of what my contractor has said. What are contingencies for? Oh well, they never got a check from me so I will not lose my EMD but I may go to court?! I doubt the bank will want to shell out that kind of money for a property being off the market for 4 days.
Urrgh.. off that subject. Yesterday we had 2 HUD properties accepted. They are good prices but they accepted off the bat. I should have offered lower. I hate that feeling. So now we have 4 properties under contract and am getting a little nervous. I guess it's a good nervous but I hope like hell we can move these.
I'll keep ya posted.
3 comments:
Hi Eileen, not only did you have an inspection contingency but you also have an addendum that HASN'T BEEN SIGNED...so for the realtor to refer to an unsigned addendum is ludicrious.
Congrats on the HUD deals - if you got them low enough you should be able to secure buyers. Do you have a pretty strong buyers list yet?
I need to make offers on some HUD properties - haven't done that before. I'm curious about the process with these. Once you submit an offer and they accept is there an addendum that you have to sign first before the offer is considered final (like with other REOs)?
Hi there,
He ticked me off! I think he's pissed b/c the house has been on the market FOREVER and he just wanted a sale. Whatever... I'm not going to worry about it. I just don't like burning any bridges, ya know?!
No, my buyers list is not big but they definately buy. I do about half of my sales to owner occupants. We'll see how these go.
Do you use a realtor? If so they need to be HUD registered and then you just submit your offer through them. It is all computerized. If they reject your offer sometimes they will send an email telling you what they WILL take. Also, if a house has a "significant price reduction" they will take 50% - 60% of list price. You have to be patient for the price to drop but once it gets where you need to be they will accept. I've been watching these houses for months now. The down side? It takes about 2 months to close on them. And yes, you will be signing a ton of forms. It is the government you know! ha, ha.
If you ever want to email me please do so at eobrien15@yahoo.com
Hi Eileen,
Yep, I use a realtor. I just checked with her and she's not HUD registered so she's going to work on that. Apparently it takes a few weeks so I'm going to work with another agent I know at least for the time being. I'm going to keep my eye out on these properties. Thanks for the tip!
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