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Home purchase offer question
Posted on 8/25/15 at 11:38 am
Posted on 8/25/15 at 11:38 am
Made an offer on a house in Denver this weekend at asking price w/ small amount of closing costs covered by seller. Seller countered with no concessions and added a clause that says seller has option to terminate contract if, upon inspection, they receive a notice to correct.
Feels more like they are trying to allow time to get a better offer. Is this normal?
I know Denver is a crazy market right now, but I would expect the seller to show some level of commitment once contract is executed.
Feels more like they are trying to allow time to get a better offer. Is this normal?
I know Denver is a crazy market right now, but I would expect the seller to show some level of commitment once contract is executed.
4
Posted on 8/25/15 at 11:43 am to DrierlintLSU
IDK it sounds to me like they just don't want to have to fix anything if something comes up in the inspection. I think they are still obligated to execute your contract if your okay with the inspection results.
Posted on 8/25/15 at 11:44 am to DrierlintLSU
quote:
Made an offer on a house in Denver this weekend at asking price w/ small amount of closing costs covered by seller. Seller countered with no concessions and added a clause that says seller has option to terminate contract if, upon inspection, they receive a notice to correct.
Feels more like they are trying to allow time to get a better offer. Is this normal?
I know Denver is a crazy market right now, but I would expect the seller to show some level of commitment once contract is executed.
Not that unusual. They are basically saying "here is the house. Take it or leave it." And in a really strong sellers market, they can very easily get away with it.
I was just a seller and buyer in the past 60 days. Selling took me 29 hours for the first contract and 5 days for the 2nd. Right now, in markets like Houston and Denver, sellers can basically make demands and find a buyer that will deal with it.
Also, as a seller, I wouldn't pay a dime on your closing costs. It's one of the reasons our first contract didn't go through. There are too many buyers with better financials out there to agree to that.
I hope your buying experience is better than mine. I missed out on the first 4 houses I put contracts on. Sellers are in complete control right now (in Houston).
This post was edited on 8/25/15 at 11:45 am
Posted on 8/25/15 at 11:52 am to MSMHater
Thanks for the response. For the record, the refusal tocover closing costs wasnt a sticking point, but figured I'd give it a shot.
Have a few concerns with the state of the house. They have completely remodeled the kitchen (house originally built in 1995), and stated that the new refrigerator will not be connected to water line. That sounds like the water line is not available where the refrigerator would need to connect. This is my first home purchase, so I dont have any experience to fall back on. There are one or two other minor red flags and we just started looking last week, so I'm thinking we may walk away.
Have a few concerns with the state of the house. They have completely remodeled the kitchen (house originally built in 1995), and stated that the new refrigerator will not be connected to water line. That sounds like the water line is not available where the refrigerator would need to connect. This is my first home purchase, so I dont have any experience to fall back on. There are one or two other minor red flags and we just started looking last week, so I'm thinking we may walk away.
Posted on 8/25/15 at 12:36 pm to DrierlintLSU
quote:
They have completely remodeled the kitchen (house originally built in 1995), and stated that the new refrigerator will not be connected to water line. That sounds like the water line is not available where the refrigerator would need to connect.
That's like a 10 dollar part.
LINK
Maybe a hundred or so for a plumber if you don't want to install it. Just make sure the cabinetry from the sink to the refrigerator is available to hide the water line.
Not telling you to buy the house, just that hooking up a water line to the refrigerator shouldn't be a red flag.
Posted on 8/25/15 at 1:01 pm to Specktricity
quote:
IDK it sounds to me like they just don't want to have to fix anything if something comes up in the inspection. I think they are still obligated to execute your contract if your okay with the inspection results.
Bingo. Inspect the house, do your due diligence, if you can't live with making the recommended repairs an inspector finds, seller will find someone who will. you can always buy a warranty
Posted on 8/25/15 at 1:12 pm to DrierlintLSU
quote:If something is found, you ask them to fix it, if they don't want to they walk...you don't loose anything. It doesn't say "as is" just says if you ask them to fix anything they can terminate the contract. If something major is found that they don't want to fix you probably don't want the house anyways. If it is something small don't submit any requests to fix it.
seller has option to terminate contract if, upon inspection, they receive a notice to correct
This post was edited on 8/25/15 at 1:14 pm
Posted on 8/25/15 at 4:39 pm to DrierlintLSU
I seem to recall that in the LA standard contract (I know this is Denver, but saying for comparison) that if an inspection finds issues and the buyer asks the seller to fix or a reduction in price, the seller can say no thanks, and the buyer can walk away, and no one loses any money.
When we bought our new house this spring, we ended up paying about 10K less than asking price and the sellers also paid 2.5 percent of the sales price for closing costs. In exchange, they told us up front that if anything was wrong with the house, they were not fixing it, and we could walk if we wanted to. We had an inspection and only found a couple of minor issues, so we just fixed them ourselves.
When we bought our new house this spring, we ended up paying about 10K less than asking price and the sellers also paid 2.5 percent of the sales price for closing costs. In exchange, they told us up front that if anything was wrong with the house, they were not fixing it, and we could walk if we wanted to. We had an inspection and only found a couple of minor issues, so we just fixed them ourselves.
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