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Started By
Message
Need help with house buying
Posted on 6/4/18 at 4:15 am
Posted on 6/4/18 at 4:15 am
So I am out of town and there is a house we want to put an offer on. I would like to see it first however houses are going very quickly and we have already missed out on one because of me not being in town to see it. Even if they except our offer dont we still have the due diligence period to pull it if I dont like it? We would make an offer today and I won't be back to look at it until Wed. I want to say you have to have cause to resend the offer during the due diligence period but I am not sure what qualifies as cause.
TIA
TIA
This post was edited on 6/4/18 at 4:19 am
10
Posted on 6/4/18 at 6:17 am to GREENHEAD22
Don't put an offer in until you see it. Don't waste sellers time tying up every home you want to look at with a purchase agreement.
Posted on 6/4/18 at 6:22 am to Cooler
We've looked at a couple dozen houses and have a July deadline. Good chance we are buying this house.
Posted on 6/4/18 at 6:24 am to GREENHEAD22
quote:
if they except
The word you’re looking for is ‘accept.’
Posted on 6/4/18 at 6:28 am to GREENHEAD22
Usually as part of the offer there's a good faith deposit or earnest money.
It will sometimes be low(mine was around $1000) and others will be a percentage of the purchase price. Usually you are required to submit this along with your offer.
If your offer is accepted, it goes towards the purchase price. If you back out of the offer after it's been accepted without due cause, you lose the money.
Eta: very few things would get you out of it. Home inspection issues, financing issues, etc. Definitely not : just didn't have time to see house and now I want to back out.
It will sometimes be low(mine was around $1000) and others will be a percentage of the purchase price. Usually you are required to submit this along with your offer.
If your offer is accepted, it goes towards the purchase price. If you back out of the offer after it's been accepted without due cause, you lose the money.
Eta: very few things would get you out of it. Home inspection issues, financing issues, etc. Definitely not : just didn't have time to see house and now I want to back out.
This post was edited on 6/4/18 at 6:33 am
Posted on 6/4/18 at 7:00 am to Puffoluffagus
quote:
very few things would get you out of it. Home inspection issues, financing issues, etc. De
You can withdraw from a real estate offer within 10 days of signing for almost anything in LA. I had a couple withdraw on the 10th day just because they decided they didn’t like the living room. Had to give them the deposit back as well. You can thank the LA legislators for bending the knee to the Realators lobby.
Posted on 6/4/18 at 7:17 am to GREENHEAD22
You're paying your realtor a lot of money so you should just have them go look at the house and provide feedback.
Do you trust them?
Do they know in detail what you're looking for and what your preferences are?
As stated, you do have some outs.
Do you trust them?
Do they know in detail what you're looking for and what your preferences are?
As stated, you do have some outs.
Posted on 6/4/18 at 7:25 am to GREENHEAD22
It is a dick move to go into something like this already wanting a way out, but put a contingency in n the offer that the buyer will obtain acceptable financing,then the call
Is in your court as to what “acceptable “ is
Is in your court as to what “acceptable “ is
Posted on 6/4/18 at 8:16 am to seawolf06
quote:quote:
Need help with house buying
You're paying your realtor a lot of money
You don't understand how realtors are paid. Sellers pay the realtor fees.
Regardless, I wouldn't trust a realtor to look at a house and provide me feedback without ME seeing it. No. fricking. Way. I wouldn't do it if the realtor was a family member, spouse, reverend, close friend, or otherwise. I need to see a house before I'm buying.
Posted on 6/4/18 at 8:26 am to GREENHEAD22
You should buy my house, imho.
Posted on 6/4/18 at 8:43 am to lnomm34
quote:
You don't understand how realtors are paid. Sellers pay the realtor fees.
And you don't think the seller has accounted for this in the sales price?
Posted on 6/4/18 at 9:00 am to NEWBIE
quote:quote:And you don't think the seller has accounted for this in the sales price?
You don't understand how realtors are paid. Sellers pay the realtor fees.
Who said I don’t think the seller has accounted for realtor fees in the price? Way to cherry pick a point and step into a thread and redirect. That’s not at all pertinent to the point of my post. The poster I was replying to said the buyer is paying the realtor and that the OP should trust his realtor to decide if the house is acceptable for the OP’s family. I was pointing out that all of that is wrong and bad advice.
Posted on 6/4/18 at 9:48 am to Tigerpaw123
quote:
It is a dick move to go into something like this already wanting a way out, but put a contingency in n the offer that the buyer will obtain acceptable financing,then the call
Is in your court as to what “acceptable “ is
I've seen a real estate purchase agreement with a financing contingency before...but it specified that it was "contingent upon buyer obtaining financing not to exceed x.xx % interest rate."
Not sure if that's the norm or not, but seems like sellers wouldn't want to take an offer with a vague contingency that would allow the buyer to back out so easily...especially if homes are selling so quickly in that area like OP mentioned.
Posted on 6/4/18 at 10:16 am to Tiger Prawn
quote:
I've seen a real estate purchase agreement with a financing contingency before...but it specified that it was "contingent upon buyer obtaining financing not to exceed x.xx % interest rate." Not sure if that's the norm or not, but seems like sellers wouldn't want to take an offer with a vague contingency that would allow the buyer to back out so easily...especially if homes are selling so quickly in that area like OP mentioned.
it was exactly the way my last property purchase was worded, may not be standard, but each deal is unique, if nothing else it should trigger a counter offer which will keep the property "under contract" until Wednesday so the OP can look at it
Posted on 6/4/18 at 10:20 am to lsufan1971
quote:
You can withdraw from a real estate offer within 10 days of signing for almost anything in LA.
They can do that in LA without a contingency in the purchase offer? I've never done business in LA. Does this have something to do with the French based legal system there? And why would the Realtor's lobby support making it easier to blow up a deal?
As for the reference made in another post about who pays the agent, lnomm34 is correct. Assuming we're talking about a seller's agents here, and not a buyer's agent, the principal who is employing the agent (*and the sub-agent*) is the seller and that's who pays them. That's who they actually work for and that's who they have a fiduciary duty to. When buyers go out with an agent, who isn't (legally or contractually) a buyer's agent, they often get confused about that. And unfortunately, a lot of agents don't go out of their way to "unconfuse" them. They think that guy is "their" guy... and he's not.
Posted on 6/4/18 at 11:03 am to Jag_Warrior
In Texas most real estate contract are written with an option periord of 7-10 days. Gives you time to get out of the contract with your earnest money intact if you don't like the house after inspections or something. Do they not have something like this in the Louisiana contracts? would easily give you time to see the house before the option period is up.
Posted on 6/4/18 at 11:34 am to HYDRebs
quote:
Gives you time to get out of the contract with your earnest money intact if you don't like the house after inspections or something. Do they not have something like this in the Louisiana contracts?
Louisiana contracts have an inspection period...but I think that just applies to being able to back out of the deal without losing your deposit if some sort of unseen damage or deficiency is discovered during the course of a home inspection. Don't think it applies to being able to back out of a deal because you put in a contract without taking the time to see the house in person, then decided later that you didn't like the floorplan layout or something.
Posted on 6/4/18 at 11:36 am to GREENHEAD22
Home inspection will come back with something that will need to be repaired. That is your scapegoat if you don’t like the house.
Posted on 6/4/18 at 12:25 pm to GREENHEAD22
quote:sorry baw
We
Posted on 6/4/18 at 5:07 pm to jimbeam
Yea 
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