Join the 9 million people who found a smarter way to get Expert help
Recent Backup Offer questions
We are buying a home, according to the contract the escrow
Hi, we are buying a home, according to the contract the escrow date is June 22nd, according to the bank (Wells Fargo), they will fund the mortgage on June 23rd (1 day delay).The sellers agent sent addendum saying that the seller doesn't believe it will be completed and asks for additional 20,000$.On June 19th, he also sent a notice (Notice to buyer to perform), on the contingency section he checked column H - Close the escrow, which we didn't sign.I'd like to mention that during all the time between the sign till now, I asked the bank agent if we are expecting any delays, and got a written reply that we are on track and no delays expected.Only on June 19th, we got a call from our real estate agent saying that we will not meet the deadline on time.I'd like to understand my options at the moment, can the seller ask for additional $20,000 dollar for one day delay?Am I going to lose the house along with my deposit?Please advise.Thanks,Dror
I found the house I want, but it now has a pending offer. My
I found the house I want, but it now has a pending offer. My realtor does not want to make a backup offer for me. I have an accepted off on another house, but I like this one better (and I can pay cash!). What scan I do? This house is move-in ready, the I have an accepted offer on one needs a lot of work (but is less $)... I'd rather have the 2nd one I found (with the "pending" offer...
Aloha, recently I made an offer residential property
Aloha, recently I made an offer for a residential property for the asking price which included all furnishings and new appliances the offer had an escalation clause up to $12k over the asking price in $1k increments above any bid higher than mine. After review of my bid the an agent within the sellers agency made a bid for the asking price less the some percentage of the 5%commission and that bid was accepted by the seller. I was told by the sellers agent that the other offer was accepted because the down payment was higher. I did not know that the sellers agent was acting as a dual agent nor was my agent informed, as he stated he would have offered a similar discount on his commision to the seller to remain competitive! Once I received the backup contract I also noted that the sellers agent removed the furnishings and appliances from the inclusions from. my offer that were listed in the MLS listing. At no time did the sellers agent make us aware that she was listing was dual agency, it did not on the MLS listing. My question is is it legal in Hawaii for an agent or agency to have such an advantage without disclosing it? I feel the competition was unfair, and the sellers agency was given an unfair advantage because they had knowledge of my offer that typically no other competitors would have so they would know exactly how much to offer the seller off their agency commission. In some ways I feel as if I am being discrimated against. First with the initial offer and then in the backup offer because the sellers agent removed items that were inclusions in the MLS listing. Do I have any recourse?
Counselor at Law
My husband and I are in the process of buying a home we
Hi,My husband and I are in the process of buying a home we were scheduled to close on 4/2/16. My husband is getting a loan on the home with US Bank and they have bumbled this up incredibly. First they requested another week to close, and the sellers signed an addendum agreeing to this. 4/9/16 was our new closing date and since it is on a Saturday, this made it the latest contractual date to close on Monday 4/11/16.Continual bumbles on US Bank's part have sent the loan back to the drawing board now for the 3rd time and the lender's latest request date to close is after the last contractual date to close.We have 15K down on the house and the sellers have a back-up offer equal to our contract amount. Judging by the sellers past actions, I would not be surprised if they exercised their right to keep our down payment because we broke the contract by not closing on time.Fast forward a few minutes and after dealing with management at US Bank, they have just recounted and said we can close on time. I am afraid they may not get it right and am leaning to close with cash on time in order to stay in compliance with our contract with the sellers.1) If we close cash on 4/11 (the last day to close) Are we obligated to pay US Bank for all their work and reimburse them for the survey, appraisal, etc?They have really bumbled and it because of their errors that this has happened.2) If we trust US Bank to close on the 11th, and they bumble again and we don't close, and the sellers keep our 15K, do we have any recourse against anybody to get our investment back?We are buying in unincorporated Martin County, FL.
On December 16th 2015 we made an offer on a home and the
On December 16th 2015 we made an offer on a home and the offer was accepted by the seller on Dec. 18th 2015. The sale was a short sale purchase. Per section I of the purchase contract, the sell had 7 days to make any disclosures for any defect that would substantially effect the value of the property. No disclosures were made within that time period. I was bugging the realtor about the inspection that was allowed in section J-1 of the contract that was supposed to be made within 14 days of the acceptance of the contract. She kept putting me off for the inspection, saying that the mortgage company had not yet given them the proper paperwork for the short sale and that the seller had vicious dogs and that nobody was allowed on the properly without proper advanced notice, which I could respect. Before the 14 day deadline was over, I put in writing to the realtor that regardless to the problems that they were having regarding scheduling the inspection, I was not waiving any of my rights to having the inspection done. Within a couple of days after that request to the realtor, an inspection was set up for January 7th 2016. On January 7th, I made the inspection myself. I am very qualified to do so. I had my own construction and remodeling business or ran a 40 million dollar a year construction business for over 35 years and have lots of experience with all aspects of construction and remodeling. Upon doing the inspection I found that the roof is in very bad condition and is leaking around most of the lower perimeter of the home. I did not get up on the roof having fears of making the damage worse and causing more leaking to occur. I inspected the entire perimeter of the roof from an 8' step ladder to prevent any additional damage. There were numerous holes in the metal roofing around the perimeter causing the leakage. This roof was beyond its useful life. Right there on the property I told the realtor that the roof was in very bad shape. She said that she would see what could be done about it. Within a few days after that, I told her that I thought that the roof would cost about $15000.00 to do. I told her that I would split the cost with the seller and settle for a $7500.00 reduction of the price. I had a local roofer assess the problem and he gave me a price of $25289.00 for a new roof, not including removal of the solar panel removal or gutter replacement. Initially we even offered $5500.00 over the asking price to lock in the deal. Basically I am asking for a $2000.00 reduction in the asking price to settle the matter. Still yesterday I e mailed the realtor about the roof estimate and I told her that I still thought that realistically the cost would be about $15000.00 and still I would split the cost with the seller. This was her response:Aloha Pete,I apologize for the delay in getting back with you. I am trying to get a copy of the approval letter from the lien holder and that has still not been received. This letter will detail what the bank will or will not do. I would prefer not to discuss with the agent for a couple of reasons.1. If we ask now we will have to start the approval process all over again, meaning our offer will be reconsidered with other offers, especially if our new request is less than previous offer.2. I know that there is a backup offer on this property.3. Typically the list price is based upon a professional appraisal that the bank had performed. More than likely the roof issue was noted and therefore the price was set based on the roof needing to be replaced.I will go and discuss this today if this is what you would like to do. However I would like to know are you prepared to walk away from this property if they do not approve the request or make us go back through the approval process and possibly be outbid by a backup offer?I have several request in already for the approval letter and will continue to request this from the agent. per the short sell addendum to the purchase contract the bank has until March 1 to provide.I am happy to proceed in either direction.With Aloha,JeannaIn regard to her response for item #1, I had already told her to proceed with the resubmission or whatever they had to do to keep up with their end of the contract. Item #2, We had made a contract with the seller and their representatives 35 days ago and have done everything that we were supposed to do. Item #3 If the roof issue was noted that why was it not disclosed within the 7 day disclosure period or even after, per the contract? What can or should we do?
We are selling our home in Michigan. The original buyers
We are selling our home in Michigan. The original buyers breached contract by not providing us with proof that the appraisal was ordered and loan was applied for in 3 days (please see attached photo). We elected to notify them the contract was void, andhad an attorney send them a breach of contract notice as well. We then signed a backup offer. Buyer 1 is now threatening to file an injunction to prohibit our home sale to buyer 2. I'm very worried as to the implications this could have for the title. CanI have some more information regarding this risk?
Roger! I have gotten two different answers from two different
Hi Roger! I have gotten two different answers from two different brokers on this one... with backup offers (representing the buyers) aka a secondary contract addendum, do you typically submit earnest money if they accept that addendum? Or is it not until the back up offer is ratified as the primary contract that earnest money would be necessary?
, we just recently closed a property transaction after two
Hi, we just recently closed a property transaction after two and half weeks delay as buyer. Seller put the property back to the market 10 days after the scheduled closing date, and got a cash offer which was 10k higher than our price, we had to paid extra 5k to get the property back. During the delay days, our agent did not do anything to communicate with seller and lender to avoid the 5k dollar loss. Can we sue her for malpractice in this process? Thanks ahead.
We have a house under contract for $599k. The sellerView more real estate law questions
We have a house under contract for $599k. The seller executed the contract on a Friday evening and shortened the option period from 10 to 7 days which made me suspicious. His seller's disclosure certifies that everything in the house is in good/workingcondition (it is a new remodel of an older ranch home - he is a "house flipper). It looks like he just went down the list and checked "yes" on everything to get the contract done. Our inspection, which occurred with only 2 days remaining on our option, revealedsome potentially major issues, such as water running into the adjacent bedroom when the bathtub faucet is turned on (which has already caused carpet damage in that bedroom), and most importantly, that the existing A/C system is too small to cool the housein Texas summer heat - that alone can be anywhere from a few thousand up to eight thousand dollars to upgrade. There are also code violations in the newly installed electrical wiring. When our agent contacted the seller's agent with a copy of the report andrequesting a repair amendment, their reply was to the effect of, "Too bad, take it or leave it, we have a backup offer with no option period." A quick reading of case law seems to support that the seller's certification in the disclosure that everything isin good condition would expose him to liability after the sale should something major happen (i.e. $10,000+ to fix the A/C, or a major roof repair, etc), under common-law fraud and the Texas Deceptive Trade Practices Act, a This seems to be even more so nowthat the seller and his agent have seen the inspection report and have proposed neither a repair amendment, nor an amended seller's disclosure. My question is this: As first-time buyers, would we have recourse against the buyer if we close on the house andthen discover that major repairs are needed, say over $10,000, to bring it up to safe and livable conditions? We are backed into a corner to a degree due to the severe lack of inventory in Dallas in the $600k price range that we're looking. To further complicateissues, both the A/C and potential roofing issues were beyond the scope of the home inspection and will require specialized contractors to come out and do their own reviews, incurring further cost, and which as of now are not even possible since the optionexpires tonight.