Move On?

Question

Tom V. · Answer

@Larry H. Sounds like you're being pretty reasonable to me. It also seems reasonable that the seller would want to get his own bids on the repairs. Was there a statement in the counter offer that requires a response within a certain time frame?

Maybe you could just tell the agent exactly what's going on. That you've got other deals you're considering, and if you don't get a response back from the seller by ______ reasonable date, then you will be moving on. This might get both the agent and the seller more motivated.

Good luck to you.

Larry H. · Answer

Thanks for all of the info.  @Mark Freeman, that's what we thought too.  The fact that he didn't immediately reject our offer was a good thing in our eyes.  And like I told the agent, somebody is going to HAVE to do these repairs.  They are not repairs that can  be put off.  So whether he does them, we do them, or someone else, they have to be done.

Mark Freeman · Answer

@Larry H.

If you switch agents on this deal, its over.  He is already representing you and I would do everything I could to sell it to someone else if you jumped ship mid way through.  The fact that the seller hasn't said "Hell no" is a good sign.  Keep looking for other properties and hoping for this one.  If you get an offer accepted on something else, then you have even more leverage.  Stay within your time frame to back out without losing money (other than for inspections). I got $50k off of one deal and $35k off of another recently and it is a painful process for the seller (Both properties were under contract for $150k or less).  I haven't seen anyone just jump at a significant price reduction without some pain first.  Be patient and don't put all of your eggs in one basket.  Good luck my friend.

Larry H. · Answer

I am not relying on the seller to do the leg work. I had an inspection done and consulted a contractor to get an estimate for the repair costs. I provided the seller with photos and descriptions of the problems the inspection revealed.  I padded the repair costs a little because some of the repairs have water damage that won't truly be revealed until we start ripping sheet rock out, but I was not unreasonable.

He can get his own estimate but the truth is our motivation is different. He will want to band aid whatever he can to pass the problems on to someone else. I want to fix the problems the right way up front and not have to worry constantly having issues, so my costs will be higher than his. So I am not lying or deceiving him. Like I said, I provided proof of the repairs that need to be done.

As far as the agent, he is the reason I have the deal in the first place. He reached out to my father in law asking if he knew anyone that wanted to buy an off market property. I realize the conflict but I think it would be a jerk thing to do to cut his small commission in half.

Mike Cumbie · Answer

Hi @Larry H.,

I can't speak to the Louisiana contract, but I know the ones we use have a time frame set in for inspections. For instance "You have 7 days for an inspection, 2 days to submit your approval and 2 days to come to an agreement." If that time is not met then the contract can be voided by either party. How much was the original purchase of this property? How much (percentage wise) does 45K represent?

If you offended him with your counter he could be ignoring you, as that is a fair option to a counter. Using the one agent, is he a "dual agent" or a "sellers agent" helping you with the contracts? You should have a form that says who the agent represents. If he is a sellers agent and the seller has decided not to play with you any more he may still be obligated to keep you on the hook as long as he can.... because it is in the best interest of his client.

Berny Petersen · Answer

I agree with a couple of points above: you would be much better served with your own buyers' agent. You'll get much better service than dual agency and it won't cost you anything... (usually). Do you have a signed agreement with the listing agent?

Also, it has been my experience that the more of the seller's work you do for him the better your chances are of closing. Get your own quotes and have them sent to the seller. Show him a copy of the inspection for verification and get the agent motivated to find out what it's going to take to move this thing along.

A good buyers' agent would have this done already, as the motivation is different.

Good luck!

Steven Torrez · Answer

You could tell the seller he has x amount of days to accept or you are walking. He might not want to wait and see if he could get any other offers.

Darren Budahn · Answer

Account Closed

You specifically said the OP would be lying if his contractor had a higher bid than the seller's contractor.

Move On?

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