All Forum Posts by: Brian Eddings

I really appreciate the quick responses! 

Looking for some advice. I recently made an offer on a Fannie Mae property listed on homepath.com. The property was listed for 59k. I offered 43k and they countered at 55k. I then offered 46k and they countered at 42,500. Yes, they countered 3,500 under what I offered them. The listing agent called my agent and told us what had happened and we obviously accepted the offer immediately. We then heard nothing from them for a day followed by them retracting their counter offer. I was always under the impression that once an offer was accepted that was a binding contract, however I don't have a law degree so I figured I would see if anyone out there could offer any insight on this. I do realize it was a mistake on their part however, if it was our side that made a mistake I'm sure they wouldn't hesitate taking the earnest money which was 10k in this case. Thanks for any advice you might have. 

@Mindy Jensen, one of the couple is finalizing a previous divorce sorry for the confusion. Bloomington is a college town and I have been able to find other properties that have performed similarly however, they are becoming more difficult to find. I think I will avoid anything binding for now and bring up my concerns with the renters. Thanks for the advice!

Thanks for the response, 

I initially had no intention of selling the property as it does really well as a rental. I decided to go through with it for two reasons. The precipitating factor was this couples adamant desire to purchase the property which allowed me to negotiate a price that, after discussing with my realtor, I feel meets or exceeds what I would get if I listed. The second factor was this will allow me to completely pay off my student loans and be able to direct that money into more investments. My worry is that the market in our area is currently doing really well however, 6 months from now that could change and they may try to re-negotiate the price down. 

I have a property that I have been renting for about 2 years now and the current renters are attempting to purchase the property. After a long negotiation we have came to a mutually agreeable price however, due to their current situation (finalizing a divorce) they wont be able to go through with the purchase for about 6 months. I would like to lock this in to prevent this negotiation from going back and forth over the next 6 months. Should I have them sign an option agreement or would I be able to do an actual purchase agreement this far out? Appreciate any advice.