All Forum Posts by: Monica Narvaez

We are not in contract. We had signed the contract and mailed the check but they hadn't signed it. We know there is no legal recourse. We were offered a chance to match the other offer. But the seller's attitude during the whole process has already raised serious "character issues" and this latest manuever, after everything in the contract had been hammered out, inspection paid for, everything in action, all ducks in a row, felt like a real betrayal of trust. And we just couldn't get comfortable doing business with this guy. There were still some gray areas in the contract with respect to the condition of the house and the bank appraisal, and we knew we would be relying on the seller's voluntary cooperation to get to closing. And we didn't think we could rely on that anymore, and didn't want to sink even more resources into this deal. So we said no to his offer. And basically said the original contract (which was done and ready but never sent) still stood if he wanted to reconsider. Or if he wanted to start the process over with a financing-seeking buyer paying slightly more, that was his legal right. For us it was less an issue of the extra money (25k more) or even that he was entertaining other offers after accepting ours - it was more the timing and how he handled it (waiting until the last possible moment when we were maximally invested in the deal), which indicated that he had no principles - it felt like we were being extorted. So basically we tried to take the high road, while calling his potential bluff. Obviously we realize that in the south Bronx taking the high road may be a fool's errand. But we are who we are.

Just to clarify the check that we mailed was the earnest money deposit

We were literally with the pen in hand to sing the contract, we mail the deposit check and then just within a few hours for them to receive the check they call to say they had a higher offer, they asked us to match that offer but we already offered over asking and things smell bad. I know that a verbal agreement in the South Bronx real state world means nothing but the timing was so ******, specially when the deal was just hours away to be close.

We in fact overnight the check

Yes, that's right we did all of that

We were about to sing the contract last night and overnight the deposit check to close a deal on a multi family in the Bronx. Then the sellers agent called last night to tell us that a new offer came through and asked us to match that offer!!!!! We already offered over asking now he is asking for 25K more!!!! We said no, but doubts are lingering.... It has been and exhausting process with many people working on these offer; mortgage broker, layer, inspector.

Thanks Jeff B. Unfortunately we don't have much leverage in this deal. We have reason to believe there are other buyers in the wings, and are actually more afraid of the seller walking from us. We'd be willing to pay 7k extra out of our pocket if that secures the deal, but maybe not 25k.

I should also mention that we don't own the house yet. We are looking to buy it. The deal is "as is" and this water issue is only potential big ticket item our inspection turned up. We just want to know if we are facing a 5k cost or a 25k cost. The answer may affect our decision to buy.

We'll absolutely do the repair if we become the owners of this property. What we want to know is if spending 20k is an exaggeration or is it realistic?

I should mention that there aren't any signs of water damage - the leak sees to be fairly small, and it doesn't seem to be an emergency. But the house is old (1901) and the water line probably needs replacement.