All Forum Posts by: Traci Lovelace

Why not just reject it ?

John Anderson - We provided an EMD of 10% and a financial statement showing we have the funds. The proper paperwork was also submitted. They are simply sitting on the offer.

I have instructed our agent to increase our offer first thing Monday morning.  Thanks for holding my hand.  Fingers crossed :)

Thanks, everybody.  Russell, my agent confirms that none of the banks accept escalation clauses.

Rich - that sounds like something I would be interested in doing.  Have you done this with Fannie Mae properties?  My understanding is that it is a bidding portal where you can only put in the limited information that they ask for.  Thanks-

Good advice, thanks.  I think come Monday if they have not moved, we will.

So, my husband and I have never successfully purchased a Fannie Mae property.

We have an offer in now on a property that has been on the market since 4/26 and the price reduced for the first time on 6/3. Our offer is greater than 80% of the list price. Other offers have been rejected recently over things like requesting home inspections, or lack of EMD, such as an offer competing with ours. Ours is cash, closing in 30 days.

Our agent said the asset manager is sitting on our offer, probably hoping for a higher offer to come in.   We are prepared to go up a little on price but his advice is to wait a bit, which means over the weekend.  If another offer comes in, they may not call for highest and best.

This is stressful.  Should we be looking to raise our offer at this point or just hold on?  TIA

I would recommend the GC that I've been working with for the past few months.  He's out of Norfolk.  PM me for contact info.

Thank you for your feedback.

I am trying to raise the value of the neighborhood.  It means that I often do not have the opportunity to weed out the easy deals.  In fact, none of the real estate transactions to date I've had in my neighborhood have been simple.  But, it's what you put up with when you have a bigger vision.  I'm not just in this to make a quick buck.

Certainly, I will know not to skip the survey going forward.  

There is sushi in my fridge right this very moment.

I should mention that my title insurance company issued a policy on the lot in question.  We are still trying to get the x-wife of the deceased husband to sign a form due to missing info on the hand written quit claim deed- it didn't state her relationship to the now deceased husband.  Once we have that done we can combine the parcels into a single lot so that going forward it won't be a huge hairy mess.