Real estate MFEs: What would u do in this multiple offer / bidding war situation
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Poast new message in this thread
Date: January 4th, 2022 8:26 AM Author: topaz fantasy-prone market
house listed last tuesday for 850.
that evening we bid 865 with an escalation clause agreeing to beat the next highest offer by $2500, with a 7 day inspection, 25% down, 21 day close, financing contingency, appraisal contingency waived
the next morning, seller's agent asks our agent if we'll waive our inspection and financing contingencies. our agent replies that we aren't.
that afternoon, house goes pending. our agent emails seller's agent to get more info, and he totally ghosts our agent.
this morning, house is relisted back on the market with a price increase to 870
our agent tried to probe the seller's agent for more info, and he's being really coy.
what would you offer now if you want the house? we're thinking 870 with a 5k escalation clause.
we assume we lost out to a similar or slightly lower cash offer that also didn't waive inspection contingency.
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725771) |
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Date: January 4th, 2022 10:36 AM Author: navy gay wizard lay
every lender, in states that i know of, require inspection because they dont want to finance property that has major damage such as foundation issues, asbestos, etc. because if the borrower defaults, the bank is stuck playing repairman, or even worse, with a property under water financially.
the fact that you are willing to waive inspection and just "eyeball" the property means that you are paying cash, and buying as-is. any fucking idiot would have a used car checked out by a professional, but "competitive real estate markets" forego this due diligence because, like you, they are fucking stupid and have no idea what they are fucking doing.
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726260) |
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Date: January 4th, 2022 11:22 AM Author: topaz fantasy-prone market
lol you dont get it still. let me try to humor you and explain in the case that you are open to being educated.
when a buyer "waives inspection," it means that they're foregoing the right to have their own inspection within the typical 7 or 10 day inspection period. the inspection period basically allows the buyer to back out for any possible reason and/or try to renegotiate the price down. if you "waive inspection," you lose your right to back out of the deal within the option period.
if you're getting a mortgage, the bank will perform their own appraisal, require the property to be insurable, and require that the property can pass a four point inspection roof, electrical, plumbing, HVAC), etc. if you have a financing contingency and if you're denied financing because of something the bank uncovers on their own, you can get out of the contract on the basis of any financing contingency you have.
but your financing contingency doesn't give you the broad right to terminate the contract for any reason within 7 or 10 days or whatever based on your own inspection
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726539) |
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Date: January 4th, 2022 11:34 AM Author: topaz fantasy-prone market
link to me waiving inspection?
op says: " with a 7 day inspection"
u're coming off really, really fucking dumb itt.
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726606) |
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Date: January 4th, 2022 11:50 AM Author: topaz fantasy-prone market
it's been in there the entire time, you idiot. you must have had poor reading comprehension.
the next sentence says "the next morning, seller's agent asks our agent if we'll waive our inspection and financing contingencies. our agent replies that we aren't."
why would we tell the seller, in response to a counteroffer that we waive inspection, that we're not waiving our inspection --- if we waived it in the first place? again, you are a total fucking moron.
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726715) |
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Date: January 4th, 2022 3:26 PM Author: zombie-like lascivious lodge
"Lol in any competitive market people waive inspection. What planet are you on."
That's retarded. I say this as someone who bought an over $1m home in a hot market.
You never, ever waive inspection. You can agree to AS-IS and still keep inspection.
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727994) |
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Date: January 4th, 2022 11:33 AM Author: topaz fantasy-prone market
do u law? that would be a meaningless / unenforceable provision.
"buyer has a right to conduct inspection at his expense, but in no event shall seller compensate or repair for damage found that totals $5k or less"
*sends demand for $5,001 price reduction*
anyway, in a crazy seller's market, the seller isn't going to give a $2000 credit anyway -- he'll just say take it or leave it.
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726601) |
Date: January 4th, 2022 11:35 AM Author: Electric garrison boistinker
Escalation clauses over $1 are fucking stupid, you're throwing away $4,999 in excess to be the highest bidder. Tell them you'll beat the highest offer by $1 and no more.
Stipulate that the inspection is for due diligence only, seller agrees to return escrow and hold harmless if you think the problems are more than you want to deal with.
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726610)
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Date: January 4th, 2022 1:54 PM Author: Ivory infuriating pit goyim
don't knwo what market ur in and that probably matters.
ur are likely being repped by a retarded agent and you prob need someone more competent since you don't seem savvy enough to tackle this on yourown
but where i'm from you won't get an accepted offer w/ a financing contingency. inspection contingency isn't going to fly either. maybe an appraisla contingency is about the most you can get away with but that's if the house is a shitshow and other bidders aren't biting
edit: the appraisal contingency can be used as a backdoor to get out of the deal if need be, just pass along "newly discovered" foundation damage to the loan officer and wait for the appraisal to flop
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727457) |
Date: January 6th, 2022 12:03 PM Author: topaz fantasy-prone market
update: went up to list + 5k escalation, didnt waive financing or inspection
yesterday morning the house went under contract. seller agent said it's a cash buyer who waived inspection and already put in his escrow. who knows if that's true and the original buyer isn't the one who is under contract
(http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43739541) |
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