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Real estate MFEs: What would u do in this multiple offer / bidding war situation
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Date: January 4th, 2022 8:26 AM Author: Exhilarant Carnelian Coldplay Fan 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. |
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Date: January 4th, 2022 9:19 AM Author: Very tactful misunderstood old irish cottage electric furnace no, you lost out to no one. you lost to a shrewd ass agent who is increasing her commission. who would waive inspection on an almost $1mm home? the fact that the seller's agent ghosted your agent says it all...that he is a shady unprofessional cunt. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725879) |
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Date: January 4th, 2022 9:23 AM Author: Passionate ticket booth Pretty common in SF but the house would be 2-5 million not 850k (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725888) |
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Date: January 4th, 2022 9:24 AM Author: Very tactful misunderstood old irish cottage electric furnace that just proves shitlibs are retarded, esp. in sf. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725894) |
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Date: January 4th, 2022 3:27 PM Author: racy coral useless brakes (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727997) |
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Date: January 4th, 2022 9:41 AM Author: Exhilarant Carnelian Coldplay Fan Lol in any competitive market people waive inspection. What planet are you on. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725965) |
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Date: January 4th, 2022 9:48 AM Author: Very tactful misunderstood old irish cottage electric furnace if you were going to get financing, will your bank allow you to waive inspection? (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725996) |
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Date: January 4th, 2022 10:08 AM Author: Exhilarant Carnelian Coldplay Fan Lol you have no clue how any of this works and don’t know the terminology and the process. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726096) |
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Date: January 4th, 2022 10:36 AM Author: Very tactful misunderstood old irish cottage electric furnace 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. |
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Date: January 4th, 2022 11:22 AM Author: Exhilarant Carnelian Coldplay Fan 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 |
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Date: January 4th, 2022 11:26 AM Author: Very tactful misunderstood old irish cottage electric furnace if your own inspection comes back with major damage, and the seller is unwilling to fix/compensate in an all cash scenario, you have the right to walk away from contract with earnest money. or maybe your agent was too fucking stupid to stipulate in contract.
unless you are telling me you are a trained inspector or engineer, and just relying on the bank's inspector to ok the property, let us all know when your property will be featured on the next hgtv fixer upper show. |
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Date: January 4th, 2022 11:29 AM Author: Exhilarant Carnelian Coldplay Fan again, you sound retarded because you're mixing up terminology. "all cash scenario" could be an all cash offer with an inspection clause or an all cash offer without an inspection clause. all cash buyers sometimes put in an inspection clause, and sometimes they waive inspection.
if the all cash buyer has an inspection clause, he can walk away if he find something in his inspection. if he doesn't have an inspection clause, i suppose he could perform an inspection on his own and walk away -- but he'll lose his earnest money. |
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Date: January 4th, 2022 11:33 AM Author: Very tactful misunderstood old irish cottage electric furnace but you are the dumbass waiving inspection. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726599) |
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Date: January 4th, 2022 11:34 AM Author: Exhilarant Carnelian Coldplay Fan link to me waiving inspection?
op says: " with a 7 day inspection"
u're coming off really, really fucking dumb itt. |
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Date: January 4th, 2022 11:37 AM Author: Very tactful misunderstood old irish cottage electric furnace nice edit, loser. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726628) |
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Date: January 4th, 2022 11:39 AM Author: Exhilarant Carnelian Coldplay Fan for the record, the edit was
"u're coming off dumb itt" --> "u're coming off really, really fucking dumb itt." |
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Date: January 4th, 2022 11:40 AM Author: Very tactful misunderstood old irish cottage electric furnace edit in the original post you fucking nitwit. note the line of arguments immediately after op where you justify waiving inspection. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726662) |
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Date: January 4th, 2022 11:50 AM Author: Exhilarant Carnelian Coldplay Fan 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. |
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Date: January 4th, 2022 11:53 AM Author: Very tactful misunderstood old irish cottage electric furnace ok. i guess EVERY SINGLE OTHER POSTER in this thread telling you to not waive inspection read it wrong as well. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726728) |
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Date: January 4th, 2022 11:53 AM Author: Exhilarant Carnelian Coldplay Fan they're telling me not to waive inspection BECAUSE THE SELLER COUNTERED that we waive inspection, you dumb fuck. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726739) |
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Date: January 4th, 2022 11:57 AM Author: Very tactful misunderstood old irish cottage electric furnace because your entire line of arguments was based on the common practice of waiving inspections in competitive markets. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726762) |
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Date: January 4th, 2022 11:59 AM Author: Exhilarant Carnelian Coldplay Fan you keep moving the goalpoasts. you're done here. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726777) |
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Date: January 4th, 2022 12:00 PM Author: Very tactful misunderstood old irish cottage electric furnace actually you are the idiot who hasnt been able to put together a successful contract in five markets in over a year. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726787) |
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Date: January 4th, 2022 12:21 PM Author: Exhilarant Carnelian Coldplay Fan "we've been making offers in 5 different markets for a year, and we bought a house last year." (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726912) |
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Date: January 4th, 2022 12:18 PM Author: odious shivering menage hissy fit he isn't very bright. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726884) |
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Date: January 4th, 2022 12:21 PM Author: Exhilarant Carnelian Coldplay Fan which poaster is this? dont recognize him (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726909) |
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Date: January 4th, 2022 2:46 PM Author: odious shivering menage hissy fit Not sure. I think he's new. Claims to be Taiwanese. Often see him arguing with TT. Initially I was intrigued but he seems wrong on most things. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727711) |
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Date: January 6th, 2022 4:39 PM Author: Buff genital piercing crackhouse Not reading the whole subthread but generally you're wrong FYI
Buyer can walk away during inspection period for NO reason with earnest money. This is what people are talking about waiving. There is no chance for seller to argue about whether the inspection results justify walking and whether earnest deposit should go back. |
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Date: January 6th, 2022 4:45 PM Author: Exhilarant Carnelian Coldplay Fan the poaster to whom ur responding is an utter moron. no sense talking sense into him (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43741428) |
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Date: January 4th, 2022 3:26 PM Author: racy coral useless brakes "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. |
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Date: January 4th, 2022 3:35 PM Author: Exhilarant Carnelian Coldplay Fan i agree it's retarded to waive inspection and no non-professional purchaser should waive inspection. if you read the context, i'm saying that there are plenty of buyers -- particularly "professional" buyers like flippers, landlords, ACCBs, etc. -- in any hot market who do waive inspection and you're competing against them. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728054) |
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Date: January 4th, 2022 5:46 PM Author: racy coral useless brakes I've had these people involved in bidding. The only way they're waiving inspection is if they're underpricing the property. If they're paying top dollar for it and they aren't buying it as a teardown, they'll absolutely want an inspection.
You don't get to be a professional RE investor by being dumb. |
Date: January 4th, 2022 8:58 AM Author: Abusive sweet tailpipe telephone MFE here: I'm guessing its the financing contingency rather than the inspection that is causing your problems. if you can waive that you can still get a mortgage, it just doesnt depend on some bank goober fucking everything up before closing. |
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Date: January 4th, 2022 9:01 AM Author: Exhilarant Carnelian Coldplay Fan What if some bank retard does fuck something up and there’s a delay and we can’t perform? We don’t want to lose our escrow (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725823) |
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Date: January 4th, 2022 9:04 AM Author: Abusive sweet tailpipe telephone if you waive the contingency it doesnt matter from the sellers perspective. banks are slow as fuck. could be months before they do the inspection and come back with an offer, and you have to provide shitloads of nbullshit to them that drags the process out.
on your end the difference could be as little as 5,000 dollars but a seller ITE doesnt want or need to wait for some idiot penny pincher |
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Date: January 4th, 2022 9:07 AM Author: Exhilarant Carnelian Coldplay Fan With a 21 day close and a financing contingent, seller can terminate and give us back our escrow if we don’t close on time. Without the financing contingency we risk losing our escrow. I’m not sure what you’re saying — you’re saying we should just risk and let do? (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725841) |
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Date: January 4th, 2022 1:52 PM Author: pungent pit it's called a deposit, not an "escrow", prole. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727447) |
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Date: January 4th, 2022 2:12 PM Author: Exhilarant Carnelian Coldplay Fan harsh but fair
"escrow money" would be fine usage, but "escrow" is prole |
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Date: January 4th, 2022 9:02 AM Author: Exhilarant Carnelian Coldplay Fan More info: seller’s agent said the original winner never gave their escrow deposit. Probably some asshole with cash bid on 5 places at once (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725826) |
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Date: January 4th, 2022 9:02 AM Author: sinister mexican knife Offer 870 and say you’ll throw in a blowjob. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725827) |
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Date: January 4th, 2022 9:04 AM Author: Exhilarant Carnelian Coldplay Fan From me or the wife? Or both? (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725832) |
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Date: January 4th, 2022 9:24 AM Author: Passionate ticket booth You should offer a prostate stim (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43725891) |
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Date: January 4th, 2022 10:13 AM Author: curious brunch rigor Offer $870K + $5K kicker but get rid of the financing contingency, but not the inspection one. If they reject, fuck them and move on. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726122) |
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Date: January 4th, 2022 10:28 AM Author: Exhilarant Carnelian Coldplay Fan What if we’re unwilling to waive the financing contingency— what would you offer in that case (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726201) |
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Date: January 4th, 2022 11:29 AM Author: flushed base You’re going to be uncompetitive against all cash offers that are 10-30k below whatever your offer is . The issue is probably the financing contingency not the inspection contingency (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726571) |
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Date: January 4th, 2022 11:31 AM Author: Exhilarant Carnelian Coldplay Fan yeah i agree. we did put 25% down and showed proof of funds in the form of 500k in a bank account, so that could give the seller some assurance that we can get financing. i guess we'll have to just slide and let do, and hope they want the highest offer over the cash offer. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726582) |
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Date: January 4th, 2022 11:28 AM Author: flushed base This . Do not waive physical inspection period (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726565) |
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Date: January 4th, 2022 11:39 AM Author: Exhilarant Carnelian Coldplay Fan we'd never.
and we can't waive the financing contingency because we dont have cash to close |
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Date: January 4th, 2022 11:27 AM Author: Mewling diverse box office dont waive inspection but offer not to request repair/discount for items found at inspection unless the expected cost is over some material amount (e.g., 5K) (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726558) |
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Date: January 4th, 2022 11:33 AM Author: Exhilarant Carnelian Coldplay Fan 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. |
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Date: January 4th, 2022 11:40 AM Author: Mewling diverse box office dont be autistic, this isnt a question of enforceability but of negotiation and showing the seller you arent going to be a pain in the ass. they arent going to run this by cravath. these kinds of provisions are common in sellers markets and are meant to signal that you are serious about the offer you are making and arent going to try and put the screws to them over a few spots of chipped paint. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726666) |
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Date: January 4th, 2022 11:53 AM Author: Exhilarant Carnelian Coldplay Fan i see what you're saying but everyone knows that in this seller's market the seller is going to tell you to pound sand if you try to get a $1000 credit over some chipped paint or whatever, so i don't see what an unenforceable meaningless provision does when the seller isn't going to negotiate over chipped paint in the first place. also, i've never heard of such a provision and we've been making offers in 5 different markets for a year, and we bought a house last year. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726731) |
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Date: January 4th, 2022 12:00 PM Author: plum soul-stirring dragon tanning salon Richard is right. We got our ski house using an offer like that and the seller’s agent mentioned it was what made our offer stand out since they didn’t want to be out replacing outlets and shit. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726791) |
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Date: January 4th, 2022 12:46 PM Author: Exhilarant Carnelian Coldplay Fan i guess i can see that making a difference as a gesture if the house is owned by some old couple who has lived there for many years, in the same way a personal note and photo can make a difference if you're a nice family.
in this situation, i dont think the sellers care |
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Date: January 4th, 2022 1:45 PM Author: Mewling diverse box office its not just old couples that dont want to have to mediate petty squabbles with their buyer, very common practice (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727415) |
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Date: January 4th, 2022 1:49 PM Author: Exhilarant Carnelian Coldplay Fan but a sophisticated / professional seller would know the clause is meaningless and unenforceable (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727428) |
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Date: January 4th, 2022 1:51 PM Author: Mewling diverse box office thats pretty much irrelevant, everyone knows this shit isnt going to litigation (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727440) |
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Date: January 4th, 2022 2:00 PM Author: plum soul-stirring dragon tanning salon "Non-serious" offerors are a real thing. It seems weird to think about when you're a lawyer, but people will straight up make an offer and then not honor it on the back end -- sometimes mercifully quickly, other times dragging it out for weeks before either owning it and breaching or using some pretext to weasel out of the deal. ID'ing -- and yes paying extra for, as a seller -- "serious" buyers is a real thing. These assholes exist at all price points of house and of buyer, from FHA borrower to all-cash buyer.
A less-serious manifestation of the same disease is the person who overspent for their budget or otherwise feels a degree of buyer's remorse or entitlement but still wants to close. They start making annoying fucking demands about the penny ante shit that always comes up on inspections. We sold our Victorian era house (when a house is over 100 years old, it's obviously not going to get a "yep nothing to see here" inspection) to a neurosurgeon and his wife who dragged closing out for almost 3 months with bullshit. Would not take a lump-sum concession (at least not one that was comprehensive *or* that bore any relationship to the actual cost of repair). It was both costly (especially in time) and annoying as fuck -- stressful for the wife who thinks about all the offers that were lost, etc. |
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Date: January 4th, 2022 2:17 PM Author: Exhilarant Carnelian Coldplay Fan tyft; always like ur anecdotes. how did your buyers manage to drag out closing for 3 months after presumably a 7 or 10 days inspection period ended? (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727552) |
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Date: January 4th, 2022 11:35 AM Author: Burgundy alpha 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.
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Date: January 4th, 2022 11:38 AM Author: Exhilarant Carnelian Coldplay Fan in a bidding war, sellers might not want to deal with escalation clauses and will often just sign the highest offer that comes in...without having to go back to the guy with the escalation clause and find out that he's full of shit and really didn't intend to pay 50k over based on the escalation clause.
so, if you're 5k or 10k below the highest bidder but have an escalation clause, your escalation clause needs to be attractive and $1k isn't enough on a million dollar house. |
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Date: January 4th, 2022 11:43 AM Author: zombie-like supple hunting ground blood rage Make a lower bid than your initial. In my experience realtors like the other sides tend to self sabotage. You'll think the house is sold again and then it shows back up to market in 3 weeks. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726678) |
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Date: January 4th, 2022 11:55 AM Author: Exhilarant Carnelian Coldplay Fan yeah, these realtors are idiots and obviously they picked the wrong offer due to self-sabotage. but it's a highly competitive market and people will still be interested at or above list, even if it goes back on the market 5 times because the agent is an idiot (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726748) |
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Date: January 4th, 2022 11:55 AM Author: internet-worthy indigo garrison kitty Lol at this moron bidding against himself (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726749) |
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Date: January 4th, 2022 11:59 AM Author: Exhilarant Carnelian Coldplay Fan yeah there's one bidder in a highly competitive market. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726778) |
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Date: January 4th, 2022 3:29 PM Author: racy coral useless brakes You're seriously stupid if you don't understand that you were the only bidder and got played. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728007) |
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Date: January 4th, 2022 3:41 PM Author: Exhilarant Carnelian Coldplay Fan yeah we were the only bidder in this highly competitive market, and the agent just took the property off the market for a week hoping we'd still be around so he can get an extra 5k out of us (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728091) |
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Date: January 6th, 2022 2:55 PM Author: racy coral useless brakes FYI - they take the property off the market so when dumb buyers look at the house they don't see that it's been sitting on the market for a while without getting bought. This seller is working hard to create hype and to try to either get or fake a bidding war. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43740648) |
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Date: January 6th, 2022 3:50 PM Author: Electric Fuchsia Marketing Idea Jap Agents don't do that in the hope of getting an extra $100. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43741093) |
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Date: January 4th, 2022 3:28 PM Author: racy coral useless brakes (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728001) |
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Date: January 4th, 2022 12:16 PM Author: stirring step-uncle's house I think its retarded to pay over asking price. Would u buy a car above what they asking? And how do u expect to close in 21 days, banks never do it that fast. And if it doesnt pass appraisal u pay more cash. That's dumb. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726872) |
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Date: January 4th, 2022 12:23 PM Author: Exhilarant Carnelian Coldplay Fan (boomer who last bought a house in 1982)
lol 21 day closing with financing is standard now. and everyone pays above ask in this market - sellers set ask intentionally low to get a bidding war. and everyone waives appraisals in this market -- sellers dont care what some 90 iq appraiser thinks the house is worth. |
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Date: January 4th, 2022 3:29 PM Author: racy coral useless brakes Bullshit, and I'm starting to think you're flame. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728011) |
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Date: January 4th, 2022 12:24 PM Author: Amethyst Place Of Business Indian Lodge can 100% close that fast. ive closed on land faster than 21 days. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726934) |
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Date: January 4th, 2022 12:33 PM Author: plum soul-stirring dragon tanning salon Lol I think maybe the market's changed since you bought back in 2009, bro. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43726981) |
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Date: January 4th, 2022 1:44 PM Author: Mewling diverse box office (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727411) |
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Date: January 4th, 2022 1:50 PM Author: Exhilarant Carnelian Coldplay Fan (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727434) |
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Date: January 4th, 2022 2:46 PM Author: odious shivering menage hissy fit (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727716) |
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Date: January 4th, 2022 3:30 PM Author: racy coral useless brakes This poster bought in the past year. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728012) |
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Date: January 4th, 2022 6:54 PM Author: stirring step-uncle's house Yeah I paid asking and appraisal passed. Because the bank kept delaying I almost had to work out of the hotel. The bank actually transferred $ 2 days late and the seller just gave me the keys so I wouldn't have to delay closing but the deposit was clearly nonrefundable despite the bank not closing on time. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43729327) |
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Date: January 4th, 2022 1:54 PM Author: pungent pit 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 |
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Date: January 4th, 2022 6:58 PM Author: stirring step-uncle's house Actually if the bank is taking too long to approve their loan and do their appraisal u may run out of room on deposit even if appraisal doesnt pass. If u put in contract that u close in 21 days(hon and the bank isnt ready by then u either back out before then or end up guessing how much cash u pay. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43729351) |
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Date: January 4th, 2022 2:00 PM Author: Arousing headpube space if u truly want the property, buy it, as is, no regrets--nobody truly understands what the property issues are until u actually live there (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727490) |
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Date: January 4th, 2022 2:12 PM Author: pungent pit that's a bad idea. i know someone who closed on a deal a couple weeks ago. last week it rained hard around these parts. the roof fell through, house completed flooded. now they are looking to sue the seller, but they will likely be fucked and wull have to recover under their insurance plicy, which will be a legal battel on its own, won't make them whole, and they still have to live out of hotels for the foreseeable future
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Date: January 4th, 2022 3:30 PM Author: racy coral useless brakes (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728015) |
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Date: January 4th, 2022 2:18 PM Author: Exhilarant Carnelian Coldplay Fan some obvious shit can be found out during an inspection. this seems not credited (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727558) |
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Date: January 4th, 2022 2:25 PM Author: sinister mexican knife It turns out the entire roof was just paper (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43727594) |
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Date: January 4th, 2022 3:31 PM Author: racy coral useless brakes Or outright needs to be entirely replaced and has structural flaws. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728023) |
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Date: January 4th, 2022 3:37 PM Author: Sable irradiated reading party psychic How do escalation clauses work? If you say you'll pay $5k over highest offer, couldn't the seller just make up an "offer" of some ridiculously high price? (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728070) |
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Date: January 4th, 2022 3:42 PM Author: Mewling diverse box office you have the right to demand to see the competing offer that activates your escalation clause. i guess they could theoretically create a fraudulent offer sheet but the risk seems hardly worth it to the agent handling imo (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43728098) |
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Date: January 4th, 2022 3:43 PM Author: Exhilarant Carnelian Coldplay Fan usually: 1) your offer is time limited, 2) you require seller to show proof of a bona fide competing offer
of course, seller could make up a bullshit offer. if he does and you're suspicious, u can just call shenanigans and walk away and terminate. |
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Date: January 6th, 2022 12:03 PM Author: Exhilarant Carnelian Coldplay Fan 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 |
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Date: January 6th, 2022 4:02 PM Author: Arousing headpube space sorry for ur loss--it hurts to lose a house that gets u (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43741165) |
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Date: January 6th, 2022 4:23 PM Author: Exhilarant Carnelian Coldplay Fan it really sucks knowing that these houses are going to some scum ACCBs / "investors" / fraudscammers etc. it's one thing to lose out to another normal family and we'll find our house soon. it's another thing knowing the deck is stacked. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43741283) |
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Date: January 6th, 2022 4:34 PM Author: Arousing headpube space I lost a bidding war for house in Raleigh that had the most perfect natural acoustics in a living room with cathedral ceilings. I'm haunted by the sounds I wanted to hear for the rest of my days and nights. Instead, I choose to live in silence. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43741351) |
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Date: January 6th, 2022 2:54 PM Author: stirring step-uncle's house Mortgage rates are going up now. Only an idiot would be doing bidding wars now considering the housing market will plunge. And I did buy a condo in the summer that is up 5% right now. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43740638) |
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Date: January 6th, 2022 3:08 PM Author: Exhilarant Carnelian Coldplay Fan link to housing market plunging in desirable areas ? (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43740721) |
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Date: January 6th, 2022 3:12 PM Author: racy coral useless brakes Yeah, Zillow just printed the opposite. We're also seeing massive inflation everywhere so while generally an increase in rates would be really meaningful, mortgage rates below inflation isn't a deterrent. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43740740) |
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Date: January 6th, 2022 3:25 PM Author: Exhilarant Carnelian Coldplay Fan i dont trust zillow, but i dont see why the housing market or the stock market is going to crash as long as the fraud economy keeps going (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43740871) |
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Date: January 6th, 2022 3:27 PM Author: racy coral useless brakes Well, I would add "as long as money is being heavily printed" (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43740893) |
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Date: January 6th, 2022 3:29 PM Author: Exhilarant Carnelian Coldplay Fan (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43740910) |
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Date: January 6th, 2022 3:31 PM Author: Thriller massive senate trust fund Inflation is the key here. Lock in the low rate/price and pay back the mortgage in inflated dollars. (http://www.autoadmit.com/thread.php?thread_id=5000184&forum_id=2#43740923) |