theJ Posted April 23, 2019 Share Posted April 23, 2019 14 minutes ago, vike daddy said: just ask your agent when you can walk away for no charge. So much this. Your agent should be helping you. If they're not, you should A) walk away from this deal B) walk away from this agent You're paying them a lot of money, make them work for it. Pretty sure my agent is tired of me, but i don't really care because this is business and i'm paying him. Quote Link to comment Share on other sites More sharing options...
vike daddy Posted April 23, 2019 Share Posted April 23, 2019 17 minutes ago, MWil23 said: It depends whether or not you've signed anything. If you don't have a "reason" to walk away, then you'd probably still lose the earnest money, although I'm not 100% sure. he's obviously signed something if he's made an offer. most states have a grace period (here it's 17 days) where a buyer can walk away without giving reason, and without losing any dollars. some people just change their minds or have an unplanned emergency so that is understood. Quote Link to comment Share on other sites More sharing options...
vike daddy Posted April 23, 2019 Share Posted April 23, 2019 3 minutes ago, theJ said: So much this. Your agent should be helping you. If they're not, you should A) walk away from this deal B) walk away from this agent You're paying them a lot of money, make them work for it. Pretty sure my agent is tired of me, but i don't really care because this is business and i'm paying him. technically, the seller is paying the buyer's agent, not the buyer themselves. Quote Link to comment Share on other sites More sharing options...
MWil23 Posted April 23, 2019 Share Posted April 23, 2019 1 minute ago, vike daddy said: he's obviously signed something if he's made an offer. Absolutely not. He's only signed something if that offer has come to a mutual acceptance. 1 minute ago, vike daddy said: most states have a grace period (here it's 17 days) where a buyer can walk away without giving reason, and without losing any dollars. some people just change their minds or have an unplanned emergency so that is understood. Correct. In some states, this applies even after signing. How crazy is that???? Quote Link to comment Share on other sites More sharing options...
theJ Posted April 23, 2019 Share Posted April 23, 2019 1 minute ago, vike daddy said: technically, the seller is paying the buyer's agent, not the buyer themselves. Ok ok, yes. I didn't want to complicate things. But yes. They are being paid by the seller (which is weird IMO). But the buyer's agent still work for buyer, not the seller. Quote Link to comment Share on other sites More sharing options...
vike daddy Posted April 23, 2019 Share Posted April 23, 2019 1 minute ago, theJ said: But the buyer's agent still work for buyer, not the seller. correct. and it is the buyer's actions, and money, that creates income for the buyer's agent. Quote Link to comment Share on other sites More sharing options...
vike daddy Posted April 23, 2019 Share Posted April 23, 2019 (edited) 3 hours ago, MWil23 said: Absolutely not. He's only signed something if that offer has come to a mutual acceptance. sorry, a buyer can't make an offer without signing an offer sheet, if it's a MLS listing. otherwise, what would it be? a verbal message relayed through the buyer's agent? what's that worth in the eyes of the seller and their agent? Edited April 23, 2019 by vike daddy 1 Quote Link to comment Share on other sites More sharing options...
skywindO2 Posted April 23, 2019 Share Posted April 23, 2019 (edited) I did what I should have from the start and called up my realtor and we talked over some of my concerns. She assured me I could back out now and it's no cost to me(except for a $5 earnest money transaction fee), pulling out tomorrow would cost me whatever I pay for the inspection. Giving myself a soft deadline of 5:00 to decide. Right now leaning toward backing out, it's been a long process for me already, might as well let it be longer. Thanks for the advice! Edited April 23, 2019 by skywindO2 Quote Link to comment Share on other sites More sharing options...
vike daddy Posted April 23, 2019 Share Posted April 23, 2019 52 minutes ago, skywindO2 said: Right now leaning toward backing out, it's been a long process for me already, might as well let it be longer. Thanks for the advice! pull the plug, baby! if it doesn't feel right to imagine the scenario, then it's not right to do. Quote Link to comment Share on other sites More sharing options...
MWil23 Posted April 24, 2019 Share Posted April 24, 2019 16 hours ago, skywindO2 said: I did what I should have from the start and called up my realtor and we talked over some of my concerns. She assured me I could back out now and it's no cost to me(except for a $5 earnest money transaction fee), pulling out tomorrow would cost me whatever I pay for the inspection. Giving myself a soft deadline of 5:00 to decide. Right now leaning toward backing out, it's been a long process for me already, might as well let it be longer. Thanks for the advice! If you're uncertain about a purchase of that magnitude, walk away. Plus, the longer this lingers, the more you are hurting the sellers too. Rip off the band aid for everyone's sake IMO. 1 Quote Link to comment Share on other sites More sharing options...
theJ Posted April 24, 2019 Share Posted April 24, 2019 22 minutes ago, MWil23 said: If you're uncertain about a purchase of that magnitude, walk away 7 years ago i made the same mistake. It's not that i hated the house or property, but i was never thrilled with it. And i always felt like i got a bad deal on it because my realtor was a doofus and didn't help me at all. But we had been looking for a few months and i had it in my head that it was now or never (definitely not true). Patience pays off in this transaction. Keep looking, and you'll eventually find something you're happy with. In the meantime, it just allows you continue to save a bigger downpayment. 1 Quote Link to comment Share on other sites More sharing options...
MWil23 Posted April 24, 2019 Share Posted April 24, 2019 1 minute ago, theJ said: 7 years ago i made the same mistake. It's not that i hated the house or property, but i was never thrilled with it. And i always felt like i got a bad deal on it because my realtor was a doofus and didn't help me at all. But we had been looking for a few months and i had it in my head that it was now or never (definitely not true). Patience pays off in this transaction. Keep looking, and you'll eventually find something you're happy with. In the meantime, it just allows you continue to save a bigger downpayment. 100% agree man. In the fall of 2013, my wife and I settled on the current home that we sold/are selling (we close Friday. Long story short, we came to an agreement after the disastrous appraisal fiasco) and weren't patient enough to wait for the house that was the best for us. If I could go back, I'd redo a lot of the way we went about purchasing that house. We didn't do anything "stupid", but neither of us loved the home and clearly settled. 1 Quote Link to comment Share on other sites More sharing options...
theJ Posted April 24, 2019 Share Posted April 24, 2019 5 minutes ago, MWil23 said: we close Friday. Long story short, we came to an agreement after the disastrous appraisal fiasco Hey how about that!? After you close (let's not jinx it), i'd like to hear the story. Quote Link to comment Share on other sites More sharing options...
MWil23 Posted April 24, 2019 Share Posted April 24, 2019 7 minutes ago, theJ said: Hey how about that!? After you close (let's not jinx it), i'd like to hear the story. Ok, here goes: So, the appraisal came back $9,000 under the price agreed upon. After moving around some money, such as: *Instead of us bringing $1,500 to closing, THEY are bringing 2,000 ($3,500 swing) *NO Home Warranty ($500) *THEY are paying for the title ($300) *I'm not repairing one of the items (Unsure of exact dollar figure probably in the hundreds) *We KEEP the Washer/Dryer *The ORIGINAL move out date (a week after closing) was honored And a few "hundred dollars here and there" items, we basically only lost $3,000. For us, it's worth it to just be done with the process and move on with our plans to build. The stress and thought of going through this whole process in a year was overwhelming. PLUS, we talked with another appraiser who said that we could get more or this could be accurate. Since we have a bi-level home, some appraisers code the bottom floor as a "basement" instead of just regular square footage like a ranch. We didn't want to risk it again for the sake of $3,000. 2 Quote Link to comment Share on other sites More sharing options...
theJ Posted April 24, 2019 Share Posted April 24, 2019 40 minutes ago, MWil23 said: Ok, here goes: So, the appraisal came back $9,000 under the price agreed upon. After moving around some money, such as: *Instead of us bringing $1,500 to closing, THEY are bringing 2,000 ($3,500 swing) *NO Home Warranty ($500) *THEY are paying for the title ($300) *I'm not repairing one of the items (Unsure of exact dollar figure probably in the hundreds) *We KEEP the Washer/Dryer *The ORIGINAL move out date (a week after closing) was honored And a few "hundred dollars here and there" items, we basically only lost $3,000. For us, it's worth it to just be done with the process and move on with our plans to build. The stress and thought of going through this whole process in a year was overwhelming. PLUS, we talked with another appraiser who said that we could get more or this could be accurate. Since we have a bi-level home, some appraisers code the bottom floor as a "basement" instead of just regular square footage like a ranch. We didn't want to risk it again for the sake of $3,000. Yep, i get it. Happy for you that it ended up working out. I have a feeling we might be going through something similar soon. Our current house will hit the market late-May after we move. I have some concerns it's going to appraise real well based on what home prices have done in our area, and how the appraisal came back on the house we just bought. But for me, it'll be worth it to be rid of it because i'll have to take care of two lawns, and be running back and forth to clean or w/e after showings. 1 Quote Link to comment Share on other sites More sharing options...
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