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Sellers agent is MIA and we are going to have to revoke our offer :(
I'm disappointed!
The 10 day inspection period ends today. We have spent close to $1K in inspections. Last Tuesday we sent back an addendum with things like asking that they replace the sewer line (there are tree roots growing through it), fix the 4 minor leaks in the roof (advantages to having an inspection in the pouring rain), and replace a small rusting section of the plumbing from the disposal.
We received no answer for days. Not from their realtor, not from the sellers, even the realtor's manager couldn't locate him. Going into this past weekend we still had no response and our REAs contacted the manager again who was still trying to find the sellers agent to find out "...what the hell is going on?"
So this morning we learned that one of the sellers is on vacation until the 17th (they are divorced not just empty nesters we learned) and he didn't realize that we would need to have both sellers signatures on the addendum.
So with less then 30 minutes before the deadline expires and still no response, we have to submit a revocation so we aren't stuck with the original contract price and so we can get our earnest money back.
We so disappointed. It seems like they are still interested, but their REA is an idiot. He is such a deal killer!
So, has anyone had to revoke and then be able to renegotiate and buy the house in the end?
And we now have a contract with our REA to put our house on the market Jan 2. We are worried that if this deal falls through we will be obligated to follow through with that contract and don't want to sell our house if we have no where to move. WDYT?
Such a nightmare!
Re: Sellers agent is MIA and we are going to have to revoke our offer :(
Sorry their agent is such a flake! Can the person that's on vacation get faxes or emails to sign or can they sign electronically?
I have no advice for you except you'll find a home when it's time. We sold our house first and then found another place to buy and it worked out just fine! We were on the market for 6.5 months (common timeline here in our price range). During this time we just kind of browsed the market to see what was out there. When our house sold we actively saw homes and made an offer about 2 weeks later. We did not want two mortgages but it seems like that is not a concern of yours. I would put your house on the market and continue to look. The sellers might realize their agent is a flake and if they are serious about selling, they'll need to get another agent or work something out and come back to you. Good luck!
Yes, otherwise we will risk losing our earnest $
Unfortunately their agent is their nephew, and the kid has no idea what he's doing apparently, he kept screwing up the contract phase, teh house has been on the market for 2 yrs.
We don't need to move, we just like this house. There is nothing else on the market that is anywhere close to being perfect for us. Thanks
Oh well, I can see why it's been on the market that long then
In the future, I would avoid any other listings with his name on the sign!!
Sorry for the frustrations.
I am wondering, if they came back and said no to all your requests, would you have gone forward or cancelled the contract? The items seem rather minor and common to me. Are they worth losing the house over? Just thinking...
I'm sorry it has been so difficult, I hope it all works out.
Good luck!
Lighthouse State Beach, Santa Cruz.
I don't think replacing the sewer line is that minor. We were looking at a house that needed to have it replaced and it was just over $10,000 because they had to redo the connection to the main, which involved tearing up the street by the city. You don't want that to be a cheapo repair job because having raw sewage back up in a basement isn't a fun time for anyone.
Being a licensed Realtor I totally understand your frustration. I would suggest double teaming the sellers broker and by pass the agent all together. Both you and your agent should be calling the Broker directly until you get some sort of resolution.
Here in Maryland every agreement has a termination clause. Your agent understands the situation. If you speak to them and expresss that you don't feel comfortable placing your house on the market quite yet. Your agent will understand and you can amend the agreement to reflect a new on market date. Although in this market (buyers market) it is recommended you start marketing your home prior to entering into a contract to purchase. It all depends on your situation though.
It may still be able to be saved or renegotiated. There are likely laws in place in your area that protect your interest in the property. Make sure you know what all your options are with regards to the agreement everyone signed and potential legal action you can take against the seller for not performing on an agreement.
When it comes to inspections and the costs involved you should be really looking at it like it's insurance. Sure it feels like you are throwing money away but if you didn't discover all those issues and decided to move forward without inspections it ultimately would have cost you a lot of money and liability.
No amount of education could convince Betty to be nice to possums