Someone Made An Offer On My House - Offer Expires in November?

mca · 09-09-2009, 01:15 PM

Curious ... got an offer on my house last night. The expiration date is November 10.

I find this to be quite odd. Every offer I have made in the past would expire after 48 hours.

Is there some strategy to this? The offer isn't contingent on the buyer selling their house first either.

vash · vash's Garage

how long does a loan rate get locked in for? does the timeline coincide?

odd.

Fishman7 · 09-09-2009, 01:29 PM

Date must be wrong, if it is right that is strange. Be cautious.

stomachmonkey · 09-09-2009, 01:33 PM

You don't have to unilaterally accept the terms of their offer.

Have seen oddball stuff like this before.

Buyers who are either uneducated or getting bad advice.

It only gets worse.

mca · 09-09-2009, 01:33 PM

The offer is contingent upon the buyer getting financing. I assume that the buyer isn't locked in to a specifc rate at this time.

mca · 09-09-2009, 01:37 PM

Quote:

Originally Posted by stomachmonkey

You don't have to unilaterally accept the terms of their offer.

Have seen oddball stuff like this before.

Buyers who are either uneducated or getting bad advice.

It only gets worse.

If I wanted to be a jerk I could leave them on the hook and not repsond to the offer. Make them sweat some.

Theoretically this would hinder the buyer from finding another property.

stomachmonkey · 09-09-2009, 01:38 PM

Quote:

Originally Posted by mca

The offer is contingent upon the buyer getting financing. I assume that the buyer isn't locked in to a specifc rate at this time.

Tell them to come back when they have a commitment.

Generally the only out for a buyer to get their deposit back is contingent on financing.

All this does is puts your property on lay away without any risk to the buyer.

Not a fair arrangement at all.

Surprised they were even shown the place.

Most realtors won't waste time on a buyer who does not have some sort of commitment already in place.

stomachmonkey · 09-09-2009, 01:39 PM

Quote:

Originally Posted by mca

Theoretically this would hinder the buyer from finding another property.

No it does not.

All it does is hinder you from getting a different buyer. One who may be in a position to close right away.

Eric Coffey · 09-09-2009, 01:40 PM

Strange if no other contingencies (and if not, stupid on the buyer's agent's part). Might be a typo if it was generated on a zip-form type (auto-populated data) contract form (could have meant September 10th). What do they specify as a COE date? Inspection period length? Any "additional remarks" section of the contract?

mca · 09-09-2009, 01:40 PM

Quote:

Originally Posted by stomachmonkey

No it does not.

All it does is hinder you from getting a different buyer. One who may be in a position to close right away.

How so? I didn't accept the offer. As I understand it I have until Novemeber 10 to accept it.

In the meantime I could certainly accept another offer from another buyer.

Eric Coffey · 09-09-2009, 01:44 PM

Quote:

Originally Posted by stomachmonkey

No it does not.

All it does is hinder you from getting a different buyer. One who may be in a position to close right away.

Not at all. As a seller, he doesn't have to "accept" any offer he doesn' want. He can "sit" on that offer for as long as he wants (up until offer expiration). It's only after an offer is accpeted than any other subsequent offers are put in second/back-up position.

mca · 09-09-2009, 01:49 PM

Quote:

Originally Posted by Eric Coffey

Strange if no other contingencies (and if not, stupid on the buyer's agent's part). Might be a typo if it was generated on a zip-form type (auto-populated data) contract form (could have meant September 10th). What do they specify as a COE date? Inspection period length? Any "additional remarks" section of the contract?

Close date is November 20, 2009.

Other contingencies are buyer getting loan at max 90% loan-to-value ratio, seller payes for termite report, inspection, etc.

Really, the offer is weak. Buyer expects me to pay for nearly everything ... plus they want my 42 inch wall-mounted tv, lots of furniture and all window treaments (total of about $11k). Crazy.

stomachmonkey · 09-09-2009, 01:54 PM

Quote:

Originally Posted by mca

How so? I didn't accept the offer. As I understand it I have until Novemeber 10 to accept it.

In the meantime I could certainly accept another offer from another buyer.

Ahhh,

Misunderstood.

I thought you meant they tendered an offer that they could back out of up till Nov 10 without penalty.

Yeah that is weird.

stomachmonkey · 09-09-2009, 02:02 PM

Quote:

Originally Posted by mca

Close date is November 20, 2009.

Other contingencies are buyer getting loan at max 90% loan-to-value ratio, seller payes for termite report, inspection, etc.

Really, the offer is weak. Buyer expects me to pay for nearly everything ... plus they want my 42 inch wall-mounted tv, lots of furniture and all window treaments (total of about $11k). Crazy.

Sounds like a buyer I kicked from a deal on one of my places.

As they were walking around they were commenting on the furnishings and such, what they liked, what they might want to replace.

When it was explained to them that they get the house and the air inside it the got all pissed off and that's when the trouble started. Got nothing but worse.

Fishman7 · 09-09-2009, 02:13 PM

You don't have an offer then, you have an insult.

Quote:

Originally Posted by mca

Close date is November 20, 2009.

Other contingencies are buyer getting loan at max 90% loan-to-value ratio, seller payes for termite report, inspection, etc.

Really, the offer is weak. Buyer expects me to pay for nearly everything ... plus they want my 42 inch wall-mounted tv, lots of furniture and all window treaments (total of about $11k). Crazy.

Rick Lee · Rick Lee's Garage

I'd just ignore the offer unless you really have to sell and/or don't get a better offer before mid November.

Eric Coffey · 09-09-2009, 02:23 PM

Quote:

Originally Posted by mca

Close date is November 20, 2009.

Other contingencies are buyer getting loan at max 90% loan-to-value ratio, seller payes for termite report, inspection, etc.

Really, the offer is weak. Buyer expects me to pay for nearly everything ... plus they want my 42 inch wall-mounted tv, lots of furniture and all window treaments (total of about $11k). Crazy.

Yeah, as a seller, I wouldn't pay for anything that would come out of my pocket if the deal fell through (inspections, appraisals, etc.). On a traditional sale (non-distressed property), a 70+ day escrow is a long time to hold up the property as well.

mca · 09-10-2009, 06:45 AM

So the agent totally screwed up the expiration date. He meant to write September 10 ... not November 10. Noob.

Thanks for help and advice. I verbally made a counter offer and suggested they submit a new offer. Doesn't look good but we aren't having fire sale. We are in no hurry.

Fishman7 · 09-10-2009, 07:28 AM

I have a piece of property listed for $790,000 I got an offer of $500,00 which we rejected, the people then made two more offers which we rejected which cost everyone a lot of time and money. My agent told the people that made the offer if they contact us again we would file a harassment charge against them, that is how I take care of people like this.

john70t · 09-10-2009, 07:29 AM

---->Round file.