Sellers missed their deadline

fran1523July 2, 2012

I made an offer on a condo this weekend. Sellers came back at only 5K off a 300 K property. We went up 5 K and gave them till noon today to respond. Buyer asked for a postponement until 6 pm so they had more time to crunch some numbers. They are under water on the property. It is 11:30 p.m. and no response.

If they come back in the morning accepting our last offer I am not inclined to accept it for fear they will miss other important deadlines and not get papers signed in time. Just for info: Asking pc. is 300,000; I offered $267: They countered with $295; I countered with $275. Mine is a cash offer and they have already moved due to a transfer. Very confusing...what do you think???

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I'm sure they'd love to take your offer but if they don't have the cash to make up the difference between the mortgage and the offer they are in a real bind. They may be negotiating with the bank.

If there are other properties that you like, I would move on. If you really like this property you have to realized that it may be a while before the sellers get the financial kinks worked out.

    Bookmark   July 3, 2012 at 7:33AM
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Just because they didn't respond, that doesn't mean they can't meet deadlines or sign papers in time - it simply means they are not interested in selling to you at that price. Why is this so confusing?

    Bookmark   July 3, 2012 at 8:16AM
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You don't sound really sold on this property or you'd be looking for ways to make the sale happen, not to make it fall through already.

Me? If I liked a property well enough to make an offer, I wouldn't let a few hours deter me. If they were to come back with an acceptance the next morning, I'd assume they were ready to go ahead. And really, do you think the agents involved are going to jeopardize their commissions on the sale? They'll make sure the sellers have things signed on time when it's necessary.

But given that you're sort of on the fence, this is a good excuse to withdraw your offer, too.

    Bookmark   July 3, 2012 at 2:43PM
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