Now that I finally got the signed and lawyer approved ammended contract I am comfortable writing back.
We made an offer on the house on a Thursday the house had only been on the market 6 days and never shown before. We were going to offer them the asking price with no give backs, but when we went to sign the offer our realtor told us the house had been appraised by the sellers and that we shouldn't offer more then the appraised value or we might have trouble with the mortgage. So we made the offer the full appraised value.
The buyers had bought this house 10-11 years ago for about $70K less then our offer. they had probably done ~70K in upgrades.
The sellers accepted our offer the same night and signed the contract. We thought we had a done deal and were just awaiting lawyer approval and inspection.
The house had been advertised to have its first open house on Sunday and it couldn't be cancelled this late, but the sellers realtor assured our realtor she would discourage offers.
Late Sunday night the sellers realtor called ours and told her they had accepted another offer and that was all. Our realtor attempted to find out why and to have us given a chance for a counter. She was given the run around all day Monday Finally late that evening she found out the offer was the same money it was just that the other buyer was willing to wait for the move in date.
Finally after the sellers were told no one could get a mortgage approval that would lock in a rate for over 90 days and that we were willing to put the closing off until the last minute and then let them rent it until they were able to move, they agreed to honor the contract with us.
It turns out the people that made the other offer knew about our contract but they lived in the area and somehow found out the sellers needed more time to move and that is why they decided to try to undo our contract.
I feel that once I give my word and sign a contract I am bound to abide by that contract. If there was a large difference in the offer price I could understand the attempt to break the contract, but I would still expect a chance to meet the new offer.
It turns out by NY state law since the lawyers had not signed off it was legal to void the contract. Most people I spoke with agreed it might be legal but it was unethical.
I am happy we were able to settle this and get the house. I had looked at about 30 houses and no other house came close to meeting our needs if it met our price. I am excited to think about our new chapter in life. I know the wait until late Feb. for the move will test my ability to be patient. I just have to keep reminding myself it is for the best.
PS. I do not agree about the realtor negatives in my case. In some cases that is true. We had a specific need for a specific detail in the house, our realtor went above and beyond to find houses that could meet our needs, if she had not been doing her homework we never would have seen this house. The houses we were looking at were up to $100K more then the one she found us. She could have made more money not telling us about this house and letting us buy a more expensive house we couldn't really afford. She may have made less instant money on us,, but in the long run I hope she will make a lot more because I will tell everyone in the area what a great job she did for us.
We made an offer on the house on a Thursday the house had only been on the market 6 days and never shown before. We were going to offer them the asking price with no give backs, but when we went to sign the offer our realtor told us the house had been appraised by the sellers and that we shouldn't offer more then the appraised value or we might have trouble with the mortgage. So we made the offer the full appraised value.
The buyers had bought this house 10-11 years ago for about $70K less then our offer. they had probably done ~70K in upgrades.
The sellers accepted our offer the same night and signed the contract. We thought we had a done deal and were just awaiting lawyer approval and inspection.
The house had been advertised to have its first open house on Sunday and it couldn't be cancelled this late, but the sellers realtor assured our realtor she would discourage offers.
Late Sunday night the sellers realtor called ours and told her they had accepted another offer and that was all. Our realtor attempted to find out why and to have us given a chance for a counter. She was given the run around all day Monday Finally late that evening she found out the offer was the same money it was just that the other buyer was willing to wait for the move in date.
Finally after the sellers were told no one could get a mortgage approval that would lock in a rate for over 90 days and that we were willing to put the closing off until the last minute and then let them rent it until they were able to move, they agreed to honor the contract with us.
It turns out the people that made the other offer knew about our contract but they lived in the area and somehow found out the sellers needed more time to move and that is why they decided to try to undo our contract.
I feel that once I give my word and sign a contract I am bound to abide by that contract. If there was a large difference in the offer price I could understand the attempt to break the contract, but I would still expect a chance to meet the new offer.
It turns out by NY state law since the lawyers had not signed off it was legal to void the contract. Most people I spoke with agreed it might be legal but it was unethical.
I am happy we were able to settle this and get the house. I had looked at about 30 houses and no other house came close to meeting our needs if it met our price. I am excited to think about our new chapter in life. I know the wait until late Feb. for the move will test my ability to be patient. I just have to keep reminding myself it is for the best.
PS. I do not agree about the realtor negatives in my case. In some cases that is true. We had a specific need for a specific detail in the house, our realtor went above and beyond to find houses that could meet our needs, if she had not been doing her homework we never would have seen this house. The houses we were looking at were up to $100K more then the one she found us. She could have made more money not telling us about this house and letting us buy a more expensive house we couldn't really afford. She may have made less instant money on us,, but in the long run I hope she will make a lot more because I will tell everyone in the area what a great job she did for us.
Linda
Start by doing what is necessary: then do the possible; and suddenly you are doing the impossible St Francis of Assisi
Now a retired substitute Teacher in NY, & SC
AA Liberal Studies TESC '08
BA in Natural Science/Mathematics TESC Sept '10
AAS Environmental safety and Security Technology TESC Dec '12
Start by doing what is necessary: then do the possible; and suddenly you are doing the impossible St Francis of Assisi
Now a retired substitute Teacher in NY, & SC
AA Liberal Studies TESC '08
BA in Natural Science/Mathematics TESC Sept '10
AAS Environmental safety and Security Technology TESC Dec '12
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