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JE7391
LIF Toddler
Member since 11/05 463 total posts
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Message edited 11/29/2007 4:04:47 PM.
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Posted 12/27/05 9:46 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Just cancelled our purchase contract.
Sorry to hear that. But I am glad that you are ok with it. I am not sure how long it takes for you to get your money out of escrow.
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| Posted 12/27/05 10:00 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
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Re: Just cancelled our purchase contract.
Can I ask did you have a buyer's broker that you were paying? If not, technically, all brokers do work for the seller because they are paid through the commission from the seller's sale of the house. Even though we used a family friend as our broker when we bought we had to sign a paper saying we were informed that he worked for the seller due to the commission etc.
From a seller's perspective (as I recently was one), they probably just want to get into contract asap. One thing all first time buyers must realize is that the sellers have to continue to show the house until you are in contract. That can be very stressful and can really disrupt your life, even if you have a RE, and especially if one has kids.
We were very clear when we sold that the house inspection must be done no more than 48 hours after we accept their offer. I also told the agent before hand that considering kitchen, bathroom, heating unit, deck, driveway, garage door, paint inside and out was all less than a year old we were not willing to negotiate the price anymore as we priced it to be very competitively to sell quickly. Contracts had to be signed and returned to our lawyers office immediately (48 hours after home inspection) and they had to agree to a closing date of one weeks from that day so we would definitely closed within 37 days. This wasn't a problem as they were renters (which we liked). We were also very clear with the RE agent that we were continuing to show the house (I'm a teacher and it was during the summer so I was home all day, everyday) and it was in their best interest to sign the contract before the weekend because we already had appointments lined up. If another offer came in we would have to consider it. The young couple that bought from us were looking for a while and knew our house was in great shape for a starter house so they jumped right on it.
I'm sorry you had to go through all of that trouble. It just doesn't seem like it was meant to be. There are other houses out there and you could find your tomorrow. Good luck.
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| Posted 12/27/05 10:48 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Just cancelled our purchase contract.
Posted by Tah-wee-ZAH
Can I ask did you have a buyer's broker that you were paying? If not, technically, all brokers do work for the seller because they are paid through the commission from the seller's sale of the house. Even though we used a family friend as our broker when we bought we had to sign a paper saying we were informed that he worked for the seller due to the commission etc.
From a seller's perspective (as I recently was one), they probably just want to get into contract asap. One thing all first time buyers must realize is that the sellers have to continue to show the house until you are in contract. That can be very stressful and can really disrupt your life, even if you have a RE, and especially if one has kids.
We were very clear when we sold that the house inspection must be done no more than 48 hours after we accept their offer. I also told the agent before hand that considering kitchen, bathroom, heating unit, deck, driveway, garage door, paint inside and out was all less than a year old we were not willing to negotiate the price anymore as we priced it to be very competitively to sell quickly. Contracts had to be signed and returned to our lawyers office immediately (48 hours after home inspection) and they had to agree to a closing date of one weeks from that day so we would definitely closed within 37 days. This wasn't a problem as they were renters (which we liked). We were also very clear with the RE agent that we were continuing to show the house (I'm a teacher and it was during the summer so I was home all day, everyday) and it was in their best interest to sign the contract before the weekend because we already had appointments lined up. If another offer came in we would have to consider it. The young couple that bought from us were looking for a while and knew our house was in great shape for a starter house so they jumped right on it.
I'm sorry you had to go through all of that trouble. It just doesn't seem like it was meant to be. There are other houses out there and you could find your tomorrow. Good luck.
I have to say i completely agree. I wouldn't have been so generous to be honest.
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| Posted 12/28/05 7:09 AM |
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JE7391
LIF Toddler
Member since 11/05 463 total posts
Name:
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Message edited 11/29/2007 4:05:00 PM.
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| Posted 12/28/05 8:03 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Just cancelled our purchase contract.
Did you lose any money?
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| Posted 12/28/05 8:50 AM |
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JE7391
LIF Toddler
Member since 11/05 463 total posts
Name:
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Message edited 11/29/2007 4:05:11 PM.
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| Posted 12/28/05 8:53 AM |
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JE7391
LIF Toddler
Member since 11/05 463 total posts
Name:
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Message edited 11/29/2007 4:05:25 PM.
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| Posted 12/28/05 8:54 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Just cancelled our purchase contract.
That s-cks!! I'm sorry!! But, you seem to have made the right decision since you're not devastated. You'll find the perfect house for you guys!
(Where in Florida was this? My BF and her husband are seriously considering moving down.)
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| Posted 12/28/05 9:04 AM |
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JE7391
LIF Toddler
Member since 11/05 463 total posts
Name:
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Message edited 11/29/2007 4:04:38 PM.
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| Posted 12/28/05 10:48 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Just cancelled our purchase contract.
Posted by MrsKL
Posted by MrsKL
not sure yet. I don't think we will because although we put 5,000 down, we cancelled the contract within 10 days of inspection as provided for in our contract.
The only thing is that the 10th day was TECHNICALLY the 24th, but we all agreed that since the 24th was Xmas Eve, the 25th was Xmas, and the 26th (monday) was a holiday and all business were closed and I coudln't get in touch with inspectors, that Tuesday would count as our 10th day. They confirmed that for me on email (writing!) so hopefully they don't try to back out of that.
I can't imagine them trying to steal our 5000 dollar deposit!!! they better not!
OH PS: WE ACTUALLY HAD TWO INSPECTIONS YESTERDAY - TUESDAY - So they really can't argue the time for inspection was up!!! I think we'll get the $$ back without a hassle.
yea..since you were that close to the inspections then i don't think you will have a problem
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| Posted 12/28/05 5:09 PM |
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