I just had an 'AFLAC' moment....uh?.....grrrr!
This new 'traditional' listing came up (no REO/Short Sale)...beautifully updated throughout...in the neighborhood my buyer wants...perfect size and amenities...and best of all, priced competitively and in their price range! I hurriedly called the agent...WooHoo...a live person answers the phone! I start asking my typical questions and find out there's 3 offers on it already. Okay... when are you going to present/review the offers? I hear this long, hesitant sigh as the agent proceeds to tell me the seller's demands...or don't bother putting an offer in:
1. Wants a $5,000 deposit
2. No FHA loans
3. ALL contingencies removed in 10 days
4. If appraisal comes in lower than your offer, there will be NO re-negotiation so plan to come up with the difference in cash.
UH?...Okayyyyy...the first two demands are no problem. It also wouldn't be a problem to remove inspection contingencies within 10 days...but removing the loan and appraisal that quickly in today's market is not that realistic for non-cash offers. In regards to demand #4...that's really stretching it! If I KNEW the appraisal could come in around $5000 below, we could probably deal with that. BUT...we all know how crazy this appraisal system is right now! It could come in...for example...$20,000 below our offer...and we'd be expected to pay the difference or risk our deposit (plus inspection costs) if we don't perform? I do have a handle on the values in the area, but gambling that the chosen appraiser shares that expertise...there lies the problem...grrrrr!
So if you feel hurt and can't make the contract work...they'll take cash...which is just as good as money! UH.....GRRRRR!!!
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Terri Adams-Scott, REALTOR®
DRE# 01397740
J. Rockcliff Realtors
1700 N. Main St., Walnut Creek, CA 94596
The seller must not want to sell very badly.....or he needs to sell so badly, he is afraid of making a mistake.
Jim, thanks for your comment. According to the agent, they want a guarantee of a closed escrow...don't we all?
That person isn't going to be getting any offers on that property any time soon. Even a cash buyer wouldn't agree to those terms. Sure I'll give you $5000 if your home doesn't appraise.
Todd - That home has been in and out of escrow many times since I posted it...and still hasn't closed an escrow. Thanks for stopping by to comment!