Posted by Nate(DC) on June 28, 2003 at 18:57:41:
“Think I would be overstepping if I asked him for the names of the others that offered higher?”
Wait until you have it under contract before you ask!!!
LOL
NT
Followup-Seller wants to change my contract - Posted by Kristy-AZ
Posted by Kristy-AZ on June 27, 2003 at 19:23:04:
Hello all,
First let me say, thank you for all the great responses.
Seller called me today, he realizes the contract is past it’s acceptance date and we can modify that. After talking with him, I was wondering IF he did show it to an attorney, because the items he addressed were so stupid, and pety, that if it was a true RE Attorney, he has alot to learn!
Item 1- Does not want the contract to be assignable. No problem, we weren’t planning on doing that anyway.
Item 2- RE Attorney said that “all” Earnest Money should be in the form a Cashiers Check! WRONG! I have never gotten a Cashiers Check from a buyer! Simply put, if the check bounces the contract is VOID!
Item 3- A Pre-lim title report should be done to assure Title. DUH!!! It states that in the contract, and obviously we are going through a Title Company!
Item 4 - Contract should state that the property is being purchased AS-IS. Well… Look on page 2! It’s right there in Black & White!!!
What kind of attorney does this guy have?? Geez. Anyway, we agreed to meet up with him this weekend and have the contract signed by ALL parties so that we can open escrow on Monday! I told him it all had to be wrapped up this weekend or it won’t fly…period!
We will see what happens.
Kristy-AZ
Re: Followup-Seller wants to change my contract - Posted by Kristine-CA
Posted by Kristine-CA on June 27, 2003 at 23:33:24:
Kristy: pretty funny about the repeat stuff that goes into these purchase contracts. Even though I use a standard Realtor contract, I write in on every contract: “as-is, where-is.” I also add: sale is contingent upon marketable title and issuance of title insurance from xxxxx. And, I don’t use earnest money deposits when I buy. But when I sell I ask that my escrow officer cash it asap. And I wouldn’t accept a contract where the seller wouldn’t allow an assignment.
Have some sympathy for the poor guy. He is just trying to pay attention and he’s paid a lawyer that probably isn’t an RE lawyer. And the standard contract is very comprehensive so there’s not much for the lawyer to do. And lots of people really think lawyers are smarter than they are. A very sad state of affairs.
I bet he turns out to be an ok buyer. Sincerely, Kristine
Re: You have NO, contract - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on June 27, 2003 at 19:49:36:
If the date for acceptance has passed you have no contract. You are in the offer and counter offer stage, and it is not a contract until it is accepted.
You ask what kind of attorney this person has, that is very simple. He has an attorney who feels that it is necessary to tell him something to justify the bill that he is sending out.
Earnest money is not required to make a contract binding, I like to just write none in that space.
Re: Followup-Seller wants to change my contract - Posted by Kristy-AZ
Posted by Kristy-AZ on June 28, 2003 at 22:36:29:
Hi Kristine,
Just met with the seller again today. I went ahead and took out the “and/or assigns” in the contract, like I said we don’t plan on assigning it anyway.
Also added the part about buying it AS-IS which is already in the contract, but we put it in the additional terms area. So then he says, OK, I;ll have my attorney review this (agian) and get back to you. Turns out his “attorney” is his long time friend from 4th grade. They have known each other for years. OK, but this guy obviously doesn’t know anything about RE.
Then he asked if we could possibly come up on the price. I told him absolutely not. Then he says he will have his attorney look it over again and wants to talk with one other investor. Geez. I’ve had it! I went over there thinking he was going to sign the contract, instead he’s just jacking me around! I’m done! I don’t need the property.
I don’t mind being patient, but this is ridiculous! I have better things to do than go back and forth with t his idiot.
I’ll let you know what happens.
Kristy-AZ
Re: You have NO, contract - Posted by Kristy-AZ
Posted by Kristy-AZ on June 28, 2003 at 13:43:32:
Hello Ed,
I agree with you on the contract issue.
This is not a desperate seller. When I told him we would put up $100, he wasn’t happy. And I don’t blame him. I would require more too if I was selling. Earnest money is no big deal on this one. We have the money. I just couldn’t believe the items the attorney (if there is one) came up with. What a “Ditz”.(the attorney that is)
I am not new to investing, but I know I am always learning. Usually I would just try to list this property, but we will make more if we buy it and fix it and sell it. I may even try to list it as a fix up first.
Since moving away from the auctions and trying to find motivated sellers, it’s been a real challange. This guy is “warm”, but is not in any financial trouble or anything. Just wants to sell his house with out having to go through the normal hoops of agents, inspections etc. He keeps trying to get us to come up on our price, but I have told him there is no way. He wants to see what numbers we came up with as far as repairs, to justify the amount we are offering. Frankly I don’t feel that should be an issue. This is our offering price period! Take it or leave it!
He is a nice enough guy, but a real pain in the A**. As I mentioned in my other posts, if we get it great, if not, no big deal. And I have told him the same thing.
Frankly, I think we are the highest offer he has on the house. Although he has told me differently. Think I would be overstepping if I asked him for the names of the others that offered higher? Maybe I could sell it to them after we close and make a fast buck! 
Kristy-AZ
Re: Followup-Seller wants to change my contract - Posted by Tom-FL
Posted by Tom-FL on June 29, 2003 at 01:42:32:
LOSE that guy, asap