Offer pending---Re-write? - Posted by Kathy

Posted by Mark (SDCA) on April 17, 1999 at 19:40:30:

Can she back out? Technically no. You have the property tied up. However, she CAN refuse to negotiate and force you to either buy the property at the price and terms stated in the contact or force you to exercise your right not to buy based on the re-inspection.


Offer pending—Re-write? - Posted by Kathy

Posted by Kathy on April 17, 1999 at 19:29:26:

We executed a P.A. a couple weeks ago with seller’s Realtor on a duplex that was occupied upstairs only–with undesireable tenants.

Finally got in last week to re-inspect, especially the upstairs. We got a better look at the upstairs now that the tenant’s are gone. They left a mess, trashed the near-new carpeting, etc.

We have many outs in our agreement, reinspection was only one of them. The realtor understands that we need to work out something with the seller because of the condition of the upstairs. Can we make another offer without actually cancelling the existing? We would like both to reduce the purchase price (seller financing), and especially the large down (6k) due to the amount of money we feel it needs to rehab. Some things we want to do that aren’t really necessary–install shower and kitchen cabinets, etc.

If we try to renegotiate these terms and she gets upset, can she back out on the existing purchase agreement? Or do we get to continue negotations?

Time to put your REI hat on… - Posted by ScottE

Posted by ScottE on April 17, 1999 at 22:38:32:

Just handle the sellers like you do this a hundred times a year. Very matter of FACT (the place is trashed, etc.) and like you can pass if you need to. If the seller gets upset, just bring it back to the facts. Faced with the stark reality of the condition of the property and losing a good buyer, the seller should come around. If not, walk away and maybe they’ll call back.

Good luck

Re: Offer pending—Re-write? - Posted by Bill K. (AZ)

Posted by Bill K. (AZ) on April 17, 1999 at 21:16:43:


Try renegotiating. If the seller is reasonable and has seen the upstairs unit, I’m sure that she’ll be happy to renegotiate. After all, you’ve got some outs. She doesn’t want you to leave. She wants you to BUY. You can either amend the current contract or write a new one.

Stay in control. If she isn’t reasonable, exercise one of those “outs”.

Always remember…remain focused on your objectives. Make the deal work for you.

Let us know what happens.

I hope this helps.

Bill K. (AZ)