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elliemae
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2010 Jul 16, 7:26am
No end-date on the offer? I'm assuming that you offered thru a realtor and it's on their massively wordy earnest money agreements. I'd read the fine print. I'd also ask an attorney.
No end-date on the offer? I’m assuming that you offered thru a realtor and it’s on their massively wordy earnest money agreements. I’d read the fine print. I’d also ask an attorney.
It was actually my decision for the high earnest money deposit. It shows the bank that the buyer is serious. I also put no inspection contingency as well. The agent I used is also the seller agent, which is why I didn't have to fight with imaginery multiple offers. Though I can't say she is after my best interest, or the sellers. It's quite clear she's after HER best interest. Which is fine with me.
elliemae
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2010 Jul 16, 8:54am
The question is length of time that the offer is in force. It's either on the contract you submitted, buried deep in the fine print, or it's a state law of some type. I find it hard to believe that one can submit an offer subject to lender's approval and be stuck forever...
a4adam
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2010 Jul 19, 2:02am
It was actually my decision for the high earnest money deposit. It shows the bank that the buyer is serious. I also put no inspection contingency as well. The agent I used is also the seller agent, which is why I didn’t have to fight with imaginery multiple offers. Though I can’t say she is after my best interest, or the sellers. It’s quite clear she’s after HER best interest. Which is fine with me.
Personally, I would never waive the inspection contingency on any home, even a new one. I want to know what is wrong with a place up front.
It was actually my decision for the high earnest money deposit. It shows the bank that the buyer is serious. I also put no inspection contingency as well. The agent I used is also the seller agent, which is why I didn’t have to fight with imaginery multiple offers. Though I can’t say she is after my best interest, or the sellers. It’s quite clear she’s after HER best interest. Which is fine with me.
Personally, I would never waive the inspection contingency on any home, even a new one. I want to know what is wrong with a place up front.
Oh I guess I did not mention this with that statement. My father is a contractor and we feel he's more than qualified to inspect the home on the initial viewing. If I had to hire someone for an inspection, he'd be the guy. I look for the appeal of the home, while he looks for damages/coverups/bad design and things that cannot be fixed with reasonable effort.
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Hey does anybody know the answer to this? I made an offer on a Short Sale. There were no extra clauses on the contract other than "Short sale subject to lenders approval." I've made no earnest money deposit. The contract states I will be making a $13k initial deposit. How long is that contract in effect before I can back out and say it's taking too long?