Status of My House Buying

debodun

debodun

SF VIP
Location
way upstate in New York, USA
The last I heard, the closing is Friday. I received an email from my attorney this morning saying the seller's attorney has not sent her the information I need so I can go to the bank and get the cashier's checks required. She has contacted them several times and has heard nothing back. Tomorrow is the last day I can get the checks. I told her when she hears to phone me - emails are unreliable and who know when I might check mine or when I'd be online.
 

Murrmurr said:
Is stalling a tactic? To what end? I'd be so pissed!
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In today's market stalling can very well be a tactic. I haven't been following your process Deb so I'm unsure if you are buying someone's house or if someone is buying your house.

You must be buying a house if you're trying to get cashiers checks. Meanwhile, if the seller has just received a much higher NEW offer, the seller would now be motivated to delay in order to stop you from meeting the contract's deadline and then plans on asking you if you want to beat the other buyer's offer. Of course she can't tell you what is offer is. So she'll ask you if your offer is the best you can do.

I think as long as money has not been exchanged, a seller cannot be forced to sell. But I'm not a realtor. Ask your realtor.
 
Lara said:
In today's market stalling can very well be a tactic. I haven't been following your process Deb so I'm unsure if you are buying someone's house or if someone is buying your house.

You must be buying a house if you're trying to get cashiers checks. Meanwhile, if the seller has just received a much higher NEW offer, the seller would now be motivated to delay in order to stop you from meeting the contract's deadline and then plans on asking you if you want to beat the other buyer's offer.

I think as long as money has not been exchanged, a seller cannot be forced to sell. But I'm not a realtor. Ask your realtor.
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Yeah, I'm worried the deal won't go through.

Do they use this tactic when they get a better offer?
 
If Deb has done her "Due Diligence", which she has, then this tactic shouldn't work...but I do know that a seller can never be forced to sell until she has the money. It would be a terrible thing for the seller to do, but for the right price she may be motivated to call it a business move and not use her heart.

I made an offer on a house once and was one day short of having my due diligence done. I requested an extension. The seller had a list of other offers..higher than asking price...so of course she dropped me. When it closed I saw the final price which was thousands of dollars OVER the asking price. But that's different because Deb has done her Due Diligence.

The penalty for the seller to back out may only be that Deb gets her Due Diligence money back (which is money you give to the buyer to show you're serious about buying the house). It's a hurtful market out there unless money is no object and one can offer outrageous amounts to get whatever they want. For them it's a fun little hobby of buying and selling for profit.

EDIT: Last sentence was backwards. Deb doesn't lose her Due Diligence money....she gets it back. I fixed it right away
 
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Lara said:
I haven't been following your process Deb so I'm unsure if you are buying someone's house or if someone is buying your house.
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I made an offer and it was accepted. My house isn't on the market. I didn't want to put a cart before the horse. If mine sold and the buyer said, "You have to be out in a week.", I'd be in serious circumstances. Mine isn't going on the market until I am sure I own the other and have almost completely moved my belongings.

Right now I'm agonizing whether to get a PODS or a U-Haul and move what I can myself and hire movers to do the large, heavy items.
 
You are smart to play it safe, Deb. Sometimes people don't have that option to pay for another house while not having sold theirs yet.

They need the sale of their house to pay for the house they are buying...so they make their offer contingent on the sale of their house. If it doesn't sell in time they're out of the contract and lose their due diligence money.

Then the seller can extend their time...but in todays market there are too many back-up offers from other interested parties so the seller will obviously want to go with the higher offer....unless someone is offering cash.

Deb, sounds like you offered cash so that's going to help you unless other offers are also offering cash.
 
debodun said:
I made an offer and it was accepted. My house isn't on the market. I didn't want to put a cart before the horse. If mine sold and the buyer said, "You have to be out in a week.", I'd be in serious circumstances. Mine isn't going on the market until I am sure I own the other and have almost completely moved my belongings.

Right now I'm agonizing whether to get a PODS or a U-Haul and move what I can myself and hire movers to do the large, heavy items.
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PODS are great if you have a whole lot to move. I assume someone would tow it for you when you're ready. Certainly, you're not expected to move the monster yourself, right?
 
If something falls through because of greed by the sellers, Deb can hang on. She has a house to live in.

It is very odd that the seller’s lawyer hasn’t been in touch with Deb’s.
 
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