contigencies

<a href="http://www.nytimes.com/2009/08/19/business/19appraise.html?_r=1">Anyone who wants to know about the appraisal situation needs to read this.</a>
 
thanks for the link....good info! That is crazy how usctrojanman29's listing agents countered and asked to remove ALL contingencies.



Well, it looks like they've accepted my offer (with appraisal contigency in place!)....which is somewhat surprising. And for some reason I'm not as excited as I thought I would be. I'm moving forward, although the trust has been broken with my agent. I guess I'll work with him to the end, mindful of his steps, and I may be posting again as things come up. He said we can adjust things later after the appraisal if needed, but still believes the appraisal will be close to their counteroffer price (which doesn't make sense). I researched and found a comp in the neighborhood that was a bigger floorplan and sold for less than what I'm bidding on this smaller floorplan (and was literally a few homes away). Couldn't my agent have found more comp info? If this deal falls thru, I'm doing exactly what graphrix said - firing my agent.
 
[quote author="WishUponAStar" date=1250731729]thanks for the link....good info! That is crazy how usctrojanman29's listing agents countered and asked to remove ALL contingencies.



Well, it looks like they've accepted my offer (with appraisal contigency in place!)....which is somewhat surprising. And for some reason I'm not as excited as I thought I would be. I'm moving forward, although the trust has been broken with my agent. I guess I'll work with him to the end, mindful of his steps, and I may be posting again as things come up. He said we can adjust things later after the appraisal if needed, but still believes the appraisal will be close to their counteroffer price (which doesn't make sense). I researched and found a comp in the neighborhood that was a bigger floorplan and sold for less than what I'm bidding on this smaller floorplan (and was literally a few homes away). Couldn't my agent have found more comp info? If this deal falls thru, I'm doing exactly what graphrix said - firing my agent.</blockquote>
If the appraised value comes in shy, tell your agent that the only way you'll move forward with the transaction is if he makes up the difference by contributing a portion of his/her commission. If not, you walk.
 
Has that really been done (negotiating agent's commission --- I like that idea for this situation)? Couldn't we negotiate with the seller at the time to pay the appraised value (or near the appraised value)? I'm not sure how it works with all the new laws and restrictions. thanks!
 
[quote author="WishUponAStar" date=1250761433]Has that really been done (negotiating agent's commission --- I like that idea for this situation)? Couldn't we negotiate with the seller at the time to pay the appraised value (or near the appraised value)? I'm not sure how it works with all the new laws and restrictions. thanks!</blockquote>
Remember, EVERYTHING is negotiable including agent commissions and I'm sure it has been done. I always contribute a portion of my commissions to my buyers as thanks for their business. You should ask your agent to chip in for even allowing you to consider signing that counter without the appraisal contingency in place. But yeah, you would start with negotiating with the sellers if the appraisal price didn't come in at or above your contract price.
 
cool....if this falls through, I may contact you to replace my agent :) Do you cover the LA area also? A member of my family is looking in that area.
 
[quote author="WishUponAStar" date=1250762196]cool....if this falls through, I may contact you to replace my agent :) Do you cover the LA area also? A member of my family is looking in that area.</blockquote>
I've done a few transactions in the LA area....West LA, Miracle Mile area (by The Grove), and Redondo Beach. I'm actually working with a small business owner on picking something up in Gardena as we speak.
 
Don't be so shy, Trojan. Wishing -- of course he does. LA. OC. SD. Vegas too. While we're at it - need your floors done? How about paint??
 
[quote author="SoCal78" date=1250763626]Don't be so shy, Trojan. Wishing -- of course he does. LA. OC. SD. Vegas too. While we're at it - need your floors done? How about paint??</blockquote>
I don't know San Diego all that much since I don't venture out there but I'd be game as long as the buyers really knew the area well.



As for flooring and painting....my dad has that covered. ;)
 
[quote author="usctrojanman29" date=1250763998][quote author="SoCal78" date=1250763626]Don't be so shy, Trojan. Wishing -- of course he does. LA. OC. SD. Vegas too. While we're at it - need your floors done? How about paint??</blockquote>
I don't know San Diego all that much since I don't venture out there but I'd be game as long as the buyers really knew the area well.



As for flooring and painting....my dad has that covered. ;)</blockquote>


Hey T, you might be able to win Socal over from IR2 if you toss babysitting into the mix. he he
 
[quote author="Mcdonna1980" date=1250764646][quote author="usctrojanman29" date=1250763998][quote author="SoCal78" date=1250763626]Don't be so shy, Trojan. Wishing -- of course he does. LA. OC. SD. Vegas too. While we're at it - need your floors done? How about paint??</blockquote>
I don't know San Diego all that much since I don't venture out there but I'd be game as long as the buyers really knew the area well.



As for flooring and painting....my dad has that covered. ;)</blockquote>


Hey T, you might be able to win Socal over from IR2 if you toss babysitting into the mix. he he</blockquote>
Haha I'd have to ask my mom about that, I know she loves kids and keeps bugging me when she's gonna get some grandkids because she doesn't want to be an old grandma but I think she'll sit to housekeeping vs. daycare. lol
 
[quote author="usctrojanman29" date=1250763513][quote author="WishUponAStar" date=1250762196]cool....if this falls through, I may contact you to replace my agent :) Do you cover the LA area also? A member of my family is looking in that area.</blockquote>
I've done a few transactions in the LA area....West LA, Miracle Mile area (by The Grove), and Redondo Beach. I'm actually working with a small business owner on picking something up in Gardena as we speak.</blockquote>




she is a UCLA alum, so I hope you don't hold that against her ;)
 
[quote author="WishUponAStar" date=1250765342][quote author="usctrojanman29" date=1250763513][quote author="WishUponAStar" date=1250762196]cool....if this falls through, I may contact you to replace my agent :) Do you cover the LA area also? A member of my family is looking in that area.</blockquote>
I've done a few transactions in the LA area....West LA, Miracle Mile area (by The Grove), and Redondo Beach. I'm actually working with a small business owner on picking something up in Gardena as we speak.</blockquote>




she is a UCLA alum, so I hope you don't hold that against her ;)</blockquote>
I got news for you my friend...I'm actually a Brojan...UCLA undergrad and USC grad school. Best of both worlds! :cheese:
 
[quote author="usctrojanman29" date=1250764906][quote author="Mcdonna1980" date=1250764646][quote author="usctrojanman29" date=1250763998][quote author="SoCal78" date=1250763626]Don't be so shy, Trojan. Wishing -- of course he does. LA. OC. SD. Vegas too. While we're at it - need your floors done? How about paint??</blockquote>
I don't know San Diego all that much since I don't venture out there but I'd be game as long as the buyers really knew the area well.



As for flooring and painting....my dad has that covered. ;)</blockquote>


Hey T, you might be able to win Socal over from IR2 if you toss babysitting into the mix. he he</blockquote>
Haha I'd have to ask my mom about that, I know she loves kids and keeps bugging me when she's gonna get some grandkids because she doesn't want to be an old grandma but I think she'll sit to housekeeping vs. daycare. lol</blockquote>


I meant you silly! Geez, stop delegating and show us some sweat. :p



I can see the OC Register headlines now. Mom's flock to Irvine Blogger realtor for free babysitting.
 
[quote author="graphrix" date=1250613444]First, don't take my frustration personally. It has nothing to do with you, but with your loser agent and the slimy seller/selling agent.



Second, you need to find out the listing history of this house ASAP. Don't ask your agent, because he is a lying douchebag, and you need an unbiased 3rd party to tell you the truth. I'm willing to bet this place went into escrow and fell out at least once.

</blockquote>


forgot to mention - graphrix, you were right. It did fall out of escrow.
 
hi, me again. I asked my agent/douchebag about the previous escrow. Here's what he said.



"They were in escrow only for a few days. According to the listing agent, it was an all cash offer and the buyer realized that the funds could not be transferred. I do not have much more information to share with you."



Should have come here a long time ago. I'm kind of hoping this falls through so the SOB doesn't get his commission.
 
[quote author="WishUponAStar" date=1250990310]hi, me again. I asked my agent/douchebag about the previous escrow. Here's what he said.



"They were in escrow only for a few days. According to the listing agent, it was an all cash offer and the buyer realized that the funds could not be transferred. I do not have much more information to share with you."



Should have come here a long time ago. I'm kind of hoping this falls through so the SOB doesn't get his commission.</blockquote>
You have the right to cancel escrow for any reason if you don't want to proceed (even if the wind is blows the wrong way on a certain day)....things obviously change once you begin to remove contingencies. It really comes down to if you really love the home and can see yourself living there for many, many years. If you PM me the address, I can tell you exactly how many days the property was in escrow before it fell out (MLS has a nice feature that you can track the listing history of a property, even if it was re-listed).
 
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