Home Buying in Orange County>Question Details

Thecomedychi…, Home Buyer in 32771

Can a house under contract be sold to someone else?

Asked by Thecomedychick, 32771 Sun Nov 1, 2009

I submitted an offer, it was accepted, mortgage was approved, and I had the house inspected, etc. My agent sent the seller the list of items that failed inspection & we have not heard from seller/seller's agent after repeated attempts. We are coming close to the end of inspection period (only 2 days left). Could they be stalling so that we can miss the 10 day inspection period and then cancel our contract because they have another offer? I think this is highly doubtful as the house has been on market for well over a year. However, if this is the case and they got another offer, is it legal? Can they take addtional offers when a solid one with approved financing has been accepted? Why would the seller/seller's agent stall the process?

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Answers

5
You most likely will NOT miss the tax credit.

It has passed senate approval and I dont see why it would not continue to move forward..check out the cnbc video i have here:
http://seandawes.com/?p=282


As far as the offer, I would just play hard ball. Your offer stands and if they do not wish to repair or credit you for the items listed then tell them their best option is to not sell their home for a few years. Having properties on the market like this are just making things worse. Its saturating the market with inventory that shouldnt be there and frustrating willing and able buyers who should be moving into homes...because this than starts the market on an upward trend. Not this neutral stuff or tiny blips we have been seeing.



Sean Dawes
0 votes Thank Flag Link Mon Nov 2, 2009
I think that you are right. When they first listed their house about 600 days ago, they immediately got an offer for $10,000 less than their asking price. Perhaps getting that initial offer rather quickly made them think that they underpriced property and they refused offer. Now nearly two years later the market is dictating that their house is now worth $90,000 less. I guess reality is a tough pill to swallow.

If we should close, the sellers will get just about exactly what they purchased their home for in 2001 (I got this from tax records). They must read the same papers that I do, and this is normal. In fact, I would consider them lucky to be able to walk away almost even, except for any renovations they may have made over the years.

I am renting a townhouse in nice area, at a reasonable rent; month to month and I have nothing but time. If I do not hear from them in a day or so; I will withdraw my offer before my inspection period is up so that I do not lose my escrow deposit. I will continue my home search, even though I will have missed the $8K credit,. Who knows the credit may get extended and/or increased and home prices may continue to drop or stay where they are now, so their stubborness may be doing me a favor.
0 votes Thank Flag Link Sun Nov 1, 2009
Hmm now Im wondering if this is the reason why it has been on the market for so long. Maybe the sellers are very unrealistic about selling this home and not willing to budge anywhere.

I dont see why they wouldnt either fix or credit you and move forward.



Sean Dawes
0 votes Thank Flag Link Sun Nov 1, 2009
Hi Sean: Thanks for answer. The estimates were in $5,000 range for things that would prevent getting a CO. I understand not wanting to make repairs, so an option would be to have the money reduce from the selling price and I would purchase as-is and make repairs myself to get the CO.

I don't think I asked for anything extraordinary, my offer was well within the market value and I did agree to split the closing fees. I have seen a lot of listings where the sellers are offering to pay the closing fees. As I said the house has been on market for over a year, actually almost 2 years. I don't think I was being unreasonable at all and am upset that I spent time, money and a lot of energy and now it looks like I may have to begin my house search again!
0 votes Thank Flag Link Sun Nov 1, 2009
They should not be holding out for other offers however they could be deciding if they want to spend the money needed to fix all the repairs you are asking for. Sellers sometimes will walk from a deal if there are too many requests with the reply to inspection.

What is the dollar amount for the repairs that was estimated?
0 votes Thank Flag Link Sun Nov 1, 2009
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