Home Buying in 11024>Question Details

808state, Both Buyer and Seller in New York, NY

I am involved in purchasing an REO property..The accepted offer was 448. We saw how terrible the

Asked by 808state, New York, NY Fri Apr 24, 2009

inspection report was
we panicked, so then backed out of the contract.. It was back on the market very quickly for 5K less 443K!
We realize after a lot of thought, that we actually don't want to lose it. So we told our broker this, he said the only way that the seller will deal with us again is if we pay the original agreed upon price, write it all up anew, and close in 2 weeks.
Isn't it illegal to force someone to pay more than the advertised price?

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Answers

2
If I was your agent, I would help you write letter to the Lsiting Broker and Seller/lender detailing out the issues that were noted in the physical inspection as conditions that impact the value. The property should only sell for its Fair market value and if substantial repairs are required to make it a safe and healthy environment, they would most certainly impact its value. Those condition are now something that the Listing Agent must make other buyers aware of as they are discovered and he is aware. Lenders are limited on disclosure but the listing agent is not as it is his obligation to make a diligent inspection and make pertinent and material reports available to all future buyers.

Make another offer heralding your viability as a buyer including ability to qualify, cash position, credit scores. The lender wants to sell the property and get it off his books but he also does not want to deal with a flake. If you are creditable, I would make an fair market value offer based now on what you know about the property.

Good Luck
Marlene Macbeth, e-PRO, GRI
1 vote Thank Flag Link Mon Apr 27, 2009
Refer your question to an attorney.
0 votes Thank Flag Link Sat Apr 25, 2009
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