Home Buying in Ventnor City>Question Details

Tboni, Home Buyer in Ventnor City, NJ

I recently signed an agreement of sale for a house in NJ. I signed it 2 days ago and the seller already changed his asking price. I agreed to the

Asked by Tboni, Ventnor City, NJ Wed Jan 20, 2010

new price but I still haven't received a signed contract from him. How long can he hold a contract without signing it?

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Hi Tboni
Well, it seems as though the seller may be trying to play you and the other buyer against each other.
Verbal agreements mean nothing, unfortunately............

What troubles me is that today has gone by, and from what you have said, you have not heard anything. That is not a good sign. They have sat with your offer all day without responding, or signing the contracts.

I would ask your agent to call the seller's agent right NOW........and find out what is going on. If you do not get a reasonable response, you might want to let them know you will withdraw your offer if it isn't signed by a certain time.

Now.......you have an agent, and I don't want to counter any adice they are giving you. Also, if you love this house, then you may have no choice otrher than to let it play out. But, you need to find out what is going on.
It isn't fair to string you along, and I get quite disturbed when I see it happening to a client of mine.

If you are reaching the end of your rope.....let your agent know, and let them be assertive in getting that across fo the seller.

Good luck, and let me know what happens!
Debbie
0 votes Thank Flag Link Wed Jan 20, 2010
It sounds like the seller is trying to hold out for a better offer on the property. I would also recommend that you give them 24 hours to get your signed contract back to you...also, have your agent be persistant with the seller's agent.

It's too bad that this seller is stalling...they risk losing you as a ready, willing and able buyer! Good luck to you.

Debbie Bathen
RE/MAX Atlantic
Northfield, NJ 08225
Office: 609-645-0009 X36
Cell: 856-404-3074
email: debbiebathen@remax.net
http://www.debbiebathen.com
Web Reference: http://www.debbiebathen.com
0 votes Thank Flag Link Thu Jan 21, 2010
Tboni.........glad we have all been of help to you!

Also glad you and your agent are taking a proactive stand.

Let us know what happens........I will keep my fingers crosssed for you!
0 votes Thank Flag Link Wed Jan 20, 2010
I would like to thank everyone for their replies. They have all helped me and I just spoke to my agent and told him to call the seller and that I would like the agreement within 24 hours.
ps....no need to apologize for typos, Debbie, you have helped me a great deal:)
0 votes Thank Flag Link Wed Jan 20, 2010
I feel so sorry for your stressful situation, that I made a bunch of typos below - sorry!!

Your agent needs to get on this tonight! That's why we all have cell phones!
0 votes Thank Flag Link Wed Jan 20, 2010
Hi Tboni -

There is no accepted offer until the seller signs the document.. and then, until you get out of attorney review any other offer can still come in and be entertained by the seller. If he/she wants you to match it.. then he can do that.

There is also a practice that some Realtors here use called highest and best.. it is a bunch of hogwash.
I was burned on this on my very first deal.. with all the Realtors being all fatherly and matronly with me as a newbie.. having a highest and best at the listing office.. conference room.. one at a time we went before the seller and presented our case and clients information..then the big deal of having my offer accepted and me telling my client that the deal was done ( on the phone) they had the house. As we were leaving the building one of the other Realtors YELLED .. yes, literally yelled.. to the sellers.. WHATEVER HE OFFERED MY CLIENTS WILL GIVE YOU $5,000 MORE! The seller turned to their agent and said.. take the $5,000 ! So goes the mess.

Sorry , I don't mean to bring you down, but have your agent get on this immediately.. sounds to me like there is another offer that they are contemplating!
0 votes Thank Flag Link Wed Jan 20, 2010
Hello Tboni,
Did you sign an offer to purchase or an agreement of sale? The seller can give you a counter offer if it was only an offer to purchase. If you gave a good faith deposit more than likely you signed an agreement of sale. Seller can also change his/her mind about the asking price or selling it at all before signing the agreement of sale. Ask your Realtor to call in to see what's happening. If you do not have one contact immediately the listing agent. Sellers normally respond pretty quickly unless they are holding on until they get a better offer than yours.
Good luck.
Ines De La Cruz
RE/MAX Connection
inesdelacruz@remax.net
Web Reference: http://www.inesdelacruz.com
0 votes Thank Flag Link Wed Jan 20, 2010
Hi Debbie,
Let me clarify what happened. I put an offer on a house last Saturday. On Monday, we went back and forth with the seller to agree on a price and by noon on Monday, we had an oral agreement. Our realtor sent us the agreement that afternoon and by 4:30 we faxed it back with our signatures. On Tuesday, we received an "urgent" call stating that the seller had another offer and we would have to matche that offer to still get the house.
We decided to match the offer and we were told we had to do it, by our broker, by 4 pm because the seller's attorney would be done for the day after that. Our agent told us that he sent all of the paperwork to the seller last night. Now we are still waiting for the seller's signatures.
We really like the house but we are getting annoyed with the problems that are already occuring.
Any advice would be appreciated.
Tboni
0 votes Thank Flag Link Wed Jan 20, 2010
Actually, he shoudn't be holding your offer at all. He needs to respond to it. Are you working with an agent? It doesn't sound like it.
Has he at least verbally accepted your offer, or are you still in the process of negotiating? From what you have shared, this sounds very one sided...all the action has been from your side.

If you are working on your own, then call him up, and tell him he has 24 hours to respond.

If you are working with an agent, then tell him or her the seller has 24 hours to respond or you are withdrawing your offer!

Someone needs to have a fire lit under them!

You said he "changed his asking price"...do you mean he gave you a counter offer, or that he actually rasied his list price after he saw your offer? Please clarify.

You need someone to take charge of this and move it along.

Good luck!
Debbie Rose
Prudential NJ Properties
0 votes Thank Flag Link Wed Jan 20, 2010
Unfortunatly until both parties sign and it is in attorney review your "contract" is an offer. It does not become a contract until it is signed delivered to all parties (buyers and sellers). Sounds like the seller may have some activity and is looking for more money. I would check with your agent to see what the status is. Good Luck

Denise Gueterman Weichert Realtors 142 Main Street Chester, NJ 07930
908-303-2472 cell 908-879-7010 Office
denissegueterman@hotmail.com EMAIL
0 votes Thank Flag Link Wed Jan 20, 2010
So essentially you signed a contract and submitted your offer, had the seller send you their counter offer which you accepted and are now waiting for him to sign as well. Generally agents will ask that the seller responds within 24 hours, sometimes they'll ask for a response in 2 days. If you don't receive a signed contract from the sellers side by tomorrow I would have your agent contact them to find out what the hold up is. If you're not using your own agent, try contacting the listing agent.
0 votes Thank Flag Link Wed Jan 20, 2010
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