Home Buying in Hercules>Question Details

Wjpl24, Home Buyer in Hercules, CA

We have already received a signed contract from the seller and the escrow company already sent us some

Asked by Wjpl24, Hercules, CA Sun Jul 12, 2009

documents. At this point, can the seller be negotiating with another buyer for the property? I am asking because it has been a week after the signed contract and the utilities haven't been turned on for inspection. our inspection period is 7 days. This makes me wonder if the seller is playing game with us. This is an REO property.

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Kamal Randhawa’s answer

By now, after reading advice from my fellow Realtors/Brokers, I'm sure you understand that its NOT a good idea to deal with the listing agent when purchasing a property. You'll ALWAYS get the raw end of the deal. The seller (bank) in your case, does not play games. I will be in the Hercules area this week so if you like, I can come take a look at your contract. Good Luck

Kamal Randhawa
0 votes Thank Flag Link Mon Jul 13, 2009
Note: it's 7 days of when the seller's signed the contract. Check your contract dates.
0 votes Thank Flag Link Sun Jul 12, 2009
Makes me wonder why your agent isn't answering this question.

Is the agent the listing agent as well? I've heard stories from clients friends that went direct to the listing agent, thinking they can "deal" with them all to find out they got screwed somewhere. FYI, the listing agent has the responsibility to their seller client because if they sell the house, they get more listings. Some agents can be biased, some can't.

As far as utilities, you can turn them on or the agent can. The sellers EXPECT 7 days exact to release the inspection contingencies, then after that, they move to what the REO industry calls "passive" removal. This means if they don't hear from you or your agent, then it's removed in the seller's eyes.
Web Reference: http://www.crosswalkre.com
0 votes Thank Flag Link Sun Jul 12, 2009
I'm curious why you're asking this question on Trulia instead of asking your Realtor, but I'll try anyway.
First of all, there was almost certainly an addendum to the standard contract, known as an REO addendum. That may have been drawn up entirely by the seller's attorney, benefiting the seller in every case. One typical clause is that if the buyer does not close by the agreed date, the buyer pays a penalty of $100 for every day from the agreed date until actual closing, to the seller. Another, which may affect you, is that the contingencies will be automatically removed at the end of the contingency period, whether the buyer has agreed or not.
You need a good Realtor on your side of the table, and quite possibly a real estate attorney. You need to know what was in that REO addendum that you signed and how it applies in this situation.
0 votes Thank Flag Link Sun Jul 12, 2009
Your agent will most likely have to arrange for the utilities to be turned on. How long is your inspection period? The bank is unlikely to be negotiating with somebody else but you do have to keep to the contingency time peiods as specified in the contract. You should be talking to your agent about this.

You do have your own agent don't you? I hopw you are not being represented by the listing agent!

Bernard Gibbons

Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585

See all homes for sale in Contra Costa and Alameda Counties
at http://www.BernardGibbons.com
0 votes Thank Flag Link Sun Jul 12, 2009
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