If the house is still available, you can always resubmit a new offer.
It is in your best interest to be represented by your own agent in any real estate transaction.
It is very difficult for one agent to best represent both parties to a transaction.
If you are rate shopping call Marcello at Countrywide 818-430-0318
Now as far as the loan contingency, counter them back. How many days before the deal closed on 11-7 were you going to remove the contingencies? It seems as though it would have been 34-35 days. Am I right? Therefore, it would only be in the best interest of both of you to remove the contingencies about 25-30 days before you close your deal. This would be in the best interest to both you and the seller. You don't want to get in to a situation that you can not perform on and the seller wants to make suer this deal is going to close. Why would they want you to remove contingencies if the market is so unstable? This protects them too. Now, if they insist on you removing contingencies, counter them back with, if the price of the home declines it will be bought/sold at appraisal value at that time, appraisal will be completed 25 days before close. Values are declining, not very much in Malibu, but still declining. Win-Win!!
Please keep in mind that I am giving you my opinion only. Without being there and reading over the contract I am speculating on facts. I hope everything goes well for you!!
I recommend you seek the advice of legal counsel....it is not possible for anyone in this forum to guide you with reviewing the complete contract. If the agent works for a larger firm, you might also want to meet with his/her Broker of Record and see if you can get some help.
The house value may be less, and as a State licensed appraiser also I have seen values come down when I review all offers I work with , with my clients. Enough said here...... that is what I would recommend to my clients and if you would like to discuss more let me know.....l
I would remove my contingencies very close to the time of closing. For various reasons some of which you have mentioned you want to be fairly certain you will buy the house on your term(low interest rate..). Also the condition of the house may change within 30 days. So I also do my inspection close to the time escrow is going to close. I would do the inspection within 20 days of closing and start removing contingencies within 2 weeks prior to closing.
Prudential California Realty
My loan broker (who is great) advised me that this absolutely unfair. Although my file is very strong, who knows what will happen in the next 3 months. Also, we cannot remove that contingency without locking a rate first, we cannot do this because- 90 day lock requires all paperwork be submitted, including appraisal. 90 day lock is expensive. Interest rates are not very good at the present timeâ€¦ I want to float until I get a better rate! Not too mention, without submitting everything to underwriting, I cannot get a guaranteed approvalâ€¦ the banks are so unstable right nowâ€¦ who is to say the bank will even be around 90 days from now?
I have to watch my own back (since my agent has the sellers best interest in mind, not mine) How should I approach this? What would be a fair timeframe for me to remove the contingency? 30 days prior to closing?