Thursday, December 08, 2005

Offer Possibly Accepted

Got a call from the agent for Property C. He is going to take my offer to his client and he thinks his client will accept it. He wanted to know if I could close in 7 days. I have no problem with that, but I had to check with my escrow company if they could move that fast. He also wanted to know if I would make my $1,000 earnest money deposit non-refundable upon contract acceptance. I agreed to that. The agent said the guy needs money and this would sweeten the offer, given that it was already $40,000 below the asking price.

I called up the escrow officer I used for the sale of my last property, since she was so helpful. She definitely remembered me :-) and said there was no problem closing in 7 days.

So now I'm just waiting to hear back from the seller. And of course, I have the usual self-doubts now: should I have offered less, what if the house is a disaster, etc. I've called my agent to request some comps to see if her values are in line with my values. It's a bit scary now, given the current price declining environment. I suppose if I get cold feet, I can back out at the counter-offer. The seller will need to write a counter to change the COE date and make the deposit non-refundable. I told the agent those changes were ok, so if I do back out, it will probably piss him off, but better that than be stuck with a bad deal.


Bginvestor said...


So, you made an offer without looking at the property? If so, did you make it contingent to an inspection?

Bginvestor said...

By the way, good luck!

Shaun said...

I haven't seen the inside. I do have contingencies. I've just got a typical case of buyer's remorse. I felt the same way when I bought my last property. I think what scared me was the speed at which the offer (which was $40K under list, don't forget) was jumped on. I still haven't heard back from the agent though, so maybe the seller didn't accept after all. He has another 2.5 hours to respond. Then again, maybe he faxed his response back and the fax is at home, so I won't see it until I get back.

Steve said...

Good job, Shaun, of getting back into the game and making offers! Don't worry about the buer's remorse, at $40k below list, you should have plenty of equity to pull the deal through. BOL!

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