Let's Make A DEAL!!!

[kyburg]

Okay, the shoe dropped.

There are multiple offers on the table, and the agent has presented us with a counter-offer for us to respond to.

The asking price has increased $6,000.

The deposit has been increased from $2,000 to $5,000.

And some more legal crap - we pay more of the fees and additionals, and we accept arbitration instead of retaining our right to sue for damages should any occur.

ARGH. Well, what does the resourceful girl am I do?

Why, a LJ poll, of course!
[Poll #108992]

And if you said Other, clarify -

You have until 12:30 PM tomorrow, PST.

Me? I'm going to start looking for a nice hotel. I'm going to need it.

Comments

hmmm...

[turandot.livejournal.com]

The whole "relinquish our right to sue if there are damages" sounds hockey to me. Perhaps because when my parents bought their house, they had the same clause thrust upon them, and the damages incurred when the other family moved were never taken care of, even though the realtor swore left and right that the former owner would pay for them. At some point, the guy stopped answering the realtor's calls, and the forwarding address he gave her was "temporary".

Would it hurt to find a temporary rental situation, so you would have a respite from frantically looking for a house?

Re: hmmm...

[kyburg.livejournal.com]

Well, it isn't relinquishing rights...just agreeing to arbitration first.

We're going to be in temporary housing - a glorified hotel room with a baby kitchen in it. I just don't like having to pay top dollar for that, and not know I have something else on the way.

yeah, i'd be kinda leery of the whole arbitration thing...

[tomlemos.livejournal.com]

arbitration is getting to be this huge monster in the legal arena..

basically, the only winner in arbitration is the person who does the whole deal.

if you give up your right to sue, you might as well not even have that stuff in the contract, because if you submit to arbitration, they probably have the conditions for the arbitration written in their favor from the start, and usually once a decision is made, it's final when it comes to arbitration, there's no appeal.

If they're raising the asking price, I don't see why they're raising the deposit as well, you'd think they'd leave the deposit alone. but that's just me.

I dunno. something just doesn't strike me as quite 'right'.

[inagawayuu.livejournal.com]

Something doesn't sound right to me either. If it was just the raise in asking price, then I would say stay in because SoCal is a competitive housing market, but it's the red tape that worries me. If they are asking for arbitration and wanting to make it harder for you to protect yourself against damages that aren't your fault, then that means something is wrong, and they are trying to pass the buck.

Even if you have to stay in a short-term apartment or rent a house for the time being, it's better than forcing yourself into what appears to be a bad situation all for the sake of having a place to live. The right house *will* come along, and on terms that work for you.

Re: yeah, i'd be kinda leery of the whole arbitration thing...

[kyburg.livejournal.com]

It's real estate in the South Bay. THE most competitive market I've ever seen.

The increase in asking price was a gimme. Arbitration, well...push comes to shove, if you simply CAN'T come to terms there, then you can go to the legal system. Long, drawn out, etc., but you can -

The rest are to see what hoops you're will to jump through - since there are multiple offers on the table, he who is willing to jump more, and higher, will likely win.

[kyburg.livejournal.com]

I would say this is out of the ordinary, except it isn't. And I really think this is just setting the bar high enough to discourage buyers who aren't willing to accept risk.

The whole deal can be cancelled once I get disclosure...I can cancel up to 15 days into the deal...etc., etc., etc. - and this is one of the few properties I've seen that doesn't appear to need ANY work before moving in. Took an electrician with me, I did - it's an older home, but the upgrades are already in. We might have to find a way to install a dishwasher.

I think we'll make a good stab at this, but we're not going to jump through every hoop.

[jcurtis.livejournal.com]

I don't know much about buying houses, so I'm not going to take the poll. However I can tell you what my mother always used to tell me. Even if things seem risky or whatnot, if it feels right, go for it. If something was meant to be your's, just sit back and don't stress about it because it will be your's.

[legolastn.livejournal.com]

From what I gather of your situation:
Accept the increase in asking price.
Keep the deposit the same, or raise it an amount you can reasonably come up with (3000 or 4000?).
Agree to the legal stuff.
Go with your gut on the arbitration.

[legolastn.livejournal.com]

I don't know how it would work, but if there is a way you can word it so that they get a higher deposit in the near future, that might be a bargaining chip.

[kusoyaro.livejournal.com]

Gah. I'm now officially afraid to be a homeowner.

On the other hand, there's something to be said for not throwing away money on rent every month...

Stipulations with a smile

[forestcats.livejournal.com]

This sounds WAY too one sided in the sellers favor. IF you are despirate for this ONE house then insist that you will only agree to this AFTER their home PASSES a home inspectors test. They cost about $500 and provide pictures and a written report, they go into the attic check the foundation, check neighbors, etc etc.

Are you represented by your own real estate agent or dealing with the selling agent. If it is the latter then they are getting a far larger cut of the deal and you aren't being represented.

My gut instinct is to put your stuff in storage and rent.

Other

[varna.livejournal.com]

Other - "I have no idea what you're talking about, and I'm not even entirely certain it's English."

Varna knows less than nothing about houses, buying, selling, or anything remotely related.

[gaychristian.livejournal.com]

not having much experience in these matters, I won't give ya advice cause I do not want to steer you wrong...but, you will be in my thoughts!