topic Re: How is this possible? And WTH?????? in Mortgage Loans

How is this possible? And WTH??????

working-hard-atit — Sun, 24 Mar 2013 21:55:34 GMT

I went to sign a contract on a new home today, it's a new construction home in MD 3300 sq ft sitting on 0.43 acres. The contract stated that at any given time during the purchasing process, if another offer was brought to the table before I settled that the seller could accept that offer and dismiss mine. WTH??!!! That's crazy!!!!! If I sign a contract and the seller accept it's, HOW IN THE WORLD IS IT POSSIBLE FOR THE SELLER TO ACCEPT ANOTHER OFFER? Everyone knows that the cost of living in the DMV (District of Columbia, Maryland, and Virginia) area is high and actually I just saw on the news that it's the worst place to retire. This home is maybe 20 minutes at the most from DC. The price they are asking was $399,900, I'm offering $390,000 because the basement isn't finished and $4000 down in good faith. The seller agent said that they would submit the offer but because the seller already reduced the house $100,000 that they may not except my offer. Once again WTH!!!! If they already dropped the price $100,000 what's another $9000 going to hurt them. This is so frustrating, I don't even feel like doing this anymore. I feel like screaming!!!!!!

Mind you I look at the house last Sunday and no one has submitted and offer on it between last Sunday and today

Re: How is this possible? And WTH??????

Anonymous — Mon, 25 Mar 2013 01:27:14 GMT

The seller still does not have to accept offer.

Re: How is this possible? And WTH??????

Anonymous — Mon, 25 Mar 2013 13:19:54 GMT

Well, it's possible because you'd be signing a contract agreeing to those terms and MAKING it possible. As long as it isn't flat out illegal, then a contract can pretty much contain any terms that the two parties agree on. You can either sign it and take the risk, negotiate that clause out (which is probably a long shot), or walk away.

Personally, I think that's a terrible contract, and I'd RUN away from any seller who had a clause like that in the purchase contract.

Re: How is this possible? And WTH??????

Anonymous — Mon, 25 Mar 2013 13:57:52 GMT

yeah, there's zero chance i'd sign a contract like that.

Re: How is this possible? And WTH??????

working-hard-atit — Mon, 25 Mar 2013 15:01:17 GMT

Thanks for the great advice everyone!!!!!

Re: How is this possible? And WTH??????

working-hard-atit — Tue, 02 Apr 2013 16:45:51 GMT

They excepted the offer on 3/29, Now I'm super excited and nervous at the same time.

Re: How is this possible? And WTH??????

Anonymous — Tue, 02 Apr 2013 16:53:43 GMT

Did you ask for that first part to be changed. I think my attorney would have say no that. My attorney refused to sign off on my contract because the seller wanted me to secure a loan within 20 days. He said said no way because we're buying with FHA . He negotiated to 30 days before he signed off on it.