Mr. Buyer .... I'm not going to do it
I am currently working with an REO buyer and we have looked at
many a house now that needs WAY too much work. Finally we happened upon just the right house and we made an offer. We submitted the offer to an unlocal REO team (national it says?) to present the offer to the bank. They tell me that the bank requires 5 to 7 business days to review the contract. That seems just about right but I was hoping for a response sooner never the less.
The buyer has no patience, not even a smidgen. He's calling me everyday or emailing me wondering if I've heard anything on the offer. Nope, but I'm following up and it's a definite priority I tell him. Mr. Jitters is getting bombarded with info from all sides. Loan officer, friends, internet, etc while he is impatiently waiting for the bank to respond.
The other day he emails me and says I want to change the offer that the bank hasn't even looked at yet! OK ....... he tells me in an email his new offer requirements and will meet me right away for the changes. He increased the price and wanted the home inspection removed.
What! No way Mr. Buyer. You might not know what you are truly doing but I'm not removing that inspection contingency. It's standard operating procedure for our area and the bank should know it by now. So when we meet to initial the changes on the contract I will not remove that contingency. It's sort of a polite butting of heads at this point. I advise him that if he doesn't want to have an inspection that is his prerogative but I'm not taking off the inspection paragraph on this contract. Not on an REO. Not on your life.
This is the first time I've ever had to step in and stop a buyer right there! If you won't look out for your own best interests Mr. Jitters, I will.
I think should advise the buyer that they should get an inspection. Sign something that says you told them but if they dont want the inspection then let them go forward.
LOL ~ Lyn, isn't is fun to be a Realtor with a Jittery Buyer. I agree with you, I would not take that off either and I think he should have a Home Inspection so he knows if there are any problems with the home that need ASAP attention. Good Post.
Lyn, All he needs is a story or two about pipes filled with concrete to know he shouldn't waive that contingency. Good luck calming the jitters!
Lynn,
I certainly understand the frustration and would go a bit further with the buyer to indicate on your disclosure addendum that if he chooses to waive inspection rights, you are indemnified and held harmless, should anything be revealed after the closing that would have been avoided had he proceeded with the home inspeciton. I also think that talking with a local real estate attorney would be in his best interest and so I would include a paragraph in your hold harmless that indicates your recommendation that he seek legal counsel before waiving his right of inspection, with a list of three board certified real estate attorneys in your area.
Keep us posted what happens.
Gayle
Chuck: I understand about the buyer being a big boy, I just don't think it's prudent being a first time homebuyer and not being handy in the least.
Gayle: That's what I also mentioned, talk with a real estate attorney about waiving this first. I really don't think first time buyers understand the consequences.
Bliz: That's another part of the scenario - I know the horror stories on what can be done. In fact, I've seen a few things that I've pointed out to them in another house. Concrete in pipes can be just the start of it as you know!
June: It's just being a good consumer to inspect what you've purchased.
Good for you as that is exactly what you should do. I can not image a buyer taking away the inspection. Are you crazy?? Especially an REO...Good job by holding your ground...
The inspection is so important. I have seen a rash of potential buyers saying they don't want to inspect. I do know there may be a few that know what to look for, but MOST do not.
You're right, Lyn...whether he elects to have one or not, the option should be there regardless. Besides, the bank isn't going to "favor" his offer any better if he elects to "waive". i suppose the good news is that he's motivated. Good post to be featured (imho).