On Friday, an agent faxed over an offer on one of my listings - didn't call, didn't make any comments on the fax, but that's ok. No sellers' disclosure signed - guess they didn't check either the MLS or the property website to download that ahead of time. No preapproval letter - that's not good.
Let's review it: Full price offer at $650,000 - that's nice! 95% financing - umm. Closing Oct 31 - ok. Typical 1.5% for repairs - ok. Inspection within 10 days - that's normal. What's that miniscule mark in a box? Oh, they want to choose the title company - well, we'll change that. Additional terms - seller to pay 3% of buyer's closing costs and/or prepaids. Well, still not a bad offer.
Which addendums are checked? assignment clause - inspections, assignment, and property disclosure statement.
- "If Buyer is FOR ANY REASON unhappy with a condition of the Property...Buyer may cancel the contract. Well, it's a house built in 1974, so that's a walkaway for the buyer.
- Buyer may assign this Contract to TO BE DETERMINED and Buyer WILL BE released from the duty to perform this Contract. OK, another walkaway.
- Seller to provide Sellers Property Disclosure, etc. As noted above, it was in the MLS, on the web, and copies at the property, but OK - we'll provide it again.
Ah, ha! Addendum Y. Additional Clauses (this wasn't checked on the contract, but here it is);
Seller to pay $90,000 to XXXX XXXX, LLC for repairs and/or improvements.
OK, ActiveRainers - do we walk away from this one, or RUN away from this one????