There's that offer clause again!

By
Real Estate Agent with Coastal Properties Group International

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????

Sharon Simms, Real Estate Agent serving St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area.
 

Posted by

Sharon Simms
CIPS CRS CLHMS CRB RSPS
Coastal Properties Group
CHRISTIE'S International Real Estate
238 Beach Drive NE
St Petersburg, FL 33701
www.ssimms.com    www.coastalpgi.com   www.christiesrealestate.com
(727) 898-2582    Sharon@SimmsTeam.com

 

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Rainmaker
162,531
Angus in Naperville IL
RE/MAX of Naperville

RUN! Absolutely fraud! And they are really looking for this stuff now. Life is too short to mess around with these kinds of deals...

Moo 

October 01, 2006 11:42 PM
Anonymous #9
Anonymous
Anonymous

Bill -

Please don't take my comment personally.  There are unfortunately a lot of coaches in my area that used to sell cars or something else and have no idea what they are doing.  I have all the respect in the world for people who are educating others.

I should not have made that a blanket statement. 

Rich

 

October 02, 2006 08:02 AM
Ambassador
588,735
William J. Archambault, Jr.
The Real Estate Investment Institute

rich,

i agreed with you, i'm embarrassed not offended.

real estate, and that includes mortgage lending, are the essayist legal professions to get into, that puts the responicabiltys upon us to police our own. unfortunately it only happens in the worst cases.

this sad state of affairs is perpetuated by the shameful state of education with regards to real estate.

sharon now has a duty to all of us to report these people for if we don't police our own and stop this abuse we'll surely get more bad laws as congress and the states try to regulate what they don't understand.

bill

william j archambault jr

the real estate investment institute

http://www.reii.org

October 02, 2006 09:25 AM
Rainer
419,317
Maureen Francis & Dmitry Koublitsky
SKBK Sothebynulls - Metro Detroit
SKBK Sotheby's International Realty
Well, it looks like everyone is in agreement. What did your clients decide to do?
October 03, 2006 05:02 AM
Rainmaker
605,210
Sharon Simms
St. Pete FL - CRS CIPS CLHMS RSPS
Coastal Properties Group International
Maureen - they declined the offer and did not counter.
October 03, 2006 05:34 AM
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Rainmaker
605,210

Sharon Simms

St. Pete FL - CRS CIPS CLHMS RSPS
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Information on Real Estate, Properties, Traditions, Neighborhoods, Market Activity and other items of interest in the Tampa Bay area (St Petersburg, Clearwater, Tampa, Bradenton) and the Gulf Beaches, Florida.