cb, what is a “contractual backup offer position”? Does that mean that if the first deal falls through, you’re obligated?/u But then what happens if you write an offer for #8?? Is it possible both will be accepted?
I could be wrong… It sounds like cb has an option on the #6 if the first offer falls through.
Very good question. I am a little worried about being contractually obligated, although I don’t have to put a deposit into escrow. I personally feel I can usually walk before deposit is posted but I’m going to double check before I sign the document they offered because I’m definitely going to keep looking. Buyers have 15 days to get appraisal and loan approval. Doubt if that’s going to happen, but you never know.
Yes, I have ‘option’. If the first deal falls through because buyers do not release their loan contingency or appraisal contingency, I am in contract to purchase it at my price and terms. But those types of things can drag on forever. Escrow companies are very careful about releasing deposits and cancelling escrows. They will not cancel escrow without a written cancellation from both parties. It can drag on forever trying to get a Buyer to sign an escrow cancellation - they will keep fighting for the property if they still want it.
That doesn’t sound like an option; an option would give you the right to buy the house at the price and terms agreed upon in the option (in this case, only if the initial deal fell thru), but you would not have the obligation to do so. You generally would have to pay something for the option for it to be binding.
It sounds like they are proposing that you enter a contract with a condition precedent; if the initial deal falls apart within a certain number of days, both parties (you and the seller) will be bound. This is not an option, but just a regular contract.
^^Agree with that, nottelling.
Cb, can your lawyer review the documents and propose ways to draft this contract to cover your back so you would not be stuck with 2 properties?
More like a right of first refusal.
Just reviewed with my agent and she says that I can withdraw at any point up until we might go into escrow, happens all the time. So, I will sign the document with a 1% chance of getting the property.
Property #7
Just went out to La Mesa to look at a holy moly mess. It’s a 3/1 only 900sf sitting on a 1/2 acre lot. It is not in the ‘good’ school district and I would have to add about 500sf master addition to make it feasible. It’s surrounded by larger houses and will not sell in the neighborhood without more sf. I decided to pass because they have multiple offers, it’s a total gross mess that needs a lot of work, not the most desireable location, a lot of money would have to be spent to clean up the landscape and do something with it AND… just do not have the stomach right now to go through permits, plans, structural engineering and what not for the full addition.
Please please please … need to find something a little easier than that
4165 Nabal, 91941
Eeehhh… What a mess… guess you will have no regrets about passing that one. Redfin says the lot is .27 acres.
Looks like they are reaching on the price, judging what Zillow says about the surrounding properties. It has potential, but maybe one of those better left to someone who wants to actually keep it.
4165 Nabal, 91941
A potential of split the lot and build another house. Frontage 120ft, lot 11900sf. This is not half an acre, it is only 1/4 acre and the frontage of 120 ft is good enough for splititing into two lots
Lot is shaped like a pie… wide at frontage and goes very narrow in the back. Yes, someone could probably split the lot after about 18 months of parcel split and another 6 months trying to lay driveways and separate utilities.
Not worth it.
In this case, certainly not, I hate to see a security door gated house, that means the area is not safe. In the better areas around here, everyone will jump on it ,of course, the price will be different, maybe add one zero? .
Property #5 just went pending so I can reveal the address. This is a Hail Mary - foreclosure auction is pending for 5/15. It went into contract at a high price, but buyer backed out immediately. Agent revealed that the owner needs about $440k and I made an offer but I couldn’t come up to the amount they needed because the house does not have a garage - has kind of a cute Flintstones car port. This is the house full of cats (for some reason all the cat paraphernalia isn’t showing in the listing photos)
7902 Windsor, 91941
Don’t know if you were kidding about the lack of cat stuff in the pictures, but I can attest that we will not consider any house in which a cat has lived. Not only is dh terribly allergic, but we’ve experienced the extreme difficulty of removing cat odors. The RE agent may realize that others feel the same and moved things around when the photos were taken.
Anyway, I’m delighted you’re sharing your next project. Thanks for taking time to post.
Yes about the cats. The pictures were very deceiving. Agent held it open one day after it was listed. Swarmed with people but a lot of people were standing outside. Many people entered the house and immediately had to leave because of cat allergies. There were litter boxes, scratch posts and kitty litter boxes everywhere. I couldn’t even begin to figure out where all the actual cats were. I did not ‘smell’ the telltale sign of cat urine which is impossible to get out. Been there, done that. But I knew I would be gutting off drywall in the kitchens and baths and all flooring so I figured I could get rid of everything.
Main issue with this house is the large crawlspace under house was just crammed with stuff. There is no way that the owner (based on the huge amount of stuff everywhere) was going to be able to clear out that house. So I made my offer ‘As Is’, letting them just leave everything there that they didn’t want and I would clear it out. Thought that might be the ticket… but someone else came to save the day I guess.
So many bad houses . . . so little time . . .
That was another of those houses whose interiors just screamed CHEAP!!
So different from the innate charm of the hoarder house.