You’d think there’d be some sort of title loan type business for homes that flippers could use. That way a flipper could have a few houses going with only the money for one at a time. Does that exist or no? Seems like there’d be a good use for it right there.
Dunno about any of the timing but DH has financing preapproved and the bank they are using is known to get it closed in 21 days.
My daughter’s bid expired with nothing from the seller.
My daughter bid before the upcoming open houses.
The bid was clean and more than generous. At the time of the bid, there were no other bids.
I am going to be shocked if anybody bids more than my daughter.
I wonder if the realtor is trying to get both sides.
Really. The bid was too high. 
Is she gonna resubmit with the other offers?
No.
I hope she want bidding on the house my s is putting an offer in on
I’m sorry for your D but hope that she connects with the right house and seller soon. It can be frustrating seeing other snatch up the houses you are interested in at prices that seem outrageous. Glad she continues to save and will have options moving forward.
Just because the offer expired does not mean that she won’t hear back from the seller later. If she does, she will be free to accept or reject. In connection with my recent purchase, I had put an offer on a different house and the seller got back to me about a week and a half after the offer expired to say they would “accept” my expired offer. By then, I had moved on, and had entered in a contract for the purchase of a different house which I greatly preferred. I’m quite happy that the first seller took so long to respond to my offer.
Yes, please remind your D that she has absolutely NO obligation regarding the expired offer. IF she wants to listen to whatever the seller wants to say if the seller isn’t able to get the offers seller is expecting, she can or she can move on. It’s up to your D. Good luck!
In CA, before the buyer’s EMD is in Escrow, buyer can cancel the contract any time. Even the buyer had the money in Escrow, You can still change your mind by not releasing some of the contingencies. Once the contingencies are all released, it will be difficult to get ALL the EMD back as a buyer. The seller has to go to the court to claim the damages and the liquidated damage can be challenged in the court.
So don’t overly concerned about offer expiration as a defense. In Destark’s case, if you want the home, buy it, if you have cold feet, cancel your offer by calling your broker. It is easy as that.
In my case, ALL contingencies are released on the contract and the EMD was picked up this afternoon by Escrow. So it is more likely to close. There is a loan, but the buyer did release the loan contingency even BEFORE the loan has actually processed, with 70% down, I am not worried.
EMD??
On the standard residential real estate form(we normally use CAR form), item 14B. States:Buyer has 17 Days to cancle the contract after reviewing all docs and contingencies… bla bla… (Unless it is waived and my contract is)
So, what is the problem NOT to put an offer expiration date? In a competitive market like we have locally, put an expiration date on an offer is just inviting seller’s rejection, unless your bid is real strong, like 40% over asking. In our market, you need to get the seller sign the agreement and then think about it in 17 days, or whatever was agreed to.
What’s an EMD??
Ok…the seller just accepted my daughter’s bid.
So, I have a few questions.
We have the pest control report. There are three sections. Section 1 is repairs that should be done immediately. Section 2 and 3 are potential future trouble spots.
Is the market to much of a sellers market in the bay area to ask for a credit for the repairs?
There was one other bid on the property so far and my daughter’s was superior which was why the seller accepted my daughter’s offer.
If you receive a credit, is that cash, or is the purchased priced just reduced? Cash would be better than reducing the purchase price because parts of the purchase price is made up of a loan.
Congrats!! Did the bid expire? So is that how you can ask for the adjustment for the pest issue since you had no contingencies? Maybe the owner will say they come as part of the deal at no charge
EMD = earnest money deposit
AAAhhhh. thanks
Thanks. It is not over yet.
@dstark I’m not an expert in your area but I would think you could always ask for a credit and if the sellers counters with a no, you respond with an OK if you want to continue.
Something else I’ve seen with some inspections - they cause a lot of fear, and inspectors are good at CYA. So a lot of points are basically saying, “I couldn’t see it all so I don’t know”, or “OMG, this could be trouble!”
If you ask a contractor instead they will likely be more reassuring.