Buyer who is only in contract phase "working" on a home

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Buyer who is only in contract phase "working" on a home

Postby seattlebuyer » Sun May 08, 2011 1:30 pm

Hello:

My husband and I were outbidded on a bank owned home that is next door to us.

The other buyer whose offer was accepted was at the house "working" on it to prepare for the bank appraiser who is coming this week so that they would have a better chance of securing financing on a very distressed home.

I emailed my agent about this and he said that if the bank or listing agent knew that this was happening, that there "would be hell to pay."
Since it is possible that they will secure financing to buy the house and potentially be our new neighbors, we do not want to make waves with them even though we are very upset that they outbid us.

If anyone can tell us if this is in fact inappropriate what the other buyer is doing and anyone has any suggestions on how to handle this diplomatically, it would be greatly appreciated.

Thank you in advance!
seattlebuyer
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Re: Buyer who is only in contract phase "working" on a home

Postby Haybaler » Mon May 09, 2011 10:56 am

1) The potential purchaser is highly motivated to own that property.

2) The purchaser needs financing in order to close.

3)The Purchaser is worried about the property appraising.

I wonder how much money and time the buyer is willing to spend to assure the best possible first impression and photos for the appraisal?

The behavior is not unusual really, folks do this, I've done it. A bit risky though because the deal might fail.

Sit back and watch.
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Re: Buyer who is only in contract phase "working" on a home

Postby seattlebuyer » Mon May 09, 2011 1:01 pm

Thank you for your input.

After much thought, we are going to do just what you said, "sit back and watch."

We shall see ...
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Re: Buyer who is only in contract phase "working" on a home

Postby davidlosh@davidlosh.com » Tue May 10, 2011 2:22 pm

I have used the phrase, "Buyer will do any, and all work orders in order to make the property bank financable." I haven't done that in a lot of years, but it was common at one time.

If the deal was signed around then the seller had agreed to me being on the property. Insurance is a problem. Fortunately nothing happened, but then again I was a licensed, insured, and bonded contractor at the time.
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