open houses after offer accepted
Just wondering everyone’s thoughts on sellers having an open house after they have accepted our offer? Our lawyer is waiting for the contract to come over. Is this normal? I would think if the contract was OUT and we hadn’t signed, this would be acceptable.
Just wondering everyone’s thoughts on sellers having an open house after they have accepted our offer? Our lawyer is waiting for the contract to come over.
Is this normal?
I would think if the contract was OUT and we hadn’t signed, this would be acceptable.
I’m sorry! I had meant to say “this is why buyers should have their own realtor” in my post at 6:22pm.
Doh! I made no sense at all!
“This is why sellers should have have their own realtors”
The majority of the realtors do rep the seller. They enter into an agreement that they will sell your home for a negotiated percentage (usually 6) of the sale price. If another realtor sells your home via multiple listing or other vehicle, the two realtors negotiate the terms of how the percentage will be split (50/50, etc.) Although the realtor may spend a considerable amount of time with the buyer, it is the seller who pays the commission and therefore the realtor is employed by the seller and would (and should) work in the sellers best interest . Some buyers will contract a buyers agent which is rare, who will contractually have their best interest. to
This is why sellers should have their own realtor to rep them. The realtors know this stuff. The lawyer should too of course, but since it sounds like the lawyer is some lame-o who is “waiting for the contract” before even doing the inspection, sounds like that lawyer doesn’t know much about the current Brooklyn market. What is with that? Is the lawyer not a real estate attorney, or do they work outside the city or something?
Having an open house after an accepted offer is routine and recommended for the seller. There is so much mutual jerking one another around in this market, that the seller needs a backup buyer. But that should be it. Unfortunately as others have indicated, nothing is binding until the signed contract and even then sellers play games.
You need to do the inspection right away and then sign the contract. You really can’t dawdle or the seller will think that you are juggling other properties for the best deal. Move fast or you will lose the house.
12:14 you’re kidding right? No seller in this market with two connected brain cells will sign a contract subject to an inspection. What do you think this is, 1991?
both pre-contract inspection and additional open houses allow seller/buyer to operate on equal footing.. buyer comes back demanding money off the price for this or that, seller says I have another offer take/leave/negotiate.. until the deal is done, everyone needs to look out for themselves, business is business
in the context of all the big bucks you spend when purchasing a home, risking a few hundred on a pre-contract inspection is really not a big deal. and as others have noted, it may give you ammunition to renegotiate the price (which we did successfully when we purchased our home).
When I bought my house, I signed the contract and then did the inspection. Worked for me, but was a pain for the seller because you’re still negotiating the price even after a signed contract.
When I sold my house, I did the reverse, and waited for the buyer to inspect before the contract was signed – thank god, because it came out that they were a royal pain in the ass, and started to nickel and dime even after I gave them a considerable deduction.
I then got another offer (not asking, but at least fair), and decided to have the open house after the letter of intent came through – not because I was looking for more money, but more as insurance for a backup buyer because of all the time and trouble the 1st buyers caused. The 2nd buyer objected, so I didn’t have it as a show of good faith. Couldn’t have worked out better…
Re Anon 12:14
It doesn’t make sense to sign a contract – and commit to a purchase price – without an inspection. As a buyer, up to that point, everyone else has been working for the seller. The inspector works for the buyer. The inspection provides some hard info for negotiating on the price or other considerations in the contract.