Last night, another real estate agent presented an offer on the house. It was over our asking price with no concessions or FHA mortgage. It would be a clean, simple deal and closing.
The thing is, although we have not signed the contract yet with the first couple, we verbally gave our word to them that we would accept their offer.
The problem is that there are some concessions in the first offer that concern us. Also, there is the FHA inspection which may end up costing us money, which we are not comfortable spending. A FHA inspection is more through than a regular home inspection. We have an issue with our front stoop, which Husband is going to fix himself. We have received estimates to have someone fix the problem to the tune of $2k.
We could wait until Monday and have our attorney, who is a friend of mine from my law school days, deny the contract so that we can accept the higher offer with the less complicated closing... She will do whatever I ask her to do.
But that just doesn't seem right.
I believe that your word is your bond. And, I can't in good conscious knowingly screw over someone. It just isn't right.
What also bugs me is that I feel like I lost my edge in the whole process. I allowed this couple's real estate agent to tug and my heart strings instead of wearing my attorney hat and not allowing this to get to me. If I had been wearing my attorney hat, I would have just let the agent walk out without a verbal agreement and taken the time to make a decision I could live with.
So now I am stuck. And I am pissed at myself for going against what I was trained to do. Why can't I be like Dr. House and just a total prick and not care?
About Me
- Seeking Solace
- I am a college professor who is fumbling through the chaos of academia, rheumatoid arthritis, working on my PhD and just being a 40 something woman. I used to be a lawyer, which made me a snarky little person. I have a wonderful Husband and a German Shepherd named Junior. They help keep me sane.
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7 comments:
Two points 1)You should always do what's best for your family. The other people are technically strangers. 2) It's not personal. I have this problem at work--where people make things personal that aren't. Buying a house isn't personal. If it was, we wouldn't have gotten ours (the lady was world class bitch). The young couple knows, (or should if their agent has any sense) that they could get out bid.
The real question is are you concerned about your word or are you relating so much to the other couple that you've been had? Agents are just doing their jobs--and they don't take it personally either.
I don't mean to sound so harsh but I've watched you go through too much to let yourself get down now!! We can have a 4 person pow-wow tonight! with good food!
It's strictly business. You don't have a deal from the first bidder, all kinds of things may go awry before you get there and by that time, the second bidder may be gone. You have a deal from the second bidder. Your only obligation is to evaluate the deal before you and to decide, if it's good enough for you to sell your home.
I agree with all the comments above. It's part of this process that things fall through, so the first couple should know that they don't have a binding deal at this point--and that works for you too. If you turn down the better offer and the first couple walks away, you're left high and dry. You've got a better, and more solid, offer from another couple, so you should take it.
I understand the "word is your bond" thing and all, but they have been fairly outbid. And the fact you let the 2nd couple come back and outbid them means on some level you were open to them being outbid. And 1st couple could still be looking at other homes for all you know.
If the 2nd people offered you $10000 over asking price I don't think there would be as much guilt. But as the gap is only theoretically the $1900 you feel it, even knowing the exposure to added costs and effort is much higher. But the nonfinancial costs/stress is well worth accepting the 2nd over the first.
Ditto. It's unanimous.
take the higher offer. You aren't screwing them over...they'll just have to find another house they like. They'll be disappointed, but there won't be any harm done. Given the concession, they had to know going in that this could happen.
Thanks everyone. We took the hight offer without the concessions.
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