How Ruthless can one be during ESCROW?

[NotCranky]

The idea of the falling market has got some basis and comes into play in business. But, on a 30 day escrow for an SFR it’s being pretty flippant. Justify your bid when you go in or live with it unless some legitimate defect comes up.Your plan is not a good way to introduce yourself to the neighborhood IMO. We have neighbors like that ,nobody can stand them and it is starting to take a toll on their enjoyment of living here.

[NotCranky]

The idea of the falling market has got some basis and comes into play in business. But, on a 30 day escrow for an SFR it’s being pretty flippant. Justify your bid when you go in or live with it unless some legitimate defect comes up.Your plan is not a good way to introduce yourself to the neighborhood IMO. We have neighbors like that ,nobody can stand them and it is starting to take a toll on their enjoyment of living here.

[4plexowner]

when I was selling my multi-unit property I had the buyer’s security deposit ‘go hard’ 14 days after I accepted their offer (ie, the buyer’s deposit comes out of escrow and into my pocket) – 14 days gives the buyer time to do his due diligence and either commit to the deal or walk away

this keeps the buyer in the deal or forces him to walk quickly

there are lots of flakes out there – don’t waste time with them

I had one flake accept my counter-offer at $895K and then try to negotiate a $600K price before his money went hard – my agent and I got rid of him and his offer as quickly as possible

had another flake try to play delay games right before his money was to go hard – he was quite surprised when I cancelled his escrow the day after his money didn’t go hard

anyone who would intentionally play the low-ball game described by the original poster deserves to be knee-capped by Guido in the station wagon

[4plexowner]

when I was selling my multi-unit property I had the buyer’s security deposit ‘go hard’ 14 days after I accepted their offer (ie, the buyer’s deposit comes out of escrow and into my pocket) – 14 days gives the buyer time to do his due diligence and either commit to the deal or walk away

this keeps the buyer in the deal or forces him to walk quickly

there are lots of flakes out there – don’t waste time with them

I had one flake accept my counter-offer at $895K and then try to negotiate a $600K price before his money went hard – my agent and I got rid of him and his offer as quickly as possible

had another flake try to play delay games right before his money was to go hard – he was quite surprised when I cancelled his escrow the day after his money didn’t go hard

anyone who would intentionally play the low-ball game described by the original poster deserves to be knee-capped by Guido in the station wagon

[no_such_reality]

I’d keep the deposit and sue you in small claims for $7500 of damages and put the house back on the market.

Oh, by the way, as the seller, I’m not there. Nor am I returning their calls, my docs are signed and down.

[no_such_reality]

I’d keep the deposit and sue you in small claims for $7500 of damages and put the house back on the market.

Oh, by the way, as the seller, I’m not there. Nor am I returning their calls, my docs are signed and down.

[SD Realtor]

As sdr said there is a proper way to go about renegotiating that has to do with timing. If you are simply trying to renegotiate the sales price for no reason other then to run the price down, then you will most likely piss the seller off and can possibly be liable for liquidated damages. However (again as sdr implied) through the due diligence period you found that the home was in need of serious repairs, or there were disclosures that pointed out things that were of true and real concern, then yes your request would be received in a much more realistic sense by the seller. Again, many times there are requests you will want to make, that may be received in a much different light, by the seller if you have good reason, and time them properly.

On the other side of the coin, a buyer just tried something similar to that for one of my listings. I feel we have the price set very aggressively on the home, and that it would sell if we re-entered the market so we rejected his offer and delivered cancellation instructions to illustrate our resolve that he could pound sand. He did not cancel and has moved forward with releasing contingencies.

SD Realtor

[SD Realtor]

As sdr said there is a proper way to go about renegotiating that has to do with timing. If you are simply trying to renegotiate the sales price for no reason other then to run the price down, then you will most likely piss the seller off and can possibly be liable for liquidated damages. However (again as sdr implied) through the due diligence period you found that the home was in need of serious repairs, or there were disclosures that pointed out things that were of true and real concern, then yes your request would be received in a much more realistic sense by the seller. Again, many times there are requests you will want to make, that may be received in a much different light, by the seller if you have good reason, and time them properly.

On the other side of the coin, a buyer just tried something similar to that for one of my listings. I feel we have the price set very aggressively on the home, and that it would sell if we re-entered the market so we rejected his offer and delivered cancellation instructions to illustrate our resolve that he could pound sand. He did not cancel and has moved forward with releasing contingencies.

SD Realtor

[(former)FormerSanDiegan]

Remember that once you do this if you are successful and the seller concedes, then you are the homeowner and someday in the future you will likely sell.

One word of advice: KARMA.

[(former)FormerSanDiegan]

Remember that once you do this if you are successful and the seller concedes, then you are the homeowner and someday in the future you will likely sell.

One word of advice: KARMA.

[NotCranky]

4plex,
Your agent did a good job.
Let’s hope he doesn’t go golfing anytime soon!

[NotCranky]

4plex,
Your agent did a good job.
Let’s hope he doesn’t go golfing anytime soon!

[recordsclerk]

You can negotiate as much as you want while making an offer/counter offer. Then while working through contingencies. After all contingencies and checked off, you should not make anymore demands, unless you find a new defect in the structure. Any negotiating after that would be considered rude. You as a buyer would have to decide for yourself what you think is the moral thing to do. You would only be risking your deposit. You could also be subject to a lawsuit, but this rarely happens and is not worth it for the seller.

[recordsclerk]

You can negotiate as much as you want while making an offer/counter offer. Then while working through contingencies. After all contingencies and checked off, you should not make anymore demands, unless you find a new defect in the structure. Any negotiating after that would be considered rude. You as a buyer would have to decide for yourself what you think is the moral thing to do. You would only be risking your deposit. You could also be subject to a lawsuit, but this rarely happens and is not worth it for the seller.

[Bugs]

Believe it or not, I’ve known some property owners who make it a point not to seriously consider offers from attorneys.

Asking the question “Can I get away with it?” is different from “Is it right to do this?”

Renegotiating to deal with a problem that has suddenly come to light is one thing – timing it to take maximum advantage of a seller after the deal has already been struck is another.

You’d be ready to go to war if a contractor or a car salesman did this to you. If you don’t like the deal I think you should just back out.

[Author]

Posts