Have I got a story for you...

Huge drama that has now come to and end. Depending on how you look at it - the ending might seem like it wasn't in our favor but I think that all things happen for a reason so we are better off for it.

Last week of June we went back to see a house in North Bellmore that we had seen twice before. The price was reduced and seemed to be more reasonable for all the work that had to be done to the lower level (which needs to be gutted). We put an offer in on the house there and then. Within 20 minutes our wonderful (seriously I love her) agent called back to let us know that two other offers were on the table but had not been accepted - both were higher than ours. The countered $5k below the asking price and we countered with $5k below that - they accepted. We got some harrasment from the other RE agent about moving along so we got an inspector in on the Saturday of 4th of July weekend. While we were there the same agent was nudging the inspector to get the report on Monday. I was a little upset over that because here we got an inspector within 24 hours (no contract in the lawyers office meanwhile) and we were doing the best we could. After the inspection we went outside to discuss the findings. As we are talking a re agent comes by with two women to look at the house! We just spent $500 for an inspection and it was horrible to see that in only 2 hours from the time we arrived that they had people coming to see it. We should have known then. So sure enough, Monday morning we get a call from our real estate agent that they had a higher offer. So we went into a slight bidding war and finally got the place (so we thought) for $1k over asking. The contract comes in to our attorney on July 5th with a July 30th closing date. That really bothered me but again we moved on and signed late last night when our attorney was available to meet. This afternoon our attorney called the seller's lawyer to confirm that the contracts were received and the seller's lawyers informs him the the home was sold to someone else. Unbelievable. So we are no longer with this home and probably better off not dealing with them. It's amazing that there can be so many horrible people. We lost $500 on the inspection.

It looks like they continued talks with the other couple and perhaps that other couple had more knowledge than we did of the actual reason for the rush. Two sets of contracts went out and they signed minutes before us.

So....that's my story - we're back to square one and hopefully we can get the money back for the inspection.

Re: Have I got a story for you...

What motherf*^^(ers!!!!!!!!!!!

Re: Have I got a story for you...

that's pretty crapy

but remember everything happens for a reason- I bet you find a house you like better- for less money- things have a funny way of working themselves out for the best

but you should get your $500 back

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I don't know whether to laugh or cry at this point.

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personally I would report the agents to ******* Nassau County.

That doesnt even sound ethical, they should have told you. THey cant play a game like that. Thats absurd they rush you into something thats alreadd got a contract on it.

Something has to be illegal about that

Call LIBOR

Thats insane I would be on channel 12 news

Re: Have I got a story for you...

something has to be illegal about that

it doesn't make sense- why do that? whay not tell you both to start another bidding war

this is bothering me so much

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those people were disgusting!!!!!

You should get your $500 back... That was not right of the sellers, call your agent

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Reading that made me sick! I dread the day we have to do this...

I totally agree though...things do happen for a reason. You WILL find something better!

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Sorry to hear this.. but again I too believe everything happens for a reason.
You will find something sooo much better.

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I totally feel for you. A while back i posted that after we had an accepted offer, prior to having a signed contract, they held an open house right after we had completed the inspection. We found out before hand and made the other agent promise that she would pay for the inspection should they find another buyer. It was in February though, and a cold rainy day, so no one even showed up for the open house. I was LIVID though - but apparently this is how its done. it is SO unfair and they should definitely pay for the inspection.

I agree though - and i had to keep telling myself the whole time that if we didnt get the house, it was because something better would come along.

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UGH... where they went wrong...

They should not have sent out two sets of contracts. If your offer was accepted you then have right of first refusal until the contract is fully executed. Sending out two sets of contracts is unethical in my eyes. It sounds like they really needed to sell pronto but it still does not make it right at all.

Where they were right... Yes, they can continue to show until there is a fully executed contract. They have every right to do that but they are supposed to tell all parties coming to see the house that there is already an offer of first refusal. We had to tell this to our first buyers on our sell. We told them they had 48 from the moment we accpeted their offer to get an inspection done, they had 24 hours to review it, and the contract had to be fully executed within 5 days after that because that would have brought us to the next weekend and we would hold another open house if we weren't in contract. We were just trying to protect ourselves. Yes, things move very fast once you put an offer down, they can and they should if all of the participating parties (lawyers, etc.) are organized and professional. For my buy things moved very fast as well, put in an offer at 1 pm, they countered by 2 pm. We said no, final offer but we would agree to a much faster closing date which they cared about more anyway since the seller had already purchased another home.

It looks to me like they really needed out of there and they wanted a contract and closing yesterday. I still don't like what they did with the two contracts.

I'm sorry. It is for the best though. Who knows the house might have a lot of hidden problems that the inspection couldn't find.

Re: Have I got a story for you...

Sorry that happened, but I too believe everything happens for a reason.

We bid on a house last year that we loved, it needed some work, but the price was right and the location was right and we were willing to put the work into the house.

The house had been on the market for quite a while considering how hot the market was last spring/summer and we were the only bidders on it. I should say this was the 2nd time the house was on the market too.... anyway, we went back and forth for 2 weeks with the owner offering and counteroffering... very stressful. A day after we get word she accepted our offer and we are in day 1 of attorney review, she decides she doesn't want to sell the house and pulls it off the market.

3 weeks later, we found a house in the same neighborhood that we just fell in love with. I look back now and breathe a sigh of relief that the deal fell through on the other house.

Re: Have I got a story for you...

Call LIBOR
Long Island Board of Realtors, Inc.
Multiple Listing Service of Long Island, Inc.
300 Sunrise Highway
W. Babylon, NY 11704
Phone: (631) 661-4800
Fax: (631) 661-8136

I would report the realtor.

Tell your story

Call channel 12 news

Scott

Re: Have I got a story for you...

I really want the money back for the inspection. This has been such a bad experience and I am so exhausted from it all. We bought and sold our co-op on a handshake and so we were naive to think that people would be at least half as decent as we are. I guess we live and learn.

We are going through with the sale of the coop of course and will stay with my in-laws if necessary until we find a home. We are so lucky to have them - they are the most generous people and have supported us the entire way.

I guess the search begins again. I hate all this but hopefully we will find something else. We've seen so many of the homes listed on MLSLI so it's kind of sad but I am sure things will get better.

I think I am still in shock by all of this. How can people be that way?

Re: Have I got a story for you...

You weren't kidding Ang! What A-holes! You are so lucky you are only out $500- who knows what other tricks they have up their sleeves concerning the property. An inspection can only tell you so much.

You are so better off- I can't believe they would even try all that crap and that its even legal in NY. Here in CA, half that stuff would get the RA to lose her license.

Many house hunting hugs to you! You and Rich deserve only the best

Edited to say- it sounds like the NY laws could protect you here. I would talk to you agent and see what could be done about your $500.

Message edited 7/12/2006 3:45:17 PM.

Re: Have I got a story for you...

Re: Have I got a story for you...

just remember...karma is a b*tch!

you will find your home, dont worry

Message edited 7/12/2006 3:46:37 PM.

Re: Have I got a story for you...

OMG Ang I am SO sorry. That really stinks!!!!!!!!!!!!!!!

but like you said, everything happens for a reason

Re: Have I got a story for you...

Re: Have I got a story for you...

ANg one word of advice, dont ever feel rushed into anything at all. NO agent is your friend they dotn work for you. Their job is to sell the house for the seller..

Be aloof dont be afraid to tell people to go scratch and never tell your agent anything that you dont want to...

I was an agent for a year and I hated it, Ive have never seen a more f*** bunch of people.

We didnt even use a agent, we just went to open houses signed the necessary paperwork and only spoke to the agent when necessary.

The agent doesnt work for SAS realty does she?

Re: Have I got a story for you...

I truly hope that these other buyers cannot go through with the deal or that it gets delayed longer than the sellers can handle.

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I would have your lawyer call their lawyer and DEMAND the money be returned for the inspection and for the attorney fees!

That is not right!

Re: Have I got a story for you...

Message edited 7/12/2006 4:01:42 PM.