Why Do Sellers Rush Buyers to Sign A Contract While A Buyer is Reviewing A Home Inspection?
Please understand in NYC A Seller can entertain as many offers as they wish until there is a signed contract. So, you can lose any money invested prior, for example home inspection, terminte inspection, plummers etc.
My Response:
Home Inspection:Scheduling and Review
A lot of times buyers take a long time scheduling inspection, reviewing the results and then at the end decide not to go ahead with the deal. As a result, sellers end up losing deals with other qualified and motivated buyers. Just think if you were in their sellers shoes.
Usually New Buyers do not want to make an offer and do home inspcetion when some else is doing the same
Giving The Buyer Adequet Time
On the other hand, the seller has to give the buyer enough time to do the inspection, a week is fine, and another week review and negotiate the results of the report. The review time and negotiaton time may be longer in case you need estimates for major repairs. Any longer is a waste for both parties especially if the delay is caused by both not agreeing to 1 or more terms. Move on, there are more homes out there or give in to the term(s), waiting a month to come to this realization does help anyone. Who knows, the seller may come back and say they agree after you moved on or you as the buyer may reconsider and take the deal later.
Signing The Contract
Now if the both the parties agree to certain terms have your attorney add the terms (usually called addedum) to the contract, sign it and send it to the seller attorney to be signed ASAP. Once the seller signs you have a deal, the terms of the agreement have to be met prior to closing.
Some terms to be added to the contract maybe- New Appliances, a new boiler, fixing the roof, etc.
If you delay and someone offers more money and better terms to seller and you can loss the deal and all your effort and the money you spent.
So moving quickly, but cautionously, is in the Buyer's best interest.
If the price is right move forward, if it doesnt feel right, let it go!
Buyers and Brokers, have You experieced a simliar problems? Tell Me how You Handled it?
Milton D. Johnson
Licensed Assocciate Real Estate Broker
www.milton4realestate123.com
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