I usually do not encourage my buyers to put in a back up offer for obvious reasons. But after talking to the list agent and understanding the technical difficulties facing the current buyer. That little fact is the termite report includes the need for the house to be tented and fumigated. The problem is the sellers refuse to have the house tented while they are living there. So the dilemma is no clear termite, no loan! My buyer is all cash so as long as the sellers will pay for the termite tenting in escrow, my buyer is ok with tenting after they COE plus 7. Yes they want 7 days after COE to move.
The problem is my buyer is ready to seal the deal but as of 24 days in escrow the list agent has send out contingency removals for the appraisal and inspections. Next an order to preform has been submitted to the buyers. No response. My buyer has drawn the line in the sand they have till the 29 to cancel the current escrow and put her in or continue with no back up offer.
It all seems pretty cut and dry yet we are still waiting. Moral of the story is and this was known by the sellers up front, if you need a termite clearance because it is in the purchase contract, and the sellers are adamant about moving out then tenting can happen, don't take an offer that requires termite clearance. If the list agent had waited for an all cash offer this hang up would not have happened. Now the LA is asking for part of the EMD to be released to the seller. I wouldn't allow that if this was my buyer!
Better to bow out instead of losing any money on a deal your buyers can not close. My take is yes this was great for my buyer but the nonsense of having to wait for this to be settled by the current contract is a no win for the buyers in place. Agents do your homework ask questions up front protect your buyers. This makes for easier closings, in the long run.
I take my clients trust in me very seriously. I'm known for 'telling' it like it is, not what folks might want to hear or think it should look like. Now that may sound kind of tough, but think about it, in the long run if you want to buy or sell a home you need to know the real facts in order to make a wise choice.
If you want the truth and the whole truth, I am the
Real Estate Agent for You.
When you are ready to buy or sell a Temecula/Murrieta Area Home, I will be your advocate, guide, and fierce negotiator. I will work hard to make your buying or selling a home as smooth and stress-free as I possibly can - even if it's a short sale. Guaranteed.
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