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KellyGa    Posted 01-31-2005 at 16:45:51       [Reply]  [No Email]
Agent called me today, says some Californians are having their real estate agent look at OUR property. They have a contract on another property, but there is some dispute with Georgia Power about something, and it entails the price too. So, if that isnt resolved by tomorrow, they are going to see about OUR property.

Now get this, they don't want it for themselves, they want to rent it out to a relative, a young relative. Then many years down the road they will retire there.

NOW, there is an upside to this. Maybe their agent will go out there and see that place and deem it not what they are looking for.

I am about to lose my mind. All this time, Ian is just waiting for approval. Our agent said the laon places can really drag their feet to call them, keep on them. So, tomorrow I am going to call the loan place and start bugging them.

These people don't care where they plop this relative, why does it have to be our place? I have so many ideas and things to do out there, this can't go down the tube, my parents will be let down. I can't take it, I don't know what to do, I am sitting here and my mind is whirring and I am going to be up all night, I can't take it! Why why why.

Bottom line is we have to get our contract in before they do, then, they can't have it unless we back out.

Please pray for us, please. I just want to cry right now.

I am!!    Posted 02-01-2005 at 06:38:53       [Reply]  [No Email]


Peanut    Posted 01-31-2005 at 18:52:56       [Reply]  [No Email]

Earnest money is simply your money put toward the contract writing process. It only shows you are willing to give up a hundred, few hundred, or thousand dollars to a contract.

It is not a binding agreement to the seller or the sellers's agent. It only binds you to give up some cash if you back out of a contract during negotiations.

Let's assume you put down $100 earnest money and wrote a contract. After that you should have received a signed contract accepted by the seller contingent on your ability to secure financing.

At this point your contract is solid. Neither you or the seller can back out without penalty. Your penalty for backing out is you lose your earnest money. IF the seller backs out (say for a higher offer) you could sue the crap out of them for breach of contract. Yes, it costs a fortune but you would likely win.

When a seller accepts a contract on his/her property they have entered an agreement to conclude that transaction assuming all contingencies have been resolved.

For example, you may have required a clean water test of the well as your contingency. While the seller's contingency is a clean financial obligation to pay for the property.

If at any point a contingency cannot be obliged, the negotiations begin again. Most times reasonable people can work around small problems and still close a sale.

If you are dealing with an a'hole the process becomes very painful. You can back out if the contingencies cannot be obliged and you should expect your earnest money back. Its like the contract never existed.

If you do not have a contract, get one completed tomorrow. You can place a contract on this property contingent on you securing financing ... this is completely normal.

Yes, you hear commercials all the time that you must be preapproved before you start this process but that is crapola. Until about 10 years ago, pre-approval did not exist. That is the financing companies way of saving themselves some work while charging you $50 to get a pre-approval.

Bottom line:

No contract - Get one tomorrow if you want this land

Contract - Sit back and wait for the contingencies to work out

Still scared about the contingnecies - post back and I'd be glad to talk to you about your particulars.

Beats fox urine ???? huh ????

KatG    Posted 01-31-2005 at 18:23:22       [Reply]  [Send Email]
Kelly, read Mike's post and it jogged my memory...When we bought our last plots of land we had to sign aletter of intent and the seller signed it also...then the process was locked in and we proceeded from there..MAtt always requires title takes longer and is more money but in his thoughts it is well worth it...After the survey and the title research ...which took about a month...we signed the papers at an abstact office and they wrote the seller acheck...taking out their fees...You might should talk to your real estate agent...KAt

Ret    Posted 01-31-2005 at 18:10:48       [Reply]  [No Email]
wished I would have talked to you a few days ago. It is perfectly acceptable and legal to put up $100 earnest money in your offer to buy subject to your getting a loan for x amount of dollars. In every case I ever heard of, if loan don't go through, your money is refunded. It is usually stated in all offers to buy. If you can do this tomorrow and have him sign it, it is now sold subject to loan. Your agent should present this offer, HAS to present an offer to the seller.

Mike(inWisc)    Posted 01-31-2005 at 17:59:10       [Reply]  [Send Email]

I guess that I don't quite understand where you are in the process or exactly what the process is in Georgia.

If you wanted the property, then you needed to write a offer that included the price and contingencies like getting financing. The first step is to get that offer accepted and put down earnest money. Then and ONLY then do you go about arranging the mortgage and selling your place.

If you do not have an accepted offer, then you are likely screwed at this point. If you do, then you have a legally enforcable contract and the people in Ca have to take secondary status.

I don't quite understand where you are here or what is going on, but will pray anyway.


KellyGa    Posted 01-31-2005 at 18:45:08       [Reply]  [No Email]
Hey Mike, this is the way it has gone. Ian has handled this his way. He wants to get approved for the loan FIRST. Then draw up a contract with the seller. There is no letter of disclosure, so no regular FHA loan can be obtained. We have to get a conventional loan. This in itself now that I think of it may produce a problem for these people. Anyway, Ian wanted to make sure he could get the loan first. We have been through this once before on a property, but they wouldnt come down on the price, so it fell through.

First Ian wants to be approved
Then we draw up a contract, only then can the earnest money be given at the time of an offer on the property.
Then he has to accept our offer or counter offer, then once there is a price agreed on, we get our earnest money back at the signing.

Mike(inWisc.)    Posted 01-31-2005 at 19:58:32       [Reply]  [Send Email]

OK, Now I understand where you are.

Now, you might be in a bidding war, and if that is the case, you probably won't get it. However, this might also be just a ploy by the agent to get you to act or make a commitment. I have seen agents do all kinds of dispicable things.

I REALLY feel for you. Believe it or not, this happened to me six times before I got my place.


If this falls through, I can suggest the following; Ian and you should get pre-approved for a loan ANYWAY. That way you can move right away when something comes up. You can get approved even though there is no specific property in mind.

I know how IAN feels. I tried to take my time and do it that way too, and I always got beat out. It is really stupid to not be able to take your time when you are dealing with such large amounts of money. Unfortunately, that is the world in which we live today. The best deals get taken in a matter of hours, and that being the case, you simply cannot afford to waste time.

Still praying anyway. Let us know


mark    Posted 01-31-2005 at 17:43:24       [Reply]  [No Email]
When we moved here Renee took care of
finding the house and all the paperwork. The
first day she went to the bank with all our
financial stuff, banker said it'd be a couple
weeks to a month to get the yes or no. Renee
told them that was hogwash in this day and
age of electronics. Said she'd be in the lobby
waiting for the commitment letter. An hour later
the banker came out with the letter stating they
would provide a loan for what we needed. With
that in hand we we're able to take possession
of the property and start moving in while the
rest of the paperwork slogged through the

bob ny    Posted 01-31-2005 at 17:36:07       [Reply]  [No Email]
put a 500.00 dollar binder on the sale pending mortgage if you can't get the loan your gonna loose it if you realy want it will be worth it maybe the realtor was offered more money

Mike GA    Posted 01-31-2005 at 17:35:46       [Reply]  [No Email]
I could get my stepson and the thuggie looking rednecks he hangs around to go out there and camp out on the place. Believe me some of these guys look real mean and scary. But they are a really nice bunch, least when they come around here. No need to worry you will get the place. Can't you put up earnest money to hold it till you get the loan? You would probably loose it if it does'nt go thru but its worth it to keep someone else from it. LOL and prayers are being said.

Mike GA    Posted 01-31-2005 at 17:34:16       [Reply]  [No Email]
I could get my stepson and the thuggie looking rednecks he hangs around to go out there and camp out on the place. Believe me some of these guys look real mean and scary. But they are a really nice bunch, least when they come around here. No need to worry you will get the place. Can't you put up earnest money to hold it till you get the loan? You would probably loose it if it does'nt go thru but its worth it to keep someone else from it. LOL and prayers are being said.

KatG    Posted 01-31-2005 at 17:31:18       [Reply]  [Send Email]
Kelley sounds like the real estate agent maybe putting the squeeze on you...Don't get to upset until you find out if it is for real...Yes..I would call the lon dept. and ask if they had not received the loan papers could I fax them a copy...I am a firm beleiver in faxes...
Hang in there girl...It is hard to be in a situation like this...The man we made an offer too never got back to us so I take it that he didn't want to there it sets...As mentioned ealier...If it is meant to be it will be...but sometimes you sure want it to be...KAtG

Peanut    Posted 01-31-2005 at 16:50:51       [Reply]  [No Email]
Praying is fine but there are alternatives.

Go out there and make the place undesireable for the realtor. You know any freinds with Harleys? Spread some trash around? Get some skunk scent, fox urine, or other concentrated compound us stinky hunters use and put a few drops around where they'll get out of the car.

None of these things are permanent - just a deterrent for the real estate agent to keep him/her from liking the place.

Good luck.

Randy    Posted 01-31-2005 at 16:57:01       [Reply]  [No Email]
Can't you give your realtor a real small down payment and secure it until you find out about the loan? Think we've done that before if my memory is right.
Good luck, always a tense thing.
Remember though, siempre mas, always more.

Fern(Mi)    Posted 02-01-2005 at 02:39:22       [Reply]  [No Email]
I still got that skunck around here I ain't sent ~Lenore yet.

It works out right, Kelly can just tll folks it was either Ian or the Tipster passng gas.

Fuzzy Wuzzy

Fawteen    Posted 01-31-2005 at 16:55:27       [Reply]  [No Email]
Peanut, I mean this in the nicest way, but you are a DEVIOUS sonofagun, ain't ya...

Kelly, hang in there. If it's meant to be, it will be, and if it ain't, something better will come along.

KellyGa    Posted 01-31-2005 at 16:59:20       [Reply]  [No Email]
How can anything be better than 31 acres for that price in GA. Its a steal. I am hangin" ;) And yes, Peanut is, but I do like the way he thinks, yes I do. :) lol

Fawteen    Posted 01-31-2005 at 17:23:40       [Reply]  [No Email]

Well, 31 acres for that price in Maine would be a starter. I don't do heat...

Aw Shucks ...    Posted 01-31-2005 at 17:02:33       [Reply]  [No Email]
Thanks guys :^)

If we lived closer we'd go for a ride on our motorcycle in the area when the realtor was arriving. I can make sure I disturb the peace - done it before. LOL

- Peanut

seahag    Posted 01-31-2005 at 19:29:58       [Reply]  [No Email]
ok im burnin the beads.......thats catholic talk...g

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