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Author: mandamyri Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127801  
Subject: Re: Anyone heard of a seller doing this before? Date: 1/18/2003 4:34 PM
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Thanks for all your responses- Yes, this crazed seller wanted our mortgage broker to write a letter saying we had a commitment for funds contingent on a satisfactory appraisal before the seller would enter into a contract with us.

After our offer expired, we said that we really weren't interested anymore and the seller magically came back with a counteroffer- He lowered his price a little (definitely not enough to entice me to deal with him!) and said that now he wants a contingency clause that says the property remains on the market until we satisfy the mortgage clause in the contract (standard clause reading "contract contingent on Purchaser securing by DATE a written commitment for $$, etc.") and that we will be given the opportunity to match any higher offers if any were presented. I cracked up, because that basically allows him to leave the place on the market until closing, effectively screwing us if someone else comes in. It's even funnier because, like I said, the place is vacant and has been on the market over 2 months with no offers and the average selling time for comparable properties right now in our market is over 100 days!! (Of course we laughed and said "no way!")

I was telling this story to my mortgage broker, and he was laughing as well- even though we are under 30 and first-time buyers, we have a great work history and a very high income and easily meet all the credit requirements for the mortgage we want, plus we can close fast or close slow because we currently rent, so he figured a seller would be lucky to get good buyers like us- then we encountered this seller!
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