Post # 1
It’s November and every November FI and some of the men in his family pack up and leave for Ohio (8 hours away) for a week. FI didn’t go last year because money was tight but this year we figured we could make it. Little did we know we would be putting an offer on a house last night. Yep, last night at 7 PM we put an offer in on a house, our first house. Scary thing is, everything is going in his name (he’s the one with all the money) so if something comes back he needs to sign for…we’re kinda stuck. I mean, I can sign his name but that’s illegal and I’m not comfortable at all with counteroffers or anything like that. He doesn’t have a fax or email (going hunting in the middle of a forset) plus I’d like to discuss things with him first, ya know? Then to top it all off he hardly any cell service. Bees, what would you do? We’ve put 3 other offers in and all seem to fall through, I really don’t want to screw it up for us.
Post # 3
When is he going to ohio? Most of that counter offer stuff/negotiating happens in the first week after an offer is made. After you have an accepted offer, it’s a lot of sitting and waiting for closing
Post # 4
Honestly, I think you should have not put in an offer. I know it’s too late now for that. But realistically you will more then likely lose the house if you are in any way in a competition. Not many sellers will be willing to wait a week for a counter offer.
Most counter offers have a 24 hour window for return. If you don’t return in that window you lose the house.
Of course if it is still on the market when you get back you can re-bid. But they may not want to deal with you when you flaked last time. Or at the least they will probably make you “pay” for wasting their time.
Also you too should read up and become more comfortable with making decisions and the process of home buying. If something were to happen to your partner you would have to do so, and having no practice isn’t a great place to be.
There isn’t really anything you can do now. You’ve put in the offer and will have no way to counter offer.
Of course this only applies if your partner is leaving in the next day or two. If he isn’t leaving til the end of the month you are ok.
Post # 5
@Lizzy723: I agree wtih PP. We just bought our house this summer and the first days after we put in an offer were insane. Granted we bought in an area that is super competitive and had to outbit someone. I don’t know how it works in your state but our “option period” started right after they accepted the offer and was only 10 days long and in that period of time we had to get the place inspected, formulate any counter offer if the inspection wasn’t what we wanted to see, and then send the info to our bank to do their appraisal. We did everything from 1500 miles away so we had do all e-signatures but yeah, there was a lot to sign!
Post # 6
- Wedding: July 2012 - Baltimore Museum of Industry
Did he leave today? I’m a real estate agent, and sorry to say, but you’re probably screwed if he did. Real estate law is different in every state, but in Maryland, you have certain deadlines that have to be made after an offer is accepted.
Ex: your loan application and home inspection are generally done with seven days of contract acceptance. Unless your agent knew FI was going out of town and adjusted the contract dates accordingly, if the seller accepts your offer as is, you can’t terminate the contract due to inspection results, just because FI was out of town. Also, if there is a counter offer, a seller’s not going to wait a week for FI to initial something.
It’s unfortunate that your agent didn’t guide you differently on this. You can get a limited power of attorney for real estate transactions, but if he’s already out of town…
Also- did FI give your agent the okay to deal with you during the transaction? If I was working with an unmarried couple and only one was on the contract, I don’t have any obligation to the party that’s not on the contract.
If FI hasn’t left town yet and you don’t have a POA, your best course of action is actually to have him withdraw the offer before the sellers have accepted it- you’re setting yourself up for too many risks otherwise.
Post # 7
Well, kinda late. But our offer was accepted. Realtor is happy dealing with me and there’s nothing left to sign. I just have to be there for the inspections.