Updated almost 14 years ago on . Most recent reply
Advice for a family member buying a house...
Hi everyone,
I'm an agent in PA and have family member buying through another agent in NJ (I'm not licensed there). Couple of Q's for the forum but first a brief synopsis:
My bro-in law loves a house in a town where there is not much inventory. However, the owner is a control freak and has been very temperamental t/o this process. Asking price is 439k. My bro offered asking price and offer was verbally accepted but they are now working out some details. The owner won't close until Jan 31st 2013. 8 months away. At first it was supposed to be Oct 31st but now he pushed it back. He says he's either going to find a new house or build one. The earnest money my bro offered was instructed to give by his agent is 50k. My questions:
1) What do you think of the 50k earnest money (my bro's agent believes that this amount is what's keeping the owner in the deal) I think it's way too high regardless of the whims of this seller
2) How would you structure the contract to best protect the EMD?
3) What is my bro's recourse should the owner try to push back the date after the contract is executed.
Any other imput you can interject would be appreciated. Thanks. Drew