I submitted a cash offer on a property and got my offer accepted. Both the seller and I signed the purchase agreement about a week ago. Since then, I haven't heard anything back from the agent. Both the seller and I are using the same agent. Should I be concerned? This is my first property that I'm purchasing and also signed for a property inspection. It is a $5000 property that will obviously need work. Will the agent contact me if I need to send payment? Thanks for any reasonable advice/ comments in advance.
The contract covers what needs to happen. What does the contract say? if the contract says it is subject to inspection and you will perform a property inspection in x days. I would pick an inspector and get on the phone with the agent to schedule it. Does the contract say you will close in x days? Are you in an attorney or title company state? You need to get the appropriate closing agent involved. The agent is probably not going to be very helpful here because of the $.
Also post your location for more local assistance.
The contract is does not mention how many days will be for closing and time for inspection since both spaces that are supposed to specify the time are left blank. The contract also does not specify on whether I or the seller contact an inspector for property inspection. The property is also in Detroit, MI.
I don’t like that your agent seems to be leaving blanks. Especially closing date. What if you or the seller wants to close tomorrow? Or a year from tomorrow? Maybe speak to the agents broker?
The inspector is always of your choosing and at your cost, but I’d want to make sure I was actually going to get the place first.
Did you deposit earnest money in escrow? Are you sure the place is worth $5k? If so what’s the inspector going to find that makes it not worth that? Good luck, seems sketchy.
I haven't placed any money into escrow. I would assume the agent would have told me to send the money somehow after signing. I'm going to call the agent tomorrow and find out if I can contact the broker.
@Nathan Walden Your agent should not have left any of that blank. The contract should also state how much your deposit it and that should be paid within a set time of the contract being accepted. Call your agent and find out what is going on.
@Nathan Walden Something is WAY off here. Blanks left in contracts? No EMD deposited? These are HUGE red flags.
1. Without money changing hands, you probably don’t have a binding contract.
2. You and the seller should also have signed off on a disclosure that allows the agent to represent both sides (Disclosed Dual Agency or something similar). That’s required in every state I know of and it means that the agent is supposed to be a neutral transaction broker, not representing the best interests of either party.
3. It’s been a week and if your contract is like most, you have something like a 10 day due diligence window and that’s almost over. This is the time frame for you to do your inspections. If you don’t do them, you might be stuck buying a lemon of a property. PLEASE tell me that you have a home inspection contingency.
This situation is so screwy that I’d recommend that you formally withdraw your offer immediately in writing and start over. And get a Realtor or attorney to represent you. Right now, it seems like you’re flapping in the breeze with nobody watching your back.
There has to be more to this story, but if this all is as you say, this agent seems negligent or just plain incompetent.
Its a 5k property in Detroit. The agents that do those are losing money on the transaction, and thus are bottom of the barrel agents.( I know them all too well) Par for the course, im afraid.
Call the agents broker tomorrow, good luck
@Nathan Walden that’s what phones are for. Grab yours and call the real estate agent.