Seller 'accepts' but refuses to sign an offer

Buying & Selling Real Estate
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Seller 'accepts' but refuses to sign an offer

Paweł Terlecki
Member since 2021 · 4 posts · 0 votes

I am considering buying a condo in Miami, pretty hot market nowadays. The seller's agent said he could not show the place without getting a full price offer claiming that tenants were not comfortable with visitors because of covid. Given that I can bail within 15 days or attempt to renegotiate, I submitted such an offer. This allows me to get inside with an inspector. So far so good.

The agent now suggests it is better if he does not sign the offer. It seems he was mostly interested if a full offer would be possible. This way I can see the place but do not have to send earnest money, although I need to pay for the inspection. He can also keep accepting other offers.

Any suggestions?

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Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
5y

If you haven't paid a deposit and they haven't signed, then you have no offer.  I would tell them after you've seen it, that you will not pay the deposit until the seller has signed the offer.  Don't schedule the inspection until you have a signed offer.  Your bank will want a signed offer to start working on the financing.

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    5y

    If you haven't paid a deposit and they haven't signed, then you have no offer.  I would tell them after you've seen it, that you will not pay the deposit until the seller has signed the offer.  Don't schedule the inspection until you have a signed offer.  Your bank will want a signed offer to start working on the financing.

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  • Paweł Terlecki
    OP
    Member since 2021 · 4 posts · 0 votes
    5y

    Thank you, Theresa. My intention is to negotiate the price after I see the apartment and scheduling the inspection is the only way for me to do that. The cost of the inspection is minor. I am wondering if having a signed offer puts me in a better position for negotiation. I will talk to my bank only after we truly agree on the price.

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    5y
    Originally posted by @Paweł Terlecki:

    Thank you, Theresa. My intention is to negotiate the price after I see the apartment and scheduling the inspection is the only way for me to do that. The cost of the inspection is minor. I am wondering if having a signed offer puts me in a better position for negotiation. I will talk to my bank only after we truly agree on the price.

     Unless something comes up at the inspection or appraisal stage, the price in the offer stands.

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  • Jack V. Ospina
    Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
    5y

    @Paweł Terlecki You should first execute a purchase agreement with the seller before spending any money on an inspection. During your inspection period you will then be able to do an inspection and determine if the property is worth it to pursue or renegotiate the price. You can always renegotiate price during the inspection period because at this time you will have a better understanding of what needs to be fixed whether it is major or minor repairs. Hope this helps!

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  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    5y

    Why are you writing an offer to see a property when the offer is meaningless if not countersigned? Whatever process is going on makes no sense to me, but as plenty have said, you don't send money to your attorney's trust account or to title without a countersigned contract.

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