How Do I Handle A Seller Who Has Changed Wording In Contract?
Hey everyone,
I just got back a revised version of my contract from a seller with the following changes/additions:
Earnest money (cash or readily available certified funds) held by a mutually agreeable real estate or legal professional payable by Purchaser upon execution of this agreement: $3,000.00 (The cash is an issue at the moment - I wanted a promissory note to be accepted instead)
Notwithstanding the foregoing, if at closing, the Purchaser has financed the property in excess of $300,000, such excess shall increase the amount due at closing in Paragraph 3 by an equal amount and in such event reduce the note and interest amounts in Paragraph 4 accordingly. (Definitely not something I want to have to do)
The interest of the purchaser shall not be transferred or assigned without the prior written consent of the Seller. (Again, something I definitely do not want to do)
How should I handle this without potentially blowing this deal?
Thanks in advance,
Marc
Well if those points are not negotible, write an addendum back changing them back to how you want them. If they don't go for it, find another deal.
by the way it sounds like they have had some help editing the contract, possibly an atty. I would probably call them and discuss it verbally. If they are willing to negotiate write your changes and have them sign it. If they are not open to negotiate, and you can not comply with their changes let this one go.
So you have a counteroffer. You can reject it and walk away getting your earnest money back (if you gave any), or you can counter back.
Do the numbers work for you? If so, can you offer a little more in exchange for the terms you want? Go back and find out what they really want. What do they need the cash for? Is there a problem that you can solve?
Jay DeCima talked about a guy that just had to have cash...has to have cash...had to have cash. Well, he finally found out that the guy had a hospital bill long overdue in excess of $20K. So, Jay goes to the hospital, gets that bill reduced and works out a payment plan where Jay pays a little on that thing every month. Was that worth cash to the seller? You bet. Maybe your seller just wants cash, but you should do a little digging first to see if there isn't a creative solution to be found.
Thanks for the reply you guys. I've posted this on two other forums and the majority opinion confirms what my wife and I was thinking. I'll call my seller and tell her that the revisions made by her attorney changes the entire landscape of the deal we agreed upon verbally.
Thanks again for your help,
Marc