Hi guys. Long time reader, and 1st time poster.
We have made an offer on a house over the past weekend and the offer was accepted on Sunday. We organised for the agent to come to our place Monday night to sign contracts, and give him the 0.25% deposit. All this was fine.
Come 2 hours before he was due to arrive, he called me on the phone and told me that he has just been speaking to the vendor`s solicitor who is apparently a bit of a hard woman and a "dragon." He said that the solicitor is requesting a "solicitor exchange" after the 7th Feb (the settlement date of my property being sold) and for me to sign a 66w(waiving of cooling off period). He explained to me the pros and cons of this of what usually occurs when a 66w is signed. He explained that this is very unsual for a vendor to request this, because up until the 7th, the purchaser (us) can walk away from the sale and the vendors have no way of compensation.
I told him that I`m concerned that the vendors could in fact be waiting for a better offer and there is a possibility that someone else could end up buying it and we`ve lost $$$`s after paying pest and building inspection fees etc. The agent, said that because this is an unusual situation, and that the vendor is requesting this and doesn`t want to lose the sale, he is willing to put on paper, signed and everything that their office is treating it as normal, keeping the property just for us, locking in the price and telling anyone else interested that the property is off the market and no longer available.
I`m quite good at detecting when someone is lying to me and I`m not detecting anything from the agent. We went and had another inspection last night with the agent present, and whilst my wife and I were out of sight and what they thought earshot, I heard the agent fully describing the situation to the vendors that they are doing a very risky move by going along with what their solicitor wants, but because they`re elderly ladies, they don`t fully seem to understand, and they are just agreeing with their solicitor. I don`t detect and greedy moves or malice by anyone, but I cannot think why oh why the solicitor would want this!
Does this situation seem normal to anyone else? Is it risky for me also in that I could go through all this process and still not have a house at the end of it? Should I trust the agent that he will no longer be showing anyone else through the property? Is there anything else I haven`t thought about which is screaming alarm bells with anyone??
Thank you
Neil
We have made an offer on a house over the past weekend and the offer was accepted on Sunday. We organised for the agent to come to our place Monday night to sign contracts, and give him the 0.25% deposit. All this was fine.
Come 2 hours before he was due to arrive, he called me on the phone and told me that he has just been speaking to the vendor`s solicitor who is apparently a bit of a hard woman and a "dragon." He said that the solicitor is requesting a "solicitor exchange" after the 7th Feb (the settlement date of my property being sold) and for me to sign a 66w(waiving of cooling off period). He explained to me the pros and cons of this of what usually occurs when a 66w is signed. He explained that this is very unsual for a vendor to request this, because up until the 7th, the purchaser (us) can walk away from the sale and the vendors have no way of compensation.
I told him that I`m concerned that the vendors could in fact be waiting for a better offer and there is a possibility that someone else could end up buying it and we`ve lost $$$`s after paying pest and building inspection fees etc. The agent, said that because this is an unusual situation, and that the vendor is requesting this and doesn`t want to lose the sale, he is willing to put on paper, signed and everything that their office is treating it as normal, keeping the property just for us, locking in the price and telling anyone else interested that the property is off the market and no longer available.
I`m quite good at detecting when someone is lying to me and I`m not detecting anything from the agent. We went and had another inspection last night with the agent present, and whilst my wife and I were out of sight and what they thought earshot, I heard the agent fully describing the situation to the vendors that they are doing a very risky move by going along with what their solicitor wants, but because they`re elderly ladies, they don`t fully seem to understand, and they are just agreeing with their solicitor. I don`t detect and greedy moves or malice by anyone, but I cannot think why oh why the solicitor would want this!
Does this situation seem normal to anyone else? Is it risky for me also in that I could go through all this process and still not have a house at the end of it? Should I trust the agent that he will no longer be showing anyone else through the property? Is there anything else I haven`t thought about which is screaming alarm bells with anyone??
Thank you
Neil
