The buyer hasn't signed the purchase agreement after receiving it two weeks ago. Cause for concern?

Question

We finally got an offer on our house, not terrific but certainly acceptable by the standards of the current market. The buyer offered cash on closing, which he wanted done in two months. My realtor put together a purchase agreement and sent it to the buyer's agent. Except for the cash payment, it was pretty standard---the buyer gets the appliances, window treatments, etc. The house was subject to inspection, but except for moisture seepage in the basement, the house passed muster. Everything seemed to be going well, except that now the buyer hasn't signed the purchase agreement after my agent submitted it to his agent two weeks ago. My realtor says the buyer's agent is this big-name "platinum club" type who regards my house as a two-bit property and we are just "a blip on his screen." She also urges patience, as it's "natural" for the buyer to be cautious. I'm wondering however if we are being scammed. The buyer is a real estate investor and that's about all I know about him.

Update:

Yes, we took the house off the market, at the advice of my realtor. No, I don't have a lot of faith in her, as she earlier tried to pressure me into accepting a low, low first bid on the house after just three weeks on the market. (We countered the buyer's offer twice, and he disappeared.) I am concerned that we have lost valuable time waiting for Mr. Platinum to return my agent's calls.

godged · Accepted Answer

Have your agent call and say the house is back on the market, their offer is void.

They will either pony up or move on.  NEVER put your house on "under contract" or "sold" unless it is.   Your Realtor should know better, and should continue to market your property while Mr. Platinum cools his heels.

frankie b · Answer

You should of hired Mr platinum club. Sounds as if your Realtor is to laid back. I would be all over the buyers agent until I got them. I also would have NEVER taken the house off the market with out a signed p&s and an ernest money check. This realtor has made some mistakes.

acermill · Answer

Whether or not this agent is a 'platinum club' type is irrelevant as to whether or not you get good service from him.  If he thinks your property is 'two-bit', perhaps he should hand off the sale to another agent who thinks otherwise ?

I get the impression that YOUR agent is somehow 'afraid' of ruffling the feathers of Mr. Platinum.  Your agent should be directed to give them a proper deadline for signing the offer to purchase.  If that deadline is not met, the house should be returned to the market place for aggressive marketing to procure another buyer in secondary position.

pja2 · Answer

did you take the property off the market?   if so i would put it back on.    if buyer is real estate investor quite possibly is hoping the delay will get you nervous and you will drop the price.   a real estate investor "KNOWS" the value of any given property they are looking at.   They do their homework.  Also, you can have your agent re-send the offer with an addendum stating if not signed within 48 hours (or whatever) the contract is null and void...

barrbou214 · Answer

do you have a contract with this insane person, to try and help you sell the house? if not dump i mean DUMP this crew. 
they have not your interest in mind, just your $$$$$$$$$$$$
that you can provide. a true Realtor will only have your best interest in mind. have the problem with the water problem fixed and go from there, with a new company. it seems to me that you guys are about to be taken. don't let this happen.

Anonymous · Answer

What closing date was agreed upon?  I assume the contract was verbally agreed to.

If the closing date is at least 1 week away, don't get too worried.  Proceed as normal as if you have an executed contract.  Don't spend any money on repairs until the contract is signed and you have earnest money.

Hope this helps

jeanniep · Answer

you never take a house off the market until you get a fully executed contract and escrow money recited at tile company, you need to re-think about this agent, get your house back on th market now, and forget about this other guy if and when he gets serious he will let his agent know.
and remember your agent works for you you tell her/him to put your house back on market and show you proof

Trending News

The buyer hasn't signed the purchase agreement after receiving it two weeks ago. Cause for concern?

7 Answers