I have lost homes lately due to the hot market so, I called the listing agent to see the home. I did not intend on making an offer. I signed a contract with listing agent due to it was after 8 p.m. and she did have two more showings the next day. Agent stated I did not need to put earnest monies down at that time. Wondering if I should have "known" to get my own agent". Can I still do this since I signed a contract and her as dual agent? I put an offer in to pay cash for the home as it is out dated and needs some obvious repairs, pending inspection and that items left over on the property I would have to dispose of since the seller moved out of state with no intentions of coming back per listing agent. I looked at comps in the area "somewhat rural" and I see a few and I figured I was in range with a counter as I was $29,900 below asking price. Note this home was on market last year June to Nov with loans not approved per listing agent and seller would not reduce price even thought dated with repairs. My offer was countered at $4,900 below asking price and money towards home warranty. I countered at $159, with Note. Seller wants Compound interest at $162, no apprisal
I am not sure I understand why there would be any kind of interest if you are paying cash. You should hire a real estate attorney to review the contract and give you the specific advice you need. Unless there is an attorney review period, you may be stuck with whatever is in the agreement, but your attorney can at least ensure the seller complies with the terms.
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We need to ignore virtually everything you wrote because we can't possibly tell you if the negotiating on price or anything else makes economic sense. And without seeing the 'offer' and 'counter' in writing, we have no clue as to what legal ramifications there may be. But if your question is whether there is a maximum interest rate in Illinois on private home mortgage loans, it varies from time to time. It is the rate that matters, not the monthly amount per se.
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