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It really rough. But you can be happy that you hadn't moved all your furniture to 650 miles away at that point, gotten rid of your renter, and were in on the way back to close. If ours regrets on us it will be a very nast scene, and their money down will not save us from losing big time.
...Best to just let it go and wait for a new buyer since this is such a "buyers" market you should have little trouble.
Doesnt seem like anyone is buying in this region, everyone's bailing and renting, esp. in S.C. and resort areas with no infrastructure.
Uh, your two statements seem to be in opposition to each other.
In any case, you seem to have your definition of "buyers" market wrong. The OP should have little trouble if it were a "sellers" market. But as you indicated, the OP is likely in a buyers' market where buyers wanting this house may be hard to come by.
Most contracts here limit what you can get to the lesser of the deposit or 3% of the offer price. Might be different where you are, but it always go back to "read the contract" to understand your recourse.
Sounds like you made the right decision. Sorry it didn't work out for you.
How is the earnest money divided up ??? I asked this question in a thread some time ago and never saw any response... What I am asking is - what does the seller get and what do the agents get???
How is the earnest money divided up ??? I asked this question in a thread some time ago and never saw any response... What I am asking is - what does the seller get and what do the agents get???
Most times all the earnest is going directly to the seller. The assumption in such cases is that the real estate agent still has the listing and will EVENTUALLY get paid when the place REALLY sells. I wish that were true.
Some states allow the real estate agent to be compensated for "actual marketing and transaction costs" if the agent was doing the paperwork and placing ads and such out of their own pocket. It won't keep you alive but you won't drown...
How is the earnest money divided up ??? I asked this question in a thread some time ago and never saw any response... What I am asking is - what does the seller get and what do the agents get???
It depends if anything was specified in the listing agreement about dividing the earnest money if a buyer backs out.
Erm.... about the brand new house vs the old house, IMO....
Like a brand new car, a brand new house will more than likely loses its value the minute it is bought. Unless you have inside deals... maybe you may have the chance to score some deals.
Also, IMO... coming from the housing back grounds... even though many materials have "improved" today to make a construction worker's life "easier" (hence the speed houses are built)... still does not make that construction material better in the modern days.
Eg. my old bench that is antique + unique and hand built without machines, only hand tools (solid hand cut oak made from scratch) vs a brand new Ikea bench (made in china "should say it all" by a factory churning out tons of these products) that is easy to put together fast.
Like buying old cars, an old home you can score some really good deals depending on who the seller is and how desperate they are to get rid of it.
I worked in housing, yet nothing will have convinced me the quality of new workmanship is superior to that of the old craftmanship in the olden days. Like carved Italian marble in an old Cathedral or the empire state building... unless one is prepared to pay through their noses with big money... the quality for the new work is just not the same as the old craft in equivalent money.
Erm.... about the brand new house vs the old house, IMO....
Like a brand new car, a brand new house will more than likely loses its value the minute it is bought. Unless you have inside deals... maybe you may have the chance to score some deals.
Also, IMO... coming from the housing back grounds... even though many materials have "improved" today to make a construction worker's life "easier" (hence the speed houses are built)... still does not make that construction material better in the modern days.
Eg. my old bench that is antique + unique and hand built without machines, only hand tools (solid hand cut oak made from scratch) vs a brand new Ikea bench (made in china "should say it all" by a factory churning out tons of these products) that is easy to put together fast.
Like buying old cars, an old home you can score some really good deals depending on who the seller is and how desperate they are to get rid of it.
I worked in housing, yet nothing will have convinced me the quality of new workmanship is superior to that of the old craftmanship in the olden days. Like carved Italian marble in an old Cathedral or the empire state building... unless one is prepared to pay through their noses with big money... the quality for the new work is just not the same as the old craft in equivalent money.
People don't buy benches for 30 years anymore.
I'd also be willing to bet that your antique bench, if built today in the same manner using the same materials, would cost about 10x as much as the Ikea bench. I'd also be willing to bet that your old antique bench is flat and uncomfortable. Sure it serves it's purpose as a bench, but the newer cheaper benches are ergonimically designed to cup your buttocks in such a way that you don't ever want to get up. Also, I'll bet that you have to sand and refinish possibly even polish your old antique bench to keep it looking good while the less expensive wood veneer bench from ikea never has to be polished, sanded, or re-finished. Lastly, think about how many butts have sat and tooted while placed on your old antique bench. Personally, I'd perfer to be the first one to toot in my bench.
How is the earnest money divided up ??? I asked this question in a thread some time ago and never saw any response... What I am asking is - what does the seller get and what do the agents get???
Out here we spell that out in the contract. I always write in 100% to seller, but some agents will write in 100% to agent (up to their commission fee mind you).
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Gotta be in the contract / state laws...
