Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We've met with a couple of Real Estate agents because we plan on listing our condo in April. This has been in the works for a while because we will relocate 'cross country this summer. We live in an area in where inventory is low (for properties in our price range) and ours is in great shape and will probably sell quickly, as many do in our complex. We did let one agent know that we would talk to her on April 1st after we return from a trip to sign the contract and work out details. At our first meeting, she did bring some comps and we talked in "a range" of what we should price at. All good. Our sticky point is that we will need either a very long escrow if our home sells quickly, or do a rent back (less appealing to us) because we do not want to leave town until end of July. We are both going to retire in June and we just need time to pack, say our goodbyes, and get rid of everything we are not taking.
We received a call from her, that an agent she works with a lot has someone coming in from out of town in a couple of days and is looking to buy a condo in our town. The "potential" buyer will be coming to look at the house on Friday. Our future agent said that he was even more interested and worked out for him better to close the deal in a couple of months, just like we need it to be. We do not have a contract, so really we cannot sell at the moment. We do not even have the price set in our minds. On one hand it would be great to have a buyer and not have to deal with a couple of weeks of showings. Our plan was going to be to put house on market April 15th and accept offers 2 wks later, hoping that we would have multiple offers to choose from.
Not sure how to handle. Just say, sure take a look, it will be on the market in April? If he's truly interested, maybe let the agents work it out? We've worked with our agent before and she is a straight shooter.
I'd avoid delayed closings because too much can happen like the buyer losing their job, getting ill/dying, being transferred somewhere else. Another home comes on market they like better, interest rates rise so they no longer qualify for loan, etc.
Tell agent you will sign a representation agreement for her to show that client your home, but that you want to close as soon as possible and do a lease back until july. Otherwise don't list until mid may.
I don't know anyone that would wait over 3 months to close. If they are selling like you say why not list it at the beginning of July?
Well, we thought we would be doing a rent back, but realtor suggested we delay escrow instead, as she said rent backs don't always work out like you want them to either. (Buyer wants to get in sooner for whatever reason and seller is scrambling) We are both working until end of June. Peak selling/buying season is April. We thought we would take advantage of the April Market (last 2 wks) and if a buyer is doing a mortgage, closing end of June and renting back for a month, or asking for longer escrow. We are making a W coast to E coast move, we need the month of July to pack up, not taking much, have greatly downsized our stuff and only furniture we plan to take is bedroom set. So we need time to donate, disperse all of our other furnishings. We don't want to be sweating a sale while we are fading our careers, that is way too much. And yes, very hot market, but always considering what if scenarios...can't be stressing over close of escrow with everything else we have going on.
I am wondering if delaying the listing is the way to go.... but now we have that potential buyer coming in to take a look. He said timeline fits his plan -- so I guess we'll wait and see what he says...and if he is really serious I'm sure agents will facilitate a deal. I did not ask if it is potentially cash transaction, as many of them are here.
Nothing is signed so we have many options.
That is the oldest moldiest trick in the real estate agent's handbook. They announce that they have a buyer all ready to buy, so you'd better sign the listing contract right now. Then, surprise!, their "buyer" evaporates as soon as the listing contract is signed. I'll bet I've had over 50 agents try that on me.
That is the oldest moldiest trick in the real estate agent's handbook. They announce that they have a buyer all ready to buy, so you'd better sign the listing contract right now. Then, surprise!, their "buyer" evaporates as soon as the listing contract is signed. I'll bet I've had over 50 agents try that on me.
This has happened to us several times. When we were much younger, we fell for it. Listed our townhome with the agent who had the "buyer coming into town." The "buyer" didn't pan out and we were stuck with the agreement we signed. It did not turn out well.
After that we offered to do an agreement for that one buyer. Not a single agent ever followed through.
If April is when homes in your area are selling, then get your home listed in April. By the time you negotiate the selling price it will be May. 6 weeks of due diligence and mortgage approval and you're in June. Get your stuff in PODs or UPack trailer. Rent a VRBO place for a few weeks if you need to.
It may be an old moldy trick for some but I can tell you that your scenario sounds exactly like many situations we see here so, from my vantage, it sounds perfectly plausible. My suggestion would be to see if your state has a one-time showing agreement contract available to the listing agent you think you will be using. This contract basically binds you to him for this one showing with this customer. If it works out, great...if not, this one expires immediately and you sign a normal listing contract later on.
Although things can go wrong wth a long escrow, they can go wrong with any period so it's not that big a risk. And, you can always mitigate that risk by having a larger deposit with contingencies that expire a bit longer before the closing so they can't just back out without losing a big chunk of cash.
So, there is not quite an end to this story, thank you all for your input. We did show the condo and everything our agent said was true. Afterwards, we met with our agent. We told her we will sign a contract for her to sell our property with her on April 1st once we return from Florida, where we plan to move. (one last look before we make official commitments on selling buying moving etc). The potential buyer loved our property but of course looking at others. We settled on a price, one if MLS listing and one if this buyer wants it, a no haggle, buy before it's on the market price. We would go through the process, inspection, 17 day wait period, and escrow and either not close escrow until later or rent back. It would be great not to have to show the condo and just move ahead. She and the other agent we very optimistic that this deal would happen. Not too worried, there will always be another buyer around the bend here in pleasantville :-).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
