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Old 03-02-2017, 02:41 PM
 
Location: Hendersonville NC
45 posts, read 73,729 times
Reputation: 44

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Are we crazy? We are doing FSBO in FL while also trying to buy in NC. Plan is for my elderly and not-healthy dad to sell his FL house too, then move into an in-law suite in our NC home if/when we get it. And this will be the LAST move for all of us. The small town we plan to move to has severely limited housing options in our price range with the right configuration for all of us to be happy. In 9 months of internet perusal, plus our buyers' agent looking around, there has only been one house we want (still available).

We want any potential buyers in FL to include in their offer a statement that the contract can be voided by us, the sellers, if we fail to find an NC house that we can move into by the FL closing. We are 90% sure we can get the particular house we want, but if it falls through we don't want my dad and us to all be out on the streets! Our FL RE attorney says that our requirement regarding offers is highly unusual. Our current sale negotiations may fall through because of it (we have several serious back-up offers & one of them says they would work with us on this, but you never know...).

I completely understand why a buyer wouldn't want us to be able to pull out at the last minute. But buyers can pull out if they are willing to forfeit their earnest money! Do you think we should have the contract include an amount of money we'd pay the buyer if we pull out? Would that sweeten the deal? Or is our insistence on an opt-out clause a never-been-done-before thing and we are nuts?
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Old 03-02-2017, 02:56 PM
 
Location: The Triad
34,090 posts, read 82,716,942 times
Reputation: 43659
Quote:
Originally Posted by kerrybean View Post
Or is our insistence on an opt-out clause... we are nuts?
Yes. No buyer in their right mind would agree.

You and/or Dad need a Heloc (or other source) for the cash to buy in NC.
Make those arrangements... THEN list the two homes in FL.
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Old 03-02-2017, 02:56 PM
 
8,562 posts, read 12,339,419 times
Reputation: 16473
Quote:
Originally Posted by kerrybean View Post
Are we crazy?
I can't speak to that, but you can put anything into a contract that both parties agree to (provided it is legal, of course). The downside, as you know, is that few buyers would accept such a condition. If you can find such a buyer, they might be crazy enough to do so without any penalty provisions. How difficult do you think it will be to sell the Florida houses? Perhaps you should first lock in a contract on the NC house and then put the Florida houses up for sale. Trying to coordinate closings to within a short timeframe can be stressful, but it can be done.
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Old 03-02-2017, 03:12 PM
 
12,016 posts, read 12,695,396 times
Reputation: 13420
Quote:
Originally Posted by kerrybean View Post
Are we crazy? We are doing FSBO in FL while also trying to buy in NC. Plan is for my elderly and not-healthy dad to sell his FL house too, then move into an in-law suite in our NC home if/when we get it. And this will be the LAST move for all of us. The small town we plan to move to has severely limited housing options in our price range with the right configuration for all of us to be happy. In 9 months of internet perusal, plus our buyers' agent looking around, there has only been one house we want (still available).

We want any potential buyers in FL to include in their offer a statement that the contract can be voided by us, the sellers, if we fail to find an NC house that we can move into by the FL closing. We are 90% sure we can get the particular house we want, but if it falls through we don't want my dad and us to all be out on the streets! Our FL RE attorney says that our requirement regarding offers is highly unusual. Our current sale negotiations may fall through because of it (we have several serious back-up offers & one of them says they would work with us on this, but you never know...).

I completely understand why a buyer wouldn't want us to be able to pull out at the last minute. But buyers can pull out if they are willing to forfeit their earnest money! Do you think we should have the contract include an amount of money we'd pay the buyer if we pull out? Would that sweeten the deal? Or is our insistence on an opt-out clause a never-been-done-before thing and we are nuts?
You are selling 2 houses yours and your fathers, what if one falls thru?

It seems insane. I think you should sweeten the deal by paying the potential buyer $1000 for each home that will cover an inspection and an appraisal.

If you can find investors who can pay cash and close quick and is willing to work with you go for it.

But I don't get your end game. Buy a home in NC first and sell the 2 Florida ones after you buy or simultaneously?

Since your father is ill sell his home first. Have him move in with you. Use that money to put down on the NC home ASAP before someone else buys it, and then sell your home.
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Old 03-02-2017, 03:31 PM
 
Location: Raleigh NC
25,119 posts, read 16,146,620 times
Reputation: 14408
ask your FL realtor .... oh wait. I truly forgot that you're trying this on your own.

Pay an attorney to read your FL contract documents, and carefully explain what your obligations/outs as a Seller are.

As a Buyer, if you're honest about your criteria for backing out, no way I'd sign with you for anything near market value.

Move around town, and have 21 days to find your next home? Sure, happens enough to hear about it. But sell 2 houses, and move several states away and hope we find juuuuuuuust the right house that works for all our needs?

No thanks.
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Old 03-02-2017, 04:06 PM
 
Location: Western MA
2,556 posts, read 2,272,438 times
Reputation: 6881
I would think that your best bet would be to get both of the FL houses sold, without the contingencies. And then move to the new town and plan to rent for 6 months while you sort out a place to buy. You might have to live on top of each other for a bit, but it seems far less financially stressful than what you're proposing. Plus, it would give you a chance to get to know your new community in NC a bit. Figure out which neighborhoods are most appealing to you, etc.
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Old 03-02-2017, 04:24 PM
 
Location: Hendersonville NC
45 posts, read 73,729 times
Reputation: 44
Thank you all for your suggestions and opinions. You have given me a lot to think about!
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Old 03-03-2017, 04:05 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 21 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Quote:
Originally Posted by kerrybean View Post
Are we crazy? We are doing FSBO in FL while also trying to buy in NC. Plan is for my elderly and not-healthy dad to sell his FL house too, then move into an in-law suite in our NC home if/when we get it. And this will be the LAST move for all of us. The small town we plan to move to has severely limited housing options in our price range with the right configuration for all of us to be happy. In 9 months of internet perusal, plus our buyers' agent looking around, there has only been one house we want (still available).

We want any potential buyers in FL to include in their offer a statement that the contract can be voided by us, the sellers, if we fail to find an NC house that we can move into by the FL closing. We are 90% sure we can get the particular house we want, but if it falls through we don't want my dad and us to all be out on the streets! Our FL RE attorney says that our requirement regarding offers is highly unusual. Our current sale negotiations may fall through because of it (we have several serious back-up offers & one of them says they would work with us on this, but you never know...).

I completely understand why a buyer wouldn't want us to be able to pull out at the last minute. But buyers can pull out if they are willing to forfeit their earnest money! Do you think we should have the contract include an amount of money we'd pay the buyer if we pull out? Would that sweeten the deal? Or is our insistence on an opt-out clause a never-been-done-before thing and we are nuts?
You are not crazy, if you are realistic.
To make this work, you will make several significant compromises, because you are demanding huge compromises.
You will be excluding most buyers from consideration, so you will have to appeal to bottom-feeders and people who are not time-sensitive.

Make the deal as desirable as you can, and shift risk from the buyers as much as you can.
1. Have the house inspected.
Make ALL repairs, using licensed contractors for any trades that require license. Bring in any specialists the inspector recommends for further evaluation, structural engineers, electricians, HVAC, etc. Follow their advice.
Keep the records for presenting to potential buyers.
2. Clean up, fix up, paint, etc.
Neutralize and declutter. Stage.
3. Provide a current survey.
4. Make the price very appealing. You will not get "top dollar" unless you are selling very special properties.
5. Require little or no non-refundable money. Be flexible on EMD.
And,...
6. Kiss butt, when you have a chance.
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Old 03-03-2017, 11:49 AM
 
Location: Over yonder a piece
4,268 posts, read 6,276,294 times
Reputation: 7139
Quote:
Originally Posted by DebNashua View Post
I would think that your best bet would be to get both of the FL houses sold, without the contingencies. And then move to the new town and plan to rent for 6 months while you sort out a place to buy. You might have to live on top of each other for a bit, but it seems far less financially stressful than what you're proposing. Plus, it would give you a chance to get to know your new community in NC a bit. Figure out which neighborhoods are most appealing to you, etc.
This! Just rent so that you can learn the lay of the land in NC and decide where you want to live.
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Old 03-03-2017, 01:44 PM
 
Location: El paso,tx
4,514 posts, read 2,507,613 times
Reputation: 8200
Sell both homes and rent. You are wasting potential buyer's and realtors time otherwise.
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