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You could require a non-refundable EMD cashiers check made out to you and NOT deposited with the title company. Just a thought.
As a buyer, I would NEVER agree to this! There's another for sale down the street and I would move on.
Seriously, don't be greedy. If you really want to sell, then make it happen. Adding a bunch of contingencies and being a hard ass isn't going to sell the property. You have 4 offers already! Those offers all have an expiration time and date. You need to pay attention them. If they expire, you've lost those buyers. They've moved on. Again, don't be greedy. Everything isn't about you.
The quality buyer is the one who closes. Don't make assumptions about the effort or resources of the buyer based only on the form of the offer. They may have their own reasons for preserving their cash, potentially for remodeling. The bottom line is the same to you whether it's negotiated through price or buyer's concessions.
Very true! We didn't make a high offer on our current home. The house needs a lot of renovations. The sellers didn't think it needed anything. The market of folks who want country 1980's wallpaper in almost every room is VERY small! These people and their realtor were living in a dream world. After 40 potential buyers looked at the house and came back with the same 3 issues, that tells you a lot! The biggest problem was the 1980's country floral wallpaper.....I still gag thinking about it...LOL They also claimed that the carpet was in great shape....it was 30 years old! Smelled god awful when we removed it. It also had mold and mildew growing on it.....yeah that was fabulous!
You are playing with fire. They could all revoke their offers and you will be left with nothing.
On the house I recently purchased, I signed the offer at about 8 pm and it expired at noon the next day. I knew someone was viewing for the 3rd time the next morning, so they were likely to get an offer. They ended up being presented with three at once.
While the expiration on my offer was an extremely short timeline, I would never give a seller more than 48 hours to respond. The buyers lives are in limbo, too. You have four families that are waiting for your response and they could miss out on future houses. From a buyer's perspective, you are being a difficult seller. I wouldn't put up with it.
You are playing with fire. They could all revoke their offers and you will be left with nothing.
On the house I recently purchased, I signed the offer at about 8 pm and it expired at noon the next day. I knew someone was viewing for the 3rd time the next morning, so they were likely to get an offer. They ended up being presented with three at once.
While the expiration on my offer was an extremely short timeline, I would never give a seller more than 48 hours to respond. The buyers lives are in limbo, too. You have four families that are waiting for your response and they could miss out on future houses. From a buyer's perspective, you are being a difficult seller. I wouldn't put up with it.
Yes to all of this! And when word gets around to the realtors about a pain you are to deal with, they won't be showing your house. They will take their buyers elsewhere. Word travels so fast through the realtors. They will all know about your ridiculous demands and move on along down the block. There's plenty of houses for sale and they don't need this kind of nonsense. Buying and selling is difficult enough without adding on ridiculous demands.
You are playing with fire. They could all revoke their offers and you will be left with nothing.
On the house I recently purchased, I signed the offer at about 8 pm and it expired at noon the next day. I knew someone was viewing for the 3rd time the next morning, so they were likely to get an offer. They ended up being presented with three at once.
While the expiration on my offer was an extremely short timeline, I would never give a seller more than 48 hours to respond. The buyers lives are in limbo, too. You have four families that are waiting for your response and they could miss out on future houses. From a buyer's perspective, you are being a difficult seller. I wouldn't put up with it.
Thanks for the input. But as I said, we are working on 2 of those offers (!!!) And there is no much choice in that area unless they want to go with 1980s houses in not-so-good condition. I see what else they can get in this price range.
Well hopefully the OP is smart enough to pay attention to the expiration on his or her offers.
OP: unless you're in a hurry to close because you need the money and/or can't afford to carry both mortgages for a long time, I wouldn't worry that much about the deal falling through because of financing. Your house is in high demand, if it falls out of contract you'll probably get it back under contract pretty quick. I know that there are no guarantees, nothing is without risk, etc. etc., but it sounds like you are in a pretty good position to get top dollar for your house so that's what I'd go for. If all other things are equal, take the more qualified buyer, and if an offer seems too good to be true, it probably is. Other than that, I'd probably weigh the offer price higher than the loan qualification amount and % down (but I wouldn't ignore those other two; I'd weigh all aspects of the offers).
If you are weighing several offers and you want to know which buyer is the most likely to close, ask your realtor. Realtors make money when the sale closes, so he/she probably has the best radar for which buyer that is. In fact, I'd bet if your realtor is pushing a particular offer above all the others, it's because he/she thinks that buyer is most likely to close with no problems.
Well hopefully the OP is smart enough to pay attention to the expiration on his or her offers.
OP: unless you're in a hurry to close because you need the money and/or can't afford to carry both mortgages for a long time, I wouldn't worry that much about the deal falling through because of financing. Your house is in high demand, if it falls out of contract you'll probably get it back under contract pretty quick. I know that there are no guarantees, nothing is without risk, etc. etc., but it sounds like you are in a pretty good position to get top dollar for your house so that's what I'd go for. If all other things are equal, take the more qualified buyer, and if an offer seems too good to be true, it probably is. Other than that, I'd probably weigh the offer price higher than the loan qualification amount and % down (but I wouldn't ignore those other two; I'd weigh all aspects of the offers).
If you are weighing several offers and you want to know which buyer is the most likely to close, ask your realtor. Realtors make money when the sale closes, so he/she probably has the best radar for which buyer that is. In fact, I'd bet if your realtor is pushing a particular offer above all the others, it's because he/she thinks that buyer is most likely to close with no problems.
Just my $0.02.
Thank you. Both mortgages is not a huge problem, but it is sort of inconvenience of course. But I always have rental options if the deal doesn't work out.
And house sale is not a JCPenney clearance sale. I guess as an owner I have a right to look for a better offer. Well maybe I am a difficult seller. But this is my asset and why should I let it go to some folks who are not willing to pay closing cost? Especially closing cost is not that huge.
Previously I dealt with some difficult sellers and I respect their position.
Yes to all of this! And when word gets around to the realtors about a pain you are to deal with, they won't be showing your house. They will take their buyers elsewhere. Word travels so fast through the realtors. They will all know about your ridiculous demands and move on along down the block. There's plenty of houses for sale and they don't need this kind of nonsense. Buying and selling is difficult enough without adding on ridiculous demands.
Realtors talk especially the ones who work for the large companies and have dozens of agents in their office. Word spreads about difficult buyers and sellers. If a realtor knows they aren't going to be able to get to closing, there's no point in them showing a person a house. Most buyers don't want complications added on by the seller.
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The market of folks who want country 1980's wallpaper in almost every room is VERY small! These people and their realtor were living in a dream world. After 40 potential buyers looked at the house and came back with the same 3 issues, that tells you a lot! The biggest problem was the 1980's country floral wallpaper.....I still gag thinking about it...LOL They also claimed that the carpet was in great shape....it was 30 years old! Smelled god awful when we removed it. It also had mold and mildew growing on it.....yeah that was fabulous!
