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Old 02-18-2018, 01:05 AM
 
25,833 posts, read 49,727,953 times
Reputation: 19286

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Quote:
Originally Posted by Tac-Sea View Post
Soooo....in your infinite wisdom, I should foot an 8K a month expense to give the buyer the advantage as he ties up the house shopping for a better deal...
Out of town buyers (and sellers) take longer... in my experience.

It could also be a tactic to get a better deal... sully the property and negotiate.

As others have said... the contract is the deal on the table.

A well written contract will have milestones and a timeline.

22 months ago we had "Buyers" that came in and had to have the property... a little unusual but they overbid too... so the process goes 21 days and they come back with a lot concessions... I simply said thank you but the property is being sold As-Is... they were not happy and their Realtor started in... the response was sorry it didn't work for you... moving on...

Had someone else... a local contractor that was very interested... made the deal... then party number 1 says they want the deal after all... but too bad... then they get a lawyer to write a letter demanding $10k for their troubles and expenses getting volumes of reports... too bad.

It was all intimidation... property closed with buyer number 2... great guy... wanted a project to keep his crews busy when business was slow... truth is they got real busy but he is happy with the deal and so am I...

Last edited by Marka; 02-23-2018 at 02:42 AM..

 
Old 02-18-2018, 01:15 AM
 
25,833 posts, read 49,727,953 times
Reputation: 19286
Quote:
Originally Posted by Electrician4you View Post
You can also stipulate under contract but taking back up offers.
I may have shot myself in the foot being backup...

59 days in backup on a 60 day escrow... being back up at a higher price frosted the buyer because buyer 1 was planning on a lot of concessions and it didn't happen.

I wanted the property bad and had just missed learning about it... my offer went in the same day the sellers accepted an offer and I was 100k more...

Silly to get hung up on a property but 6 years later I still am... plus prices here have doubled.

The beauty of Real Estate is negotiations... you often have to be willing to walk to get the best deal.

Tying up a property which effectively takes it off the market is text book...
 
Old 02-18-2018, 06:25 AM
 
Location: Lakewood Ranch, FL
5,118 posts, read 7,647,297 times
Reputation: 5995
The local MLS sets the rules regarding Pending, Backups, etc. For those saying the seller should keep it Active or Backups Wanted or whatever, it is not that simple. Our MLS rules say it’s Active until there’s a contract and it’s Pending when the contract is signed, contingencies and all.
 
Old 02-18-2018, 06:56 AM
 
3,038 posts, read 1,212,973 times
Reputation: 6018
Quote:
Originally Posted by emm74 View Post
8k in carrying costs but you're dicking around with 4500 in concessions?

Where is the logic in that?

But yes, you foot the bill for the 8k, it's YOUR house until it closes, and the buyer is allowed to take every second of the contractual time if they want to. Stop complaining about the terms you agreed to. Are you going to sell it, and then after closing complain the buyer didn't pay enough even though they paid the amount you accepted?
Seriously- all offers have proposed dates until closing. If they said they needed 45 days to close and the OP wanted 30, then he could reject the offer or counter with a 30-day window. If its only 30 days total, then Im not sure what hes complaining about since thats about as good as hes going to get with someone who has financing. Sure, you can try to wait around for that cash offer, but it might be a lower offer or it might take three weeks longer to come, so youd be right back where youd started.
 
Old 02-18-2018, 09:01 AM
 
4,070 posts, read 2,059,945 times
Reputation: 7203
Quote:
Originally Posted by bbronston View Post
The local MLS sets the rules regarding Pending, Backups, etc. For those saying the seller should keep it Active or Backups Wanted or whatever, it is not that simple. Our MLS rules say it’s Active until there’s a contract and it’s Pending when the contract is signed, contingencies and all.
That matches what I was told. In reality, even though our house was still Active and available for viewing, some websites presented it as either Pending or Off The Market, and viewings ground to a halt. For two months. And then the buyer tried some more tie-up tactics. If I could have told him to his face FU I would have. He was trying to tie it up to shop around meanwhile AND to make sure his pick would be ready for move-in exactly when his kids got out of school (two MORE months later), not one bit earlier or later. He also flatout lied to our agent about dropping the price on his overpriced condo that was the contingency to sell. Funny how he dropped it right after we refused an extension, and he got three offers in the first week. Two months at his original list price and no offers, then a small drop and he gets three right away!
 
Old 02-18-2018, 10:00 AM
 
4,383 posts, read 8,682,847 times
Reputation: 2331
Quote:
Originally Posted by Tac-Sea View Post
Soooo....in your infinite wisdom, I should foot an 8K a month expense to give the buyer the advantage as he ties up the house shopping for a better deal...
Seems like that's what you agreed to and that's what your doing. I mean i understand your frustration, but it seems like your reliance on a social norm to protect you versus the contract was ill advised. And this type of behavior seems like it would more common among the investor community, since people are looking at exclusively at ROI and would be shopping as much as possible.

Last edited by Marka; 02-23-2018 at 02:42 AM..
 
Old 02-18-2018, 10:23 AM
 
Location: Athol, Idaho
2,182 posts, read 1,056,749 times
Reputation: 3184
Quote:
Originally Posted by Ultrarunner View Post
Out of town buyers (and sellers) take longer... in my experience.

It could also be a tactic to get a better deal... sully the property and negotiate.

As others have said... the contract is the deal on the table.

A well written contract will have milestones and a timeline.

22 months ago we had "Buyers" that came in and had to have the property... a little unusual but they overbid too... so the process goes 21 days and they come back with a lot concessions... I simply said thank you but the property is being sold As-Is... they were not happy and their Realtor started in... the response was sorry it didn't work for you... moving on...

Had someone else... a local contractor that was very interested... made the deal... then party number 1 says they want the deal after all... but too bad... then they get a lawyer to write a letter demanding $10k for their troubles and expenses getting volumes of reports... too bad.

It was all intimidation... property closed with buyer number 2... great guy... wanted a project to keep his crews busy when business was slow... truth is they got real busy but he is happy with the deal and so am I...
You can sue anybody you want to for anything or threaten to. Doesn't mean it will hold up in court.
 
Old 02-18-2018, 10:35 AM
 
25,833 posts, read 49,727,953 times
Reputation: 19286
Quote:
Originally Posted by I love boots. View Post
You can sue anybody you want to for anything or threaten to. Doesn't mean it will hold up in court.
Of course... but a lawsuit of any nature requires a response...

I have never lost in court but I also prepare... my last court case the Judge asked in open court if I was a lawyer because he said it was the most well prepared case he had seen in years...

Concise, to the point, just the facts with supporting documents in triplicate bound and indexed.

The agent that listed the property I mentioned was very concerned... who wants a fight anyway?

In my case, I was not posturing... I was dead serious... and if it went to trail so be it.

I don't suffer bullies and will stand on principal when so moved which is a luxury many in business may not have.

In the way of full disclosure I am a State Certified Consumer Arbitrator... not much time for it these days but my specialties are automotive and construction defects... my services are always donated.
 
Old 02-18-2018, 12:06 PM
 
1,546 posts, read 850,311 times
Reputation: 1168
Quote:
Originally Posted by BoBromhal View Post
I thought you only did FSBO?
Only 4 out of 9 + 1 land deal. Had to remind the last one I listed with that offers need to be written...
 
Old 02-18-2018, 02:47 PM
Status: "Cold rain...wtf??" (set 15 days ago)
 
Location: 11235
1,441 posts, read 466,987 times
Reputation: 2807
I may be unsophisticated, but I'm not silly enough to agree to what you did.

Cant you sell it 'as is'? This is the property. This is the price.

You want an inspection? Fine. I'm still showing my property to potential buyers.

You want to negotiate? I'll listen. I'll also take the offer of someone who meets or beats my asking price in the meantime.

I'm not sure why the buyer is in the catbird seat. If you aren't desperate to sell the property, set your terms with your agent and don't do this stuff anymore.
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