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Old 10-17-2018, 11:35 AM
 
Location: Bloomington IN
5,888 posts, read 7,130,914 times
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Quote:
Originally Posted by Piney Creek View Post
Sorry to hear this. Hope it won't be long before you get another offer, and at least you get the earnest money. Small consolation, I know, but I guess it's something.
Not necessarily. In my state, and probably others, there is a financing contingency that will allow a buyer to be released from the contract without penalty if they cannot get financing. They get the earnest money back in these contingencies.
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Old 10-17-2018, 02:58 PM
 
10,439 posts, read 7,532,565 times
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Quote:
Originally Posted by Piney Creek View Post
Sorry to hear this. Hope it won't be long before you get another offer, and at least you get the earnest money. Small consolation, I know, but I guess it's something.
Never saw any. I'll have to ask my realtor about that. I'm working from the other coast.
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Old 10-17-2018, 03:47 PM
 
Location: Williamsburg, VA
1,770 posts, read 804,346 times
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Quote:
Originally Posted by rrah View Post
Not necessarily. In my state, and probably others, there is a financing contingency that will allow a buyer to be released from the contract without penalty if they cannot get financing. They get the earnest money back in these contingencies.

Wow, I didn't know that. That stinks.
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Old 10-17-2018, 04:24 PM
 
Location: San Francisco Bay Area
4,201 posts, read 2,183,623 times
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Quote:
Originally Posted by rrah View Post
Not necessarily. In my state, and probably others, there is a financing contingency that will allow a buyer to be released from the contract without penalty if they cannot get financing. They get the earnest money back in these contingencies.
Sellers don't have to accept offers with financing contingencies. "Non-contingent buyers only", "pre-approved" and "pre-approved, non-contingent buyers only" is something that I have often seen in listings here and other places in the U.S.
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Old 10-17-2018, 04:44 PM
 
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The house is in wonderful shape. Renovated. Clean. Fresh paint inside and out. Good roof. New gutters. All repairs made from first inspection. I'm trying to load a pic of the backyard gang.
Attached Thumbnails
SOLD! 5 days on the market!-2018-06-23-08-15-18.jpg  
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Old 10-17-2018, 05:05 PM
 
Location: Williamsburg, VA
1,770 posts, read 804,346 times
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Quote:
Originally Posted by SFBayBoomer View Post
Sellers don't have to accept offers with financing contingencies. "Non-contingent buyers only", "pre-approved" and "pre-approved, non-contingent buyers only" is something that I have often seen in listings here and other places in the U.S.

Easier to insist on things like that in a hot market, though. Although I agree that it's probably the way to go, even in slower markets, just for reasons like this. The buyer wasted a lot of the seller's time with his offer.
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Old 10-17-2018, 06:17 PM
 
Location: Rochester, WA
3,850 posts, read 2,083,068 times
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Quote:
Originally Posted by SFBayBoomer View Post
Sellers don't have to accept offers with financing contingencies. "Non-contingent buyers only", "pre-approved" and "pre-approved, non-contingent buyers only" is something that I have often seen in listings here and other places in the U.S.

Even pre-approved buyers will probably have a financing contingency, unless the market is crazy ruthless.



Our market is pretty hot, and we can still write in enough contingencies that sellers should only rarely expect to keep Earnest money. I would consider it a token gesture.
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Old 10-17-2018, 09:45 PM
 
Location: San Francisco Bay Area
4,201 posts, read 2,183,623 times
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Quote:
Originally Posted by Piney Creek View Post
Easier to insist on things like that in a hot market, though. Although I agree that it's probably the way to go, even in slower markets, just for reasons like this. The buyer wasted a lot of the seller's time with his offer.
I agree that the buyer wasted the seller's time and if the market is turning or has turned toward the buyer's advantage, the seller may not be able to get an equivalent sales price going forward, so the seller's financial position has been put in jeopardy, too.

The market here was extremely hot until recently and many listings stated "NO CONTINGENCIES." Redfin (as one example) has a section where buyer's agents submit information about whether they won or lost in a bidding war and what it took to win the offer. It was typical for the winning offers to go in totally non-contingent, along with significant overbids (20% over, for example).

These offers often stated “Buyer’s offer has no contingencies.” This phrase has become increasingly common in the Bay Area’s competitive real estate market, where buyers are looking for every advantage to stand out from the crowd.

Now that the market has cooled off, at least temporarily, sellers whose property is taken off the market by a buyer who might not be able to close, or might want to back out, stand to lose more (time and money) as interest rates go up.

I've never put this house up for sale before. This past six months I have studied, viewed a lot of homes online and in person, and and spoken to many agents from the standpoint of selling, and from what I have seen and learned, I definitely want to be in a "strong seller's market" position. Some agents are saying that the early Spring will likely be much better for sellers, but who really knows?
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Old 10-17-2018, 10:30 PM
 
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Yeah it somewhat hamstrung us because we had a lot of showings lined up. But I'm across country so I'll be on the hook for the mortgage payment until it sells.
Happy that my current abode is relatively cheap.
Happy that the renovation is over so the guy living there (while he renovates his new place) will start splitting the payment Like he will be splitting the profit. He's managing it and does great keeping it spotless for showing.
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Old 10-18-2018, 04:13 PM
 
Location: 49th parallel
2,137 posts, read 1,073,488 times
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Well, the headlines have all been about the "hot" market, but there are pockets, lots of them, that are not seeing those "hot" markets.

Mostly I expect those are in remote or challenging locations, such as ours. The few buyers that we have in a summer season are all drying up now, and I expect we have seen the last of our market for the year. Unfortunately.
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