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.
of a listing agent calling someone who'd visited an open house and offering to take the listing off the market, with an earnest payment holding the property for several months while the potential buyer gets their financing together?
I am settling my parents estate, waiting for their house to sell. I thought it was sold, but that fell through. I am using part of my share of the sale proceeds to buy a house.
I had made a decision on a house and was meeting with my buyers agent to make an offer, when I found out the sale fell through. I decided I wasn't going to look at anything until the house was sold. On a lark, I went through an open house several weeks ago. It would be a nice fit for me and I mentioned that to the listing agent. I received a call last night from the listing agent and he asked if I had made any decision yet. I said since I was still waiting for the house to sell I was holding back on making any decisions. I'm not sure how to feel about this phone call. It surprised me, but also interests me. I haven't called my buyers agent yet.
Is this off the wall, or weird? I really don't know what to think, it is something I might consider, but I'm kinda weirded out too.
Not that off the wall -- I suspect that what the listing agent would really be doing is accepting a contingent offer with a very long close. If you are in an area that, like most, experiences a significant seasonal slow down as the weather turns this is not completely unheard of, though there are some downsides.
If you really like the house and have good confidence that you will be able to close this may be a good option.
Real down side IMO is the house is taken off the market, extended 'possible' closing and the 'potential' buyer may still not be able to get financing - which means you've lost time. Guess if it could still be marketed with this buyer having first option, but I'm just not sure if I'd pull it off the market in the 'hopes' this buyer gets approved for financing - maybe with a 'substantial non refundable' earnest money deposit. Think you may want to give your buyer agent a call and get feedback from them since they know your area and we don't. But there sure are a lot of "ifs" here and I'm not too keen on 'if' and 'maybe' and 'potential'.
c21: I think the OP was talking about buying a house with an extended close, not selling. yes he is selling his parents estate, but in the meantime he has found a home he likes and the listing agent offered up an idea.
to the OP: don't be weirded out. Listing agent is just thinking out of the box. TAlk to your agent, do the comps, and see how it feels. go back to the house too and make sure it really does work for you.
The listing agent wants to get the house sold....and he probably called you because he wasn't aware that you had an agent (which is why we ask for open house visitors to register). I'm with Shelly....I think he's being creative in getting his listing sold...I'm not sure what's weirding you out.
I told the listing agent I had a buyers agent and was just looking. My financing is approved and it's just a matter of getting my parents house sold so I have a little more for a down payment (my comfort level) and I can get on with my life not having to run to Atlanta from Charlotte to deal with all that crap. I feel overwhelmed with the estate dealings due to my family and their issues and really am trying to focus on 1 thing at a time.
I told the listing agent I was truly just looking, curious about the home since I'd driven through the neighborhood and liked the homes. They've done a lot of renovating inside and I was curious. When I walked into the home, there were 6 or 7 people inside with the agent and the first thing he said is "are you a neighbor too"? All the neighbors were coming through. I was the first non-neighbor to walk through!!!
After his phone call, I kinda sat there for a few minutes, puzzled. As a single woman, and first time home buyer, I think I am more sensitive to making the right decision and I kinda felt pressured. After I thought about it, I wondered if it was a marketing tactic that I hadn't heard of and the pressure went away. I am just trying to do the right thing for me and guess I am hyper-sensitive to this whole real estate process. I'm an intelligent person, but know absolutely nothing about this process and that's why the first thing I did was get a buyers agent. I like my buyers agent and she's been a lot of help and I'm calling her this morning to let her know and see what she thinks.
I would still be the seller's decision to accept the terms of the contract i.e. long closing, contingency on financing etc.
Naima
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.
calming down
