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Does not matter, we have an opt out on our current house and will cancel the contract. Will wait before we move. This time, I will find a realtor that has experience in NC, knows the area and knows the schools!
This seems about as immoral as what you are claiming the other sellers did.
Actually, given that you are now hosing the buyers of your old house because you (incorrectly) perceive that the sellers of your new home did something wrong...you are the one in this whole situation
Spoiler
acting kind of like a jerk.
Last edited by SunnyKayak; 07-13-2010 at 03:31 AM..
Does not matter, we have an opt out on our current house and will cancel the contract. Will wait before we move. This time, I will find a realtor that has experience in NC, knows the area and knows the schools!
Reading this entire thread, I almost want to say don't bother coming to NC and stay where you are.
You have slammed an NC Realtor for your misconceptions.
Last edited by flyingscotsman; 07-12-2010 at 07:37 AM..
Too many homes never close in this bad market... They cannot get their mortgage they find out they do not have a job etc... Until the house closes, keep the house listed unless there is a law that says you cannot.
Cheers for that, lumbollo. That was exactly my thinking, as well. However, the first house I bought was in MI, not down here in NC, so I didn't know if it could change from state to state.
I thought you entered into the contract as soon as both parties accepted and signed the offer.
Oh, and I couldn't rep you for the excellent reply, but I tried.
Quote:
Originally Posted by lumbollo
This is because they are making the mistake here of confusing the "consideration" of a contract with the earnest money. The "consideration" is the amount of money the party is paying for the house not the deposit. In NC you can have a legally binding and enforceable contract for real estate without having given any deposits before the contract is consummated.
Where earnest money comes in is in the specified penalties if the party fails to meet his portion of the contract. It is common practice to back the promise to complete the contract by handing over a token amount of money as a sign of being serious. However it's not necessary and if you sign a contract for a home, you a bound by that contract regardless of handing over a deposit. (unless the contract actually states the contract is not in force until the deposit is made). In any case the deposit is not the consideration.
If the OP signed a real estate contract with a buyer for his current home, and no deposit was specified in the contract as a requirement, then it doesn't matter if the buyers provide the deposit or not. He is still bound by said contract and can be forced to complete it or he is liable for damages, as determined by the court, for failing to do so. Likewise if he signed one to buy a home, and fails to complete the contract for a reason not specified in the contract, then his is liable for damages. If it is a typical real estate contract, those damages will probably be limited to his deposit which is the benefit of having in the contract. He may also be liable to the real estate agent if he signed a buyer's agency agreement. Technically they are owed their fee because they delivered a house that met the buyer's needs.
Wasn't the OP talking about the buyers for her house that didn't pay the earnest money a few weeks ago? Here is what I have gathered
1.OP PA buyers were supposed to pay on July 2nd and nothing has been paid
2.OP's buyers' house is closing today
3.OP's house is supposed to be bought in August
4.OP is supposed to move to NC in August
5.OP's offer on NC house was accepted, contingent on the PA house selling
6. OP found out NC house's listing price was lowered. OP see's the NC as hers even though she hasn't purchased it. She feels slighted that the sellers
lowered the price. She thinks that now anyone can come in and offer a higher price (closer to the original listing price) and she will be out bid.
7. OP's Realtor may not be familiar with NC law and didn't explain the why's and how's of this action. Perhaps even leading her to believe the sellers were being immoral.
8. OP is worried that her buyers will not close their house today and therefore will not buy her house in August. Then she could lose the NC house.
9. OP is angry at her PA buyers and took it out on the NC sellers.
Yep I think you have summed it up pretty well.
So basically 4 houses AT LEAST have to close on time in sucession in order for the OP to move. It would be a miracle if half of them close anywhere near to on time much less all of them.
I have a new sympathy for the OP as I'm sure none of the people involved here or in PA explained to her how much of a longshot all of this was.
Too many homes never close in this bad market... They cannot get their mortgage they find out they do not have a job etc... Until the house closes, keep the house listed unless there is a law that says you cannot.
This is what BlueD needs to realize, in a nutshell
That is how I see it, too. I should have put at the top that I agree with you, but am still very confused as to how the OP has come to the conclusion that the NC Sellers are trying to cheat her . . . and why she thinks her NC realtor is incompetent.
Looks to me like she should be upset w/ the PA folks if they are not going to follow through on the closing. ??????
Ani, this thread has gotten so long that I feel I have to clarify this again - BlueD's BUYERS were supposed to close today on THEIR home. They are not scheduled to go to close on HER home until August.
Her fear it that between now and the closing on her PA home in August that someone will swope in and offer the NC sellers the exact price the home is now listed for (or even less!) and that because she cannot close in time that these interlopers will "steal": the house from her.
What she fails to realize is, this was the case no matter whether the price got lowered to her offer price or not! This is just the way contingencies work!!!
She is upset with her NC realtor for not explaining this to her. I find her realtor to be incompetent for not doing a better job at calming the situation down - she apparently jumped on BlueD's band wagon about how "immoral" what the seller was doing was and the talk about calling a real estate attorney to sue! This whole thing is much ado about NOTHING, and the realtor should have been able to convince her of that.
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and the talk about calling a real estate attorney to sue! This whole thing is much ado about NOTHING, and the realtor should have been able to convince her of that.
