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.
Exactly. The seller should do everything they can to protect themselves should your house not sell and you not be able to complete the purchase. This is not unethical or immoral...it is sound, prudent business sense.
I was in the exact same situation when I bought my house here, and indeed, was in the same situation when I bought my previous home.
In both cases, the Seller kept the house on the market. I only had 21 days on my previous home to find a house and close on it (after my home closed - it was a cash deal). I actually had less time on this current home but was lucky enough to be able to rent our townhouse here in Charlotte an additional month so I could take more time on closing our new house. (Of course, lost money having to do that - but that's life).
Until the deals were done, there were contingencies on contracts and the Sellers would have been dumb (and their realtors would have been remiss) had they not made sure the Sellers continued to show the house "just in case." Things do go wrong!
Thanks I Love Moutains, it was understood that the sellers were still going to show the house - but that it would indicate: Contingent. That was not a problem or an issue. The same rules applied to my house as well. What I had never seen before (and have checked with many agents that I know here) - they have never seen the price changed on the MLS for the agreed price that we agreed to pay for the house.
I can pull out of my contract at my existing house legally, because the seller's agent past the deadline on one of the issues. Heck, I might pull out wait a year.
I was never advised at any time that this could happen. And, since I never heard of this happening.
Thank you for the assit.
BlueD
You are so welcome. I know buying a home is a huge deal, and can be very stressful, but honestly, no one has done anything wrong here. I feel badly for you that your realtor did not explain all this to you better.
Our of curiousity, when you first met with this realtor, did they present you with a phamplet titled "Working with Real Estate Agents"? and give you an explanation as to what was in the phamplet?
You are so welcome. I know buying a home is a huge deal, and can be very stressful, but honestly, no one has done anything wrong here. I feel badly for you that your realtor did not explain all this to you better.
Our of curiousity, when you first met with this realtor, did they present you with a phamplet titled "Working with Real Estate Agents"? and give you an explanation as to what was in the phamplet?
The only thing she mentioned was the buyer's agent agreement. However, this situation was never brought up. Apparently it is down here in the south. But I just checked with real estate agents here - that are personal friends and this was something that they never heard of. I might just wait a year and let ALL the contracts run out. I would have liked to been down there for this school year, but sometimes things happen for a reason.
The only thing she mentioned was the buyer's agent agreement. However, this situation was never brought up. Apparently it is down here in the south. But I just checked with real estate agents here - that are personal friends and this was something that they never heard of. I might just wait a year and let ALL the contracts run out. I would have liked to been down there for this school year, but sometimes things happen for a reason.
Regards,
BlueD
Please dm me the name of your realtor and which firm they are with, if you don't mind
The only thing she mentioned was the buyer's agent agreement. However, this situation was never brought up. Apparently it is down here in the south. But I just checked with real estate agents here - that are personal friends and this was something that they never heard of. I might just wait a year and let ALL the contracts run out. I would have liked to been down there for this school year, but sometimes things happen for a reason.
Regards,
BlueD
Sometimes, taking your time IS the best way to handle a home purchase.
I would just like to add . . . putting a contingency on a contract has nothing to do with being in the South. Dear me. This is standard real estate practice all over the nation.
Sometimes, taking your time IS the best way to handle a home purchase.
I would just like to add . . . putting a contingency on a contract has nothing to do with being in the South. Dear me. This is standard real estate practice all over the nation.
Ok, I am not talking about the CONTINGENCY....this is standard practice all over. What I am referring to: is listing the house on the MLS at the purchased price, this is what I find confusing.
Ok, I am not talking about the CONTINGENCY....this is standard practice all over. What I am referring to: is listing the house on the MLS at the purchased price, this is what I find confusing.
You said it was listed on Realtor.com. Has the the listing been changed on the MLS here in Charlotte?
It doesn't matter anyway!
If you want your property to reflect a higher selling price for the future, just buy more tax stamps.
If all your concern is the listed price, I am completely at a loss as to why this bothers you.
I'm no real estate lawyer, but my understanding is that another buyer can't come through and "steal" this house out from under you until you are given the opportunity to fulfill the contingency by selling your existing house. Am I wrong?
If I'm not wrong, then lowering the price doesn't effect you in any way. Either you sell your house, remove the contingency and close - or you fail to sell your house, in which case you can't close on the house here regardless of the price.
I would guess this is a list price to sold price manipulation by the listing agent.
I would also venture a guess that there is no price reduction addendum to the listing contract.
I would venture another guess that the listing agent will so the appraiser the MLS report making the appraiser think it's a fair market value full price offer.
What do you care that the house is listed for the agreed upon (contingent!) price? So what? When you agreed on a sales price you knew what the sellers were willing to sell for. There are no guarantees that your existing home is going to close and therefore the sellers are being proactive. If both sales go thru - what have you lost? I agree about your agent - he/she is doing you a disservice. Your concerns make no sense to me.
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.
