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Old 04-25-2018, 08:17 PM
 
Location: Rochester, WA
14,417 posts, read 11,954,182 times
Reputation: 38810

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I would just call and talk it over with your agent so you both understand each other better. Assume good faith at this point, just do a post mortem and find out what happened.

You need open communication, not limits that try to prevent this situation from happening again. This situation won't happen again... but a different one will. We hope!
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Old 04-25-2018, 09:28 PM
 
12,016 posts, read 12,695,396 times
Reputation: 13420
Sounds like you don't have an agent and next time do not respond to verbal offers nor tell your Realtor about them, Usually FHA loans will have an earnest money deposit, but that's after the price is set and agreed to as far as i know.
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Old 04-25-2018, 10:50 PM
 
Location: Athol, Idaho
2,182 posts, read 1,622,476 times
Reputation: 3219
Quote:
Originally Posted by loves2read View Post
I don't know if the initial offer was in writing--
We didn't see it, if it was...

But-correct me if I am wrong
They made an offer--in writing--for the sake of argument--
We counter--on that same document--return via email--
They made a different proposal--on the original and now marked up/initialed document
We accept that--sign/initial--return it

We have a contract--
Is that not correct?

And my point is, I think, I don't want my RE agent jerking my chain with people who aren't serious about buying the house...


OK. So there was something in writing, but it was all done very sloppy.

I think I would ask for a cancellation in writing and then move on. What I find concerning is that from your description there is a deal in writing without any earnest money and no cancellation other than verbal.
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Old 04-25-2018, 11:33 PM
 
Location: on the wind
23,077 posts, read 18,469,364 times
Reputation: 74666
Quote:
Originally Posted by Diana Holbrook View Post
I would just call and talk it over with your agent so you both understand each other better. Assume good faith at this point, just do a post mortem and find out what happened.

You need open communication, not limits that try to prevent this situation from happening again. This situation won't happen again... but a different one will. We hope!
I have a house on the market currently and one of the first people to see it was an older retired lady who had always wanted to live in this little rural town, loved the location, loved the house, didn't quibble about the asking price or anything else. Neither of us were using an agent at the time. In this very remote AK bush location many transactions are FSBO with agents or lenders finalizing the contracts and filings. We did not have a signed contract yet, just verbal. 2 months into all this, she backed out entirely, losing earnest money, appraisal and inspection costs. The house wasn't the reason. The price wasn't the reason. Closing terms weren't the reason. When the appraisal came in it raised her insurance premium enough that she felt she couldn't afford that high of a monthly payment, lost her nerve, and backed out entirely. Of course it was disappointing for me, but it really crushed her. She stayed where she was and didn't look at any other properties. I know...she still sends me little notes!
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Old 04-26-2018, 09:11 AM
 
37,315 posts, read 59,690,076 times
Reputation: 25340
Quote:
Originally Posted by I love boots. View Post
OK. So there was something in writing, but it was all done very sloppy.

I think I would ask for a cancellation in writing and then move on. What I find concerning is that from your description there is a deal in writing without any earnest money and no cancellation other than verbal.
Yes
She/our agent never mentioned any earnest money
Making me think was only fishing expedition
I know the agent we used to sell our last house wouldn't even have entertained a verbal offer only
Especially w no earnest money
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Old 04-26-2018, 09:16 AM
 
37,315 posts, read 59,690,076 times
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As point of information
If sellers pay buyers' closing costs is that tax deductable under new tax policies?
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Old 04-26-2018, 09:35 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 21 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Quote:
Originally Posted by loves2read View Post
As point of information
If sellers pay buyers' closing costs is that tax deductable under new tax policies?
No.
It really is just a buyer cost that they are financing by baking it into the contract price.
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Old 04-26-2018, 09:42 AM
 
Location: Rochester, WA
14,417 posts, read 11,954,182 times
Reputation: 38810
Quote:
Originally Posted by loves2read View Post
Yes
She/our agent never mentioned any earnest money
Making me think was only fishing expedition
I know the agent we used to sell our last house wouldn't even have entertained a verbal offer only
Especially w no earnest money
I'm sure earnest money would have been included in the offer, at least a token amount. On starter homes for buyers without a lot of cash, $500-$1000 would be typical in this area. Usually not a deal-breaker either way so it may not have been thought important in the negotiation at this point.
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Old 04-26-2018, 09:45 AM
 
Location: Raleigh NC
25,119 posts, read 16,146,620 times
Reputation: 14408
you never had anything more than verbal acceptance of some "offer". And verbal isn't a contract. And so earnest money doesn't matter, other than to know what they may have been offering.

Going back to the crux ....

Most important - who represented the Buyers? If she says she did (and she sure seemed to know a LOT about them) but she didn't make that OBVIOUS in the beginning, then I don't know Texas law, but I would be REALLY unhappy at the lack of disclosure.
Ask her - was there a written offer, or not?
Did they provide any prequalification letter, and if not, why not?
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Old 04-26-2018, 12:19 PM
 
Location: Athol, Idaho
2,182 posts, read 1,622,476 times
Reputation: 3219
Quote:
Originally Posted by BoBromhal View Post
you never had anything more than verbal acceptance of some "offer". And verbal isn't a contract. And so earnest money doesn't matter, other than to know what they may have been offering.

Going back to the crux ....

Most important - who represented the Buyers? If she says she did (and she sure seemed to know a LOT about them) but she didn't make that OBVIOUS in the beginning, then I don't know Texas law, but I would be REALLY unhappy at the lack of disclosure.
Ask her - was there a written offer, or not?
Did they provide any prequalification letter, and if not, why not?
If you read the whole thread, the offer was in writing.
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