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Old 07-21-2014, 04:15 PM
 
991 posts, read 1,513,113 times
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OK team,
I have received a preliminary email offer.
We would like to present an offer of xxxk for "address" This is a cash offer subject to suitable inspection and title report.
Closing within 60 days from acceptance. 10k Ernest moneyupon acceptance.
Besides going back with my price in the counter and needing to set an "inspection period time", what else.
They have been told the property is "as-is". It is a RE attorney and his wife, so of course their written offer will be reviewed by my own attorney
Thanks!
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Old 07-21-2014, 04:21 PM
 
988 posts, read 1,733,982 times
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The only items I question are why the lengthy closing date for a cash offer (unless you're looking for such a long contract period) and the earnest money for a million dollar property seems awfully low; I might ask for more EMD so they have some actual skin in the game. That's assuming, of course, that you're still holding firm to the original price you've been stating.
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Old 07-21-2014, 04:25 PM
 
Location: Portland, Oregon
10,987 posts, read 20,494,310 times
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Congratulations!

Your own RE attorney should review the offer before you sign anything. You don't want to take the property off the market until the contingencies are satisfied. If you use a well for domestic purposes you need to demonstrate that it is potable (water sample) - health law.
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Old 07-21-2014, 04:26 PM
 
991 posts, read 1,513,113 times
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Quote:
Originally Posted by berniekosar19 View Post
The only items I question are why the lengthy closing date for a cash offer (unless you're looking for such a long contract period) and the earnest money for a million dollar property seems awfully low; I might ask for more EMD so they have some actual skin in the game. That's assuming, of course, that you're still holding firm to the original price you've been stating.
Thanks Bernie - I'm fine with a sixty close, as I have horses and dogs to move to who knows where?
On the EMD, what would you recommend?
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Old 07-21-2014, 04:28 PM
 
991 posts, read 1,513,113 times
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Quote:
Originally Posted by Nell Plotts View Post
Congratulations!

Your own RE attorney should review the offer before you sign anything. You don't want to take the property off the market until the contingencies are satisfied. If you use a well for domestic purposes you need to demonstrate that it is potable (water sample) - health law.
Thanks Nell, I have recommended they inspect both the well and septic systems.
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Old 07-21-2014, 04:46 PM
 
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Quote:
Originally Posted by gray horse View Post
Thanks Bernie - I'm fine with a sixty close, as I have horses and dogs to move to who knows where?
On the EMD, what would you recommend?
Then that's fine then; wasn't sure if you were all ready to pack up and move or needed some time.
If it's a million dollar price, $10K is really a drop in the bucket and if it comes to a buyer walking away, not much to give pause to someone paying $1M cash. I'd probably try to up it to $25K or so, or even $50K, just so they have a little more stake in things and don't try to wiggle out for non-inspection related results. With a longer closing period, there's always the potential that they might walk if another property pops up, the couple change their minds when they figure out their renovation budget, etc etc. Such a low EMD on such a high contract price really disincentivizes a buyer from following through if they get cold feet.
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Old 07-21-2014, 04:50 PM
 
988 posts, read 1,733,982 times
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Quote:
Originally Posted by Nell Plotts View Post
Congratulations!

Your own RE attorney should review the offer before you sign anything. You don't want to take the property off the market until the contingencies are satisfied. If you use a well for domestic purposes you need to demonstrate that it is potable (water sample) - health law.
Personally, with a 60 day close, I'd want to keep it listed as pending so you can continue to receive any potential back-up offers; you'd be losing a lot of valuable time off the market by pulling it immediately but that's just me.
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Old 07-21-2014, 04:54 PM
 
991 posts, read 1,513,113 times
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Quote:
Originally Posted by berniekosar19 View Post
Personally, with a 60 day close, I'd want to keep it listed as pending so you can continue to receive any potential back-up offers; you'd be losing a lot of valuable time off the market by pulling it immediately but that's just me.
It's listed on the MLS, with a flat fee broker, and since I'm not licensed I don't see any point in even changing it to a pending status. I'm happy to continue to show it, and follow up with interested parties if the deal falls through.
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Old 07-21-2014, 05:04 PM
 
988 posts, read 1,733,982 times
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Quote:
Originally Posted by gray horse View Post
It's listed on the MLS, with a flat fee broker, and since I'm not licensed I don't see any point in even changing it to a pending status. I'm happy to continue to show it, and follow up with interested parties if the deal falls through.
Oh, good; that's definitely in your best interests.
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Old 07-21-2014, 05:15 PM
 
Location: Riverside Ca
22,146 posts, read 33,329,854 times
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I agree with keeping the property listed with back offers etc. It will put enough pressure by itself. The EMD I see it as no big deal because no matter how much EMD they put down they can walk. If the dudes a lawyer he's smart enough to know when he can walk and when its a done deal.
Good luck with the sale. Hope it goes through and all works out
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