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Also, and is this a red flag, the closing date was ok but they had the appraisal and loan commitment like the day before closing? Is that some sort of "out" for them I assume so we can't keep earnest (AGAIN?)
Also, and is this a red flag, the closing date was ok but they had the appraisal and loan commitment like the day before closing? Is that some sort of "out" for them I assume so we can't keep earnest (AGAIN?)
Yes it probably is. Make sure you address this in your counter offer.
I'm curious as to why you rejected the other offer that had a contingency that they sell their home first?
When we were house shopping a couple of years ago we were preparing to make an offer on a house that already had a contingent offer on it (same contingency) and were told, by my realtor, that depending on how the contract with the other potential buyers was written the seller could sell to us if the first 'buyer' couldn't complete the transaction with another offer (ours) on the table. Basically, if they couldn't remove the contingency and complete the transaction the seller could accept our offer. Their contingency was actually lifted (they sold their house) an hour after we started the offer paperwork, but it all worked out in the end and we ended up finding another house 6 days later and snatched it up before it went on the market.
Keeem,
we may have done this back when we first listed but given our tight timelines, we really don't want our home as UC, therefore eliminating most buyers. I just don't want any obstacle potentially preventing any other offers or showings.
We are still using this offer as an opportunity to go back to them and see if they can remove it.
The days of home sale contingencies are gone...well, not 100% gone, but a lot less accepted than 2 years ago. A lot of people won't even look at a house that has a contingency on it....and the odds of the buyers selling their house has greatly decreased. I know in some areas, they are still accepted, but very rarely in mine.
The days of home sale contingencies are gone...well, not 100% gone, but a lot less accepted than 2 years ago. A lot of people won't even look at a house that has a contingency on it....and the odds of the buyers selling their house has greatly decreased. I know in some areas, they are still accepted, but very rarely in mine.
I agree. Even with a bump clause (72 hour clause), there is so much inventory most buyers will just pass on homes with an offer already. Not good for sellers.
The market is significantly different than it was two years ago. Negotiating strategies are based on what the market is doing.
Yea, it does depend on the market. Makes sense to avoid being under contract... The situation was different when we made an offer on one (it had had been under contract for 3 months). Everything in this area (private lake community) that wasn't horrible or horribly overpriced or in a terrible location was disappearing quickly (sometimes in less than a week). That is part of the reason that we made an offer on our current home before it was listed on MLS.
DJ that offer is 185000 below your asking price. That's a big difference..did you decide to counter? I agree, counter at what you are comfortable with, try to relax although that is easy for me to say, or not to say, whatever, I am not exactly the queen of relax..
Hoping the offeree will come up to what is an acceptable offer...things will work out..I have seen pictures of your home, it is STUNNING. It will sell to the right buyer, this time.. sending good positive thoughts to you!
I've been lurking here for a long time and figured I'd put my two cents in.
We put on home on the market in May at $1,140 got lots of showings but that's about all, we lowered the price about every other week until we get to where we are now at $1,029. We got an offer about two weeks ago and their starting offer was $900,000! After going back and forth, we finally agreed upon $980,000. Last week we got another offer from someone else for $875.00! And yesterday we learned there was another offer, but they tap out at $940,000, so everyone is nuts out there! We have had about 35 showings overall and houses in my area don't stay on the market very long (the average is 139 days per my real estate agents website) There were several homes put on the market shortly before and after mine that are now in pending status, so thank heavens for living in New York (I'm in the burbs about 45 minutes outside NYC). Our buyers are from abroad and "he" of all the things is an underwriter for a mortgage company and they have a good amount of cash. We went through the inspection fine and the contracts are in the works, and they will be signed early next week. They are in the final stages of selling their own home abroad and they are in a hurry to get their kids enrolled in the school system here, so it’s going to be kind of a rush for both of us as they have a big move and so do we (we are moving to Hawaii). We have a tentative close date at the end of Sept (they would like it earlier but I've got so much to do) and than we are leaving for our new home state during the first week of Oct. This has been five years in the making for us, yet it's now only starting to sink in. I’m Thankful the real estate market is taking a beating in Hawaii too and we hope to recoup some of our shortfall when we purchase a home there (and the taxes are a joke from what we pay here) However, I will feel much more relaxed when we get the signed contracts but they need this house and we are leaving them plenty of our stuff, kitchen table, a leather couch, tractor, snow blower, books, extra fridge even my bed and mattress, outdoor furniture and lots of other stuff (they offered to pay for some too). Keeping my fingers crossed everything goes through without any problems.
FYI....When we had a broker open house in May, 20 brokers showed up - 10 said he house would sell for above 1 million and 10 said below (but in the mid to upper $900,000 range) - $980,000 was our lowest accetable offer but we wanted to sell fast, so sometimes one has to bite the bullet (only of course if you financial situation let you). I've been living in my house for 15 years and own it outright, so no mortage is involved.
Please everyone keep the faith and I wish you all the very best of luck selling your lovely homes.
Last edited by Frangi914; 07-19-2008 at 03:49 AM..
320 days on market 75+ showings we have a contract finally!!!
After having our house on the market since last Sept. we had an offer and now we are in contract. Our agent ended up bringing a couple in that loved the house so she is representing both of us!!! Lucky her !!! Today is the inspection. I will be interested to see what they come up with. Our house is 20 years old and it has been well maintained. I can not wait to have this all behind us. Went house hunting this past week to where we will be moving and did not find anything we were in love with....will be going back in a week or so to have another look. Talk about stress!!!
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