skip to main content

Buying and Selling Homes

We got an offer on our home after it was taken off the market.

12 years ago

We had our house on the market for about 2 months (during the winter) and we had MANY showings (broke our realtor's record for open house--or so we were told) as well as multiple inquires. We had 2 offers that didn't pan out because the home-buying environment is such that people think they can pick up a fully renovated house for the price of a fixer-upper/foreclosure. We got sick of all of it and pulled our house off the market. We are not desperate to sell, we just wanted to take advantage of the low interest rates and move to an area where we would have a better commute. More than a month after we removed our listing, we received a hand written letter from a couple stating that they would like to buy our house.

It looks legitimate, but I have to admit that we are leery of it because of the creative ways that realtors have of attempting to get us to list with them.

My questions are:

1) If this is a sincere offer, what obligation (if any) do we have to our former listing realtor?

2) If there is no obligation to our former realtor, can we cut out the realtor commissions altogether and just have a real estate lawyer draft the documents for us? That way the buyers can get a great price and we can be happy as well.

I appreciate your feedback!

Sort by:Oldest

Comments (6)

kats_meow
12 years ago
1 - Look at your listing agreement. It probably addresses this issue.

2 - You don't have to have a real estate agent. As to how documents are drafted and done, this may depend on your state and what is typical.
Billl
12 years ago
Typically, a listing agreement has a period of time after expiration where you would owe commission ONLY IF the potential buyer had viewed the home BEFORE the listing expired. If you find a buyer on your own now, you won't owe commission. However, you need to be sure they didn't attend one of the open houses etc or have a private showing. Your former agent has access to all the sales data from the MLS, so they will be able to check up on you to make sure you are honoring the contract.

If your buyer is really "new" to the property, you don't need to involve the agents. Even if your state has a "standard" contract, you should still have a RE lawyer represent your interests. It will only be a couple hundred bucks and will protect your biggest asset.

As to how to proceed, ask the potential buyer to submit a formal written offer. That will let you know pretty quickly who you are dealing with.
Related Discussions
We got an offer! What to do???
Q
Comments (77)
In comparison we are a 3bdrm 2.5 bath townhouse with about 1650 sq. ft, largest yard on the lot- new privacy fence- and we have new hardwoods in the whole house, fresh paint, fixtures, etc.- The ones that have sold- 2 of them were 2 bdrm 1500sq ft-not updated at all. 2 were 3 bdrm 2.5 baths completely gutted and redone (priced 15K adn 20K more than us) We are priced $500 more than the lady with the outdated 2bdrm on the other side of us. Everyone sold pretty close to their asking price and we are priced at the lower end of our range. We just don't understand why we haven't sold and maybe a new agent and agency can open us to the market again. When did these houses sell? I also wonder if there were a few buyers in this price range that decided not to continue looking for houses due to the news reports. I'd stopped looking for another house but just started going back out the last 2 or so weeks. I think you have a good plan, maybe you need someone that's advertising more, but do you know what your current agent has done? Before switching, I would let the current agent show you your folder with copies of the advertising she's done. If there are no buyers, switching agents won't help. If extremely similar properties have sold, and yours hasn't, definitely change REAs. Better yet, find out which agent sold the comps. Find out which company and realtors sold, and hire that one. My REA just told me that August is slow, to hang in there, and wait for things to pick up in September. How does one find out who sold what properties? This is something I would like to look into myself. Our contract is coming up for renewal, so we have to decide what we will do. I may make a new post as this may help someone else... if people aren't following this post, they won't see the answer if there is one.
...See More
Good News! An offer we like after 16 months
Q
Comments (7)
Everything is more expensive. Property taxes rise 30% a year as all the neighbors sell there homes at escalating prices.( I will be one of them now) There is lots of work but you work so much to pay the bills that you can not enjoy the area. The 11 acres beside us(no home) was bought just in 2001 for 200,000.00 it sold in 2005 for 330,000.00 It is now listed for 1,125.000.00 They turned down 900,000.00 last year. My neighbors home was built and bought 2 years ago for 650,000.00. It is now listed for 1,300,000.00 My wages do not go up as fast as the taxes and upkeep costs. We decided to sell and take the money and run.
...See More
Got our 1st offer....at 90%
Q
Comments (12)
Now, if we wait for them to get thru home inspection, and all the other red tape that goes along with buying a home, I'll be ok., pessimist that I am. I know a dozen things could go wrong. But we have taken very good care of the house and made many improvements, but I guess there are always unseen issues.... He is a Dr., lives out of town, I believe, and needs to close quickly to get to work here. At least that was the impression I got. The house is less than a mile from the hospital and all the medical facilites here, so I guess that was part of the attraction. Lucky for us. :)
...See More
Got an offer on our house!
Q
Comments (16)
I think it is delightful looking. A question concerning the roof. What is it made of, and how old is it? If that needs replacing any time soon, my word that would be a hell of a job to do AND to pay for. When was the roof put on, and when was the house built? I'm assuming that it does not have attic space but is probably insulated and then the interior is covered with boards? Something like beadboard? Is it a natural wood, or painted wood? And is the upper living portion like a loft, or is it a total floor with no open space to the main floor? Can you get to the basement from INSIDE THE HOUSE? What kind of heating system does it have? Is there propane gas for cooking and water heating? Out in the woods, do you have well water or city water? If the power goes off, do you have a way to get water to flush your toilet? I really like this house. Find out why the people want to sell it. Don't fall so deeply in love with this house that you lose track of your own well being. And find out what homeowner's insurance costs for it as your primary residence.
...See More
brickeyee
12 years ago
"As to how to proceed, ask the potential buyer to submit a formal written offer."

An offer in the form you have is not a contract.

Contact the letter writer and ask them to make a formal proposal.

An offer to purchase that when you accept and sign becomes the contract in most states.

You should have access to an attorney to review the contract and look out for your interests (unless you are very experienced, and even than another set of eyes is cheap insurance).
krissie55
12 years ago
The hand written letter you received wanting to buy your house is most likely one of those "will buy for cash" at a very low ball price.

If there is a phone number on the letter, do a reverse look up and you will mostly find it to be a "will buy for cash" place.

I received one of those letters on the house I have for sale. I do not live at that address, however, the letter was sent to my home address. They drive buy, pluck phone numbers, look up tax records for owner's name/address and then send a letter. The letter is bait for their business in hopes they can find a sucker.
Skipper1234
Original Author
12 years ago
Update: It was a legitimate and very fair offer from a lovely couple who happened to see our house while it was on the market and thought it would be perfect for them. Ultimately we decided that the timing wasn't right for us--we made many travel plans that we don't want to put on hold to move.

Thanks to all of you for your input!
RooseveltL
12 years ago
I guess I don't understand. There isn't much work on your part besides open home for appraisal (which can be scheduled quickly) and put in your contract the NOT to CLOSE BEFORE clause.

Unless, you think holding out for a better price or deal later in the year I couldn't see declining an offer if they are willing to work with you?

Related Stories

TRADITIONAL ARCHITECTURE Roots of Style: Georgian Homes Offer Familiarity Through the Ages

By Steven Corley Randel, Architect

Americans have been embracing this interpretation of classical architecture since the 1700s. Does your home show off any Georgian details?

KITCHEN DESIGN Kitchen of the Week: Navy and Orange Offer Eclectic Chic in California

By Vanessa Brunner

Daring color choices mixed with a newly opened layout and an artful backsplash make for personalized luxury in a San Francisco kitchen

KITCHEN DESIGN Kitchen Sinks: Granite Composite Offers Superior Durability

By Rachel Grace

It beats out quartz composite for strength and scratch resistance. Could this kitchen sink material be right for you?

DISASTER PREP & RECOVERY Houzz Tour: Family Rebuilds Home and Community After Hurricane Sandy

By Becky Harris

This restored coastal New Jersey house — now raised 9 feet off the ground — offers inspiration for neighbors considering a return

STAIRWAYS Got Stairs? Here’s How to Choose the Right Runner for You

By Toronto Interior Design Group

Get the skinny on material selection, color and pattern, installation and more

KITCHEN COUNTERTOPS Kitchen Counters: Plastic Laminate Offers Options Aplenty

By Ivon Street Studio

Whatever color or pattern your heart desires, this popular countertop material probably comes in it

ENTERTAINING Got Hand-Me-Down Dinnerware? Make a Memorable Meal

By The Yellow Cape Cod

They might be mismatched and not your style, but those inherited plates and forks can help bring meaning to your table

KITCHEN COUNTERTOPS Kitchen Counters: Quartzite Offers Strength and Beauty

By Jeannie Matteucci

Eye-catching patterns and a natural pedigree make durable quartzite a popular alternative to granite and marble

STORAGE Over-the-Door Shelves Offer Sneaky Storage

By Tiffany Carboni

Capitalize on the serendipitous space above a door with shelving filled with whatever suits your fancy

INSIDE HOUZZ Inside Houzz: New Data Offer Insights on Landscaping Trends

By Mitchell Parker

Homeowners are looking to manage water and add more enjoyment to their landscapes, according to a new Houzz survey

Sponsored

More Discussions

How to increase curb appeal?

9

Color Suggestions for Railings, Deck and Roof

7

Concerns of buying 2br house (instead of 3 br)

4

Which shower pan would you choose with this marble-look wall tile?

4

Addition or move?

20