Question about buyer's access before the closing
camlan
16 years ago
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Comments (12)
susana_2006
16 years agoRelated Discussions
Buyer wants to show home to prospective renters before closing
Comments (19)"If it is not in the contract, and if the buyer walks because of this, the seller can sue for breach of contract, or in the very least keep his deposit. " There are so many ways to kill a deal under most contracts it is not even fumy. Unable to fulfill the financing contingency? Deal is dead. One of the oldest ones has been to have a wife decide to stop work for pregnancy. Not enough income available? Financing fails, deal is dead. No rental contract in place? Financing fails, deal is dead. If your house is so hazardous you fear every guest injuring themselves and then suing, it must be a real rat hole. No wonder it is for sale...See MoreBuyers who don't go away after closing
Comments (57)Kellyeng, that's so funny that the neighbors would think you could do something about the landscaping! C9pilot, I agree that the sprinkler system map is a great thing to leave. When we sold a house we built we left a copy of the house plans. To give you an update, I haven't heard from the new owners in over two weeks, so I'm hoping I won't. I did talk to the man who did the inspection on their house, and they wrote him a letter asking for $4000 for repairs of things he didn't catch. I can't even imagine what they're talking about. The funniest (or saddest) part is that they never paid him for the inspection. The inspector said it's the most troubling thing that's ever happened in his 18 years of inspections....See MoreBuyers asking for Price Reduction before Closing
Comments (34)In our area, so many contracts do not make the period of refusal after the inspection that we do not even put the earnest money into the escrow account after the contract has gone past the inspection and acceptance by both parties. If you want them to buy the house more than you are willing to walk away from these buyers, then you give in. If they want to buy the house more than you are willing to lower the price, then they give in. This is just a business transaction and you are coming to a new agreement about the price within the bounds of the contract law. You need to know what the contract says in your particular situation and in your local area or trust that your real estate agent will advise you correctly/appropriately. In general, the investor does not have to buy this house. Another house will come up for them. So they maybe willing to walk. You HAVE to sell this house. You are not in the driver's seat. They have the money, and you want their money. Unfortunately, if you call their 'bluff' you may hurt yourself more than the potential buyer precisely because they DO NOT have to buy this house and buy another house just as easily. It is just a commodity to them. Your real estate agent should have advised you this fact about the investor buyers. If your local area allows it, it does not matter what the reasons are, they have the right to terminate (within the deadline) the contract based on the inspection; as least that is the law in my state. I can simply say that there are thing about the house that I don't like 1,2,3 etc, and I have the right to terminate. The contract says that the condition of the sale is based on inspection. (there is always something one can use to get out if one really does not want to buy the house...) It seems harsh but in the buyers market, the buyers have that option. You need to know your market to know how much you can leverage the market conditions. If the market is so hot where there will be another buyer quickly, then you hold your position. If the market is soft and you are not sure if you will have another buyer quickly, then you renegotiate to get the best price that you can. If they are investors, they maybe more savvy than you about buying and selling houses and have a better real estate agent to negotiate for them. Don't take any of this personally. Evaluate each position methodically and take the one that meets the most of your needs. Take the emotion out of this and ask yourself what is an acceptable price to you to close the deal and negotiate toward that. In business transactions, unless the deal closes, no one gets paid; the seller, the real estate agents (yours and theirs), the loan officer etc. This is why all agents really work for the 'sell' and not the 'price'. Most of all, you don't get paid until the deal closes....See MoreQuestion about Closing Costs
Comments (8)I live in a flood-prone, hurricane-prone area, and this if my first house, so I can't transfer a policy. The insurance company has no idea that I'm receiving a grant to fix the house and I don't intend to let them find out. From the outside the house looks structually sound, but in need of paint. The inside is a different story. The asking price of the house is about $147,000 and is about 1800 square feet with a detached garage. So can anyone answer my original question? Can I ask for help with closing costs since the insurance is so much more than I expected? (The bank holds a years worth of insurance money in escrow, doesn't it?)...See MoreAdella Bedella
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