Hubbard clause - should I or shouldn't I???

12 years ago

We put our house on the market a week ago and have had good interest and two offers. One was low and we declined. The other offer was very good, but the buyers wanted a Hubbard clause. We would very much like to sell to these buyers because they are the children of one of our neighbors. They are a great family and we love their parents. They own a beautiful home in another town and are prepared to immediately put it up for sale - they desperately want to buy our house. Normally I would never consider a Hubbard, but these are unusual circumstances. Should I, or shouldn't I.....

Sort by:Oldest

Comments (5)

deegw
12 years ago
Why should you take your house off the market for something that may or may not happen? You can write the contingency so you can take other offers but in reality most home buyers won't even look at a house with contingency offer. I'm all for being gracious and kind but this is really way more than a generous favor.

If they REALLY want the house they'll find a way to make it work without you assuming all the risk.
ncrealestateguy
12 years ago
deee is right... keep your home Active, and tell them to send you a pre approval letter the day they get under contract with thier current home. Then, it would be wise to get into a short term contingent contract with them. (30 - 45 days).
Related Discussions
Should I or shouldn't I?
Q
Comments (5)
Your rocker is a mid-Victorian (or repro) lady's rocker-- hard to tell from the photos if it is of the era. It looks like it might be mahogany or walnut. These rockers are usually very comfortable. Very worth cleaning and fixing up! Victorian is not terribly popular right now, so enjoy it until it regains its value. The barley-twist table is later Victorian. It's pretty bashed up and looks like it is missing a lot of veneer on top. On the other hand, it's an attractive form and has the wonderful claw feet gripping glass marbles. It would be quite project to restore it ... but would be an eye-catcher if you did. The drum table might be easily restored using something like Howard's Restor-A-Finish. Did the top originally have leather? Or could we have a better shot of it? I think the Hepplewhite/French sofa would look better with an untufted back. Is it in good structural shape? If so, it might be a good project for learning upholstery. It's a very pleasing shape. Interesting chest! Does the top open on both sides? It could be a home handyman special, although the feet are rather refined. I'd refinish it rather than painting it. The Duncan Phyfe style sofe is most likely a repro -- the carving isn't very sophisticated. This is the only one I'd be even remotely interested in painting. But reupholstering it would probably cost much more than it's worth.
...See More
Granite countertops, should I or shouldn't I?
Q
Comments (11)
If you're going to replace your countertops, wait to tile after the new ones are installed. Otherwise if you don't wait, your tile can get damage PLUS you'll have a gap between the existing tile and new countertop. Another point to make is that if you replace you countertop with a different material, like granite or quartz, there will be differences in the thickness of the countertop, which will effect things as well. You'll get a better fit and less hassle if you replace your top, then tile. Also, if you're cost conscious, its more expensive to custom fit a new back splash underneath existing tile. You could probably donate your tops to your local Habitat for Humanity. This post was edited by SmartDesignerGirl on Thu, Jun 13, 13 at 12:06
...See More
Should I trim or shouldn’t I?
Q
Comments (33)
I've read it's best to move them when dormant. DJ, I like your JM there. Why do you want to move it? I'm lucky to live 2 hours away from Maplestone Ornamentals and only 6 miles from Dawes Arboretum that both have world class JM collections. I've managed to visit and buy more than a few times. MO sells in gallons so they're not too expensive and I get to watch them grow up. Dawes has really great prices on nice sized trees. My collection is now up to 22 different, but they are getting harder to place. I've got room for a couple more sun loving ones, perhaps this fall when Dawes has their sale. I managed to get a few more pics that show what I'm doing, but I'm far from an expert. Here's the Orange Dream from a better angle. I'd like to develop a strong central leader, but it seems like it wants multiple ones. I'll probably try staking one soon, but I'm done cutting on it this year - just once in the spring. I had no idea this was such a quick grower and might have planted it too close to the house, but it looks like it is growing away from it anyway. This is Smokie Rise Church and definitely planted too close to the house. I thought it would be more upright so I'm trying to train it that way and pruned some of the wide growing branches off already. I didn't have a place for it, so I just put it in the ground last fall (since I killed the last one over winter in a pot) and it's really taken off.It looked really cool this spring and you can see how much its grown this year. I took a branch growing toward the down spout and staked it up so the tree was balanced more forward. This is Emerald Mist just bought it a month ago. Its supposed to get big fast and take lots of sun. I love the way the leaves turn red in sunlight. I guess its a pretty green in the spring. (I can move the daylily later). I just staked it up for now, it was a bit too sprawling.
...See More
Zip Lining. Should I or shouldn't I? Would YOU?
Q
Comments (54)
Nicole, the sign is a cute saying. It's one of those trite sayings that makes me smile. However as someone who struggles with reasonably bad chronic pain every day, it also makes me wince. Your original post asked for feedback, and all kinds of people have given all kinds of feedback. Speaking for me, zip lining would at best likely leave me in pretty bad pain for many days and at worse would do even further damage to my already increasingly-decrepit body. I am not saying that to make you feel bad, nor to try to talk you into nor out of anything. :) If you want to do this, DO IT and have fun!! Seriously. But as someone who hopes to live for another 3 decades, you will not find me doing anything which further encourages the "thoroughly used up feeling." It's really not as fun as the sign implies. :)
...See More
maurenemm
12 years ago
The wisest answer is probably NOT to do it.

Are you under any time constraints to sell? If not, then I suppose you could do it. But, if I were you, I'd want to know all about the house they have to sell like what they plan to list it at (make sure it itsn't too high). And is there a minimum price they have to get for their house so that they can afford your house? How is the market there? Do nice, well priced properties sell fast?

I'm curious...Are they looking to move in general or just want to move for your particular property? If its the latter, I can see where there are in a bind.
momtoollie
Original Author
12 years ago
Thanks for all the responses - this really helps.

The buyers are only interested in our property because it abutts their parents backyard. It's a one of a kind situation for them.

We are building a house and our timelines are a bit flexible. The builder will speed things up if we sell quickly, or vice versa.

I'm leaning toward ruling out the Hubbard but countering with a longer window to close - as much as 6 months. We could close on the new house without the sale of this one if we had to. At least this option would shine a light at the end of the tunnel.

Do you think this is a feasible option?
sweet_tea
12 years ago
if you push closing out 6 months, you essentially are waiting for them to sell. What if 6 months passes and they do not sell? Then you are appoaching Thanksgiving with a home to put on the market. Then do you keep their earnest money? You probably cannot, because they would not be able to obtain a mortgage for your home, if the other doesn't sell.

Maybe their parents can buy it(your home) for them or get a bridge loan while the other home is on the market. then when the other home sells, the kids and refi in their own name. Or possiblly they can get a bridge loan without their parents.

Hubbard clause - should I or shouldn't I???

Comments (5)

deegw

ncrealestateguy

Related Discussions

maurenemm

momtoollie
Original Author

sweet_tea

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

Hubbard clause - should I or shouldn't I???

Comments (5)

deegw

ncrealestateguy

Related Discussions

maurenemm

momtoollieOriginal Author

sweet_tea

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

momtoollie
Original Author