What would you do?

15 years ago

After less than 6 weeks on the market we accepted an offer on our house for $5000 below asking price that is contingent on the family selling their home in a neighboring town. The inspection was done for informational purposes only and everything went good. The buyers have right of 1st refusal and the contract must be executed by November 1, 2008.

In the meantime, we can continue to market and show our house. Since then, we have turned down 2 other offers (less money and really quick closing requirement).

Anyway, here is the problem- we just received a full price offer with a closing requirement for August 23rd and the buyers want an inspection. I am concerned that the inspector will say that the home needs a new roof and we would be left to negotiate the price with the buyer so that the price difference between the 2 offers would be eliminated. More importantly, we are building a new home that will not be ready until January and if we accept the new offer, we have to get out quick (6 weeks) and rent for an even longer period of time while we wait for our house.

If it were you, what offer would seem better? I know that in a bad market, accepting a contingency is risky but I am confident that the 1st buyers house will sell and if it takes a few months, that just gives us more time to stay comfortable in our place with 2 young children.

I realize that we are very lucky to have options in such a tough market and I am grateful for the offer but am so unsure about what to do. Besides, I know it is crazy and it makes my husband nuts when I say it but I feel a little committed to the 1st buyers and already feel bad about possibly screwing up their plans. I'm sure I will get killed for this because it is just business but I can't help how I feel.

Any opinions or thoughts are welcome and appreciated.

Sort by:Oldest

Comments (5)

mpinto
15 years ago
How sure are you about the roof? I wouldn't want to be rushed out the door over $5000. You will also have the expense of moving twice and have to pay rent (money out the door) longer.

You might want your agent to present this to your first buyer's agent. Maybe they can work on removing the contingency. Do what is convenient for YOU.

I also think it's nice you are thinking of the first buyers. There is nothing wrong with ethics in business. Good luck.
crescent50
Original Author
15 years ago
Mpino-
At our inspection 7 years ago, we were told that the roof was in OK shape- 5 to 10 years before needing to be replaced so I am almost certain the $ for it would have to be negotiated if we went with the new buyers. Also, the house is 60 years old so I'm guessing some other issues might come up although it is in nice shape and well kept.

Our realtor actually made the same suggestion about having the 1st buyers remove the contingency so I guess we will see. We are wondering if they may be willing to close on the house and then let us rent it from them. We have a bank letter from them that states that the sale does not have to be contingent and they are approved for mortgage so in a perfect world, our sale could be settled and we could still enjoy the house (no more showings with a 4 and 1 year old:)!) and they could take their time to find the right buyer for their home.
Time will tell. Thanks for your response and comments- I really do think it is important to consider how an huge decision for my family effects a huge decision for someone else's.
Related Discussions
If You Could Re-Do Your Garden Shed, What Would You Do Different?
Q
Comments (8)
Oh boy ... that's definitely a loaded question, but thank heavens my husband doesn't read these forums! I'd had it all planned out (the shed, that is), but it was not cost effective. Oh all right - $2000.00 IS a bit ridiculous, I suppose. We modified the design and took a few shortcuts to significantly drop the cost, got a few things from friends ("free" works for me!), and ended up w/ a really cool shed, inside & out. It's large enough to hold all of my garden tools/accessories/books/etc. Plenty of space to move around, lots of counter space for various tasks ... I actually spend quite a bit of time out there on the weekends, even in cold temps (propane heater). BUT ... the number one thing that I would do different is the roof. While corrugated tin LOOKS absolutely fantastic, rustic, etc., it doesn't hold heat worth a darn! Of course, I can't possibly say anything about it at this point - the shed is built, and I'M the idiot that fell in love w/ the overall look of a tin roof! *heavy sigh* Guess I shot myself in the foot, so to speak!
...See More
If you have a Ton of home-made compost, like I do, what would you do?
Q
Comments (21)
I don't have real compost but I do have leaf mulch that has really broken down over the couple of years it has been in a windrow out in my back yard. The town brought me 8 large trucks ( approximately 200 - 250 cubic yards) that had been vacuumed out of the gutters. I use it as mulch every time I plant something new in my gardens about 6-8" deep and my soil is easy to plant into now and the weeds are few and far between and easy to pull because they are only rooted in loose mulch. I like it so much that I'll probably e-mail the Superintendent of Public Works about November and ask for about 5 more truckloads to replace what I've used. I almost feel guilty about how easy it is.
...See More
What would you do with this extra bit of garden? Or dont do it.
Q
Comments (37)
While I think this is a definite improvement, the path seems too narrow between the hibiscus and the colorful flowers where the bed edge now bends back in a backwards S. I would flatten the S a bit to make that part of the path a bit wider. I also wouldn’t want something particularly tall blocking sight lines to the front door unless it will be tall enough to limb up. Doors that are blocked visually by plant matter bother me and feel unwelcoming. Either keep that plant shorter than the hibiscus and have the mass provide the balance, or choose one that can be limbed up and the door seen below the branches. I like the idea of balancing the hibiscus, but the house itself cannot be ignored in the process.
...See More
If you had an unlimited home design budget, what would you do with it?
Q
Comments (45)
For the heavily wooded rural property where my sister and I live: Add 2nd bath and 3rd bedroom to our cabin (for small art studio & guest space) Complete interior walls and floors (sheetrock, paint, porcelain floor tile) Add mini-split cooling/heating system to replace window units and augment wood stove Build shelves and cabinets in living room and bedrooms Build dining banquette and table into dining nook Upgrade and paint exterior siding and build covered deck to surround all 4 sides of cabin to provide covered parking and protected walkways to and from living space Build combination greenhouse/potting shed Fence and landscape property...including well and pond with rock scape and waterfall Build small barn to house goats and ponies for grandchildren, nieces, and nephews Improve road and driveway for eased access to property
...See More
theroselvr
15 years ago
Crescent. in a perfect world things go smooth, but most time, it is not a perfect world, stuff happens.

When we built our house last year, they were amazed at my hubby's great credit, kept telling us, if the house doesn't sell, don't worry you have equity, think bridge loan was mentioned. Then my hubby fell from his tractor trailer & was out of work 2 months. By February things had changed, we had to sell the old house in order to even move into the new.

Anyway, I'm not nuts about the long close. Too much can go wrong. There are posts about buyers backing out at other forums. The longer the close, the more prices go down, buyers can get remorse.

I would move twice if I had to. You can't predict what will happen tomorrow.
theroselvr
15 years ago
You will also have the expense of moving twice and have to pay rent (money out the door) longer.

If prices in the area go down and they lose their buyer, it's possible that moving twice and paying rent was cheaper then having to do price drops.

We'd originally listed for almost $240k, 9 months later we sold for $207k.
disneyrsh
15 years ago
I would take the second offer and move out. A bird in the hand and all....

Just get an apartment or rent a house for a while. You never know when your new house will be done, anyway. There may be unforseen delays.

And unless you have a crystal ball, being "confident" about the buyer's house selling is nothing more than a warm fuzzy feeling.

What would you do?

Comments (5)

mpinto

crescent50
Original Author

Related Discussions

theroselvr

theroselvr

disneyrsh

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

What would you do?

Comments (5)

mpinto

crescent50Original Author

Related Discussions

theroselvr

theroselvr

disneyrsh

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

crescent50
Original Author