Well, got another one

17 years ago

We started showings again Monday, it was shown 3 times Monday and 3 times today. There are a couple more showings lined up. We got another offer today-- it was full price (187,000) with 5600 in closing cost help. Settlement date flexible. Earnest money was $1K. We countered at 2800 in closing cost help (or that tacked to the price if they prefer) and $2K in earnest money. I know some may think that the earnest money is light, but honestly I have come to regard earnest money as a crock. The last buyers refuse to release their $2K in earnest money even though they sat on the house for a month-- they keep insisting we split it as the promotion/decision not to move "wasn't their fault." Like it was ours? I am not sure how to handle the earnest money question-- I guess I will be calling our attorney, and that doesn't come free.

Anyway, the new offer wasn't bad, but I don't feel that great about it-- the buyers are preapproved, but plan to use 100% financing and a 40 year mortgage. Doesn't make me feel like they are in very good shape to weather setbacks either before or after closing, but I suppose that's not really my problem at this point. It seemed foolish not to counter so we did. Will keep you posted. On a brighter note a friend of mine who has been searching forever without much hope found a house within walking distance of our new one, so we are all happy about that.

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Comments (12)

qdognj
17 years ago
best of luck, i hope this one works out..On the bright side,the amount of showings you are having is a big positve
teelag
17 years ago
wow...congrats...hope things go smoothly!
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kellyeng
17 years ago
Knew you would.

All this stress will be a distant memory and you will have a beautiful new house to enjoy.
mfbenson
17 years ago
Wait a second... you've got a full price offer, and you want to keep all of the escrow from the previous offer that was withdrawn? The point of escrow is to compensate you for the expenses and loss of market value of having to put the house on the market again.

I'd deduct the actual expenses incurred and let them have the rest back. Then again, I'm regularly accused of being "too fair", whatever that means.

I could see waiting until after the new deal closes to make sure that the actual expenses really are actual and don't keep on growing.

That said, their argument about the promotion "not being their fault" is stupid. They made the choice to accept the promotion and not move. Whatever amount you decide to give back is a gift.
jerzeegirl
17 years ago
If there was an offer that was accepted and all the contingencies are met and then the buyer decides they do not want to buy the house for whatever reason, they would very likely lose their earnest money...all of it... because the earnest money would turn into liquidated damages. That's the whole point of the earnest money. That's why when you are listening to offers, and one potential buyer offer $1,000 in earnest money and the other offers $10,000, the second buyer is a better quality buyer because he is putting more at risk.
chisue
17 years ago
Here you can submit an offer with a token $100, but then you must "pony-up" in the contract with some serious escrow if you want to be taken seriously. We had a $10K escrow in offers -- buying and selling.

Demeron's house was off the market for a month! The contract is the contract. The back-out buyers lose the escrow; that's what it is for. It's not to "insure against loss if you get a lower price later". If that were the case, the back-out buyers could end up owing a fortune if the market tanked -- collecting would be another thing.
demeron
Original Author
17 years ago
Well, got another and stronger offer-- so I rescinded my counter on the first. Wasn't that lovely of me :( I feel like such a rat. The new family is putting 15% down on a 30 year mortgage, much stronger financing. Plus they offered full price. IF this offer flies, I will be more inclined to compromise with the original buyers. I just feel so uncertain and feel like I am either disappointing others or being disappointed in my turn. Can't wait to be done with this. The only upside is the clean house :P
qdognj
17 years ago
Housing Bubble? Where? Not where demeron is, that is for sure!!!! Once agin, congrats!!! Multiple offers, AFTER losing one, wow...perhaps you should throw some of your luck/good fortune to some others here...
quirkyquercus
17 years ago
$2k in earnest isn't bad considering they don't have any money. (100% financing)
jerzeegirl
17 years ago
That's more like it. 15% Good. Now let's all keep our fingers crossed.
terezosa / terriks
17 years ago
demeron, can you even accept another offer while the earnest money on the first offer is in limbo?
demeron
Original Author
17 years ago
Good question, Terriks. My agent says we can (well, she said, "You can't, but you can.") I am just very dismayed by what I am hearing about the difficulty of getting earnest money. By the way, the buyers did not prefer another house. The DH got a promotion and decided to stay in Maryland (I'm in PA.)

I'll be happy to share good luck around when this deal actually CLOSES :) Until then I am not sure it IS good luck. If we go "sold" and then "unsold" again, people are going to start seriously wondering what's wrong with the house.