SOB:. real estate guys!

justjeepin86

justjeepin86

Well-Known Member
Joined
Jul 9, 2005
Location
Winston-Salem, NC
So, I just signed an offer for my house sale after work today. Great news right? Well, got a cash offer call from someone that has previously looked at my house a few weeks ago. I could close sooner and keep a fair amount of cash. Fsbo, by the way. I'm screwed and have to sell, right?

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Yup. Unless the buyer walks away during due diligence.
 
Depends.
By the letter of the law, perhaps.

I'd at least make a phone call and tell them you got a better offer and were going to take it and see how they respond.

But at a minimum...you have a hell of a bargaining chip. No I won't repair anything. No I won't wait x more days. No I won't give any concessions.
 
Ron said:
Depends.
By the letter of the law, perhaps.

I'd at least make a phone call and tell them you got a better offer and were going to take it and see how they respond.

But at a minimum...you have a hell of a bargaining chip. No I won't repair anything. No I won't wait x more days. No I won't give any concessions.
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All of this.
 
justjeepin86 said:
So, I just signed an offer for my house sale after work today. Great news right? Well, got a cash offer call from someone that has previously looked at my house a few weeks ago. I could close sooner and keep a fair amount of cash. Fsbo, by the way. I'm screwed and have to sell, right?

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Wait - you're FSBO?
then it all depends on the language of the contract you signed. Some people rake offers with a deposit and a handshake alone.
 
A lot of me feels bad about it though. I wouldn't want someone to walk out on something with me. We are friends of friends with these people too. But damn, 10k is 10k. I wish I didn't have such a problem with people hating me. Then it wouldn't be a problem. Thanks @Ron that's pretty much what I was looking for.

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Might be worth a call to a real estate attorney, at least then you know exactly how you stand legally.
 
Tell the current buyer you'll give em a grand to go away. Make $9k extra. Everybody is happy.
 
jeepinmatt said:
Tell the current buyer you'll give em a grand to go away. Make $9k extra. Everybody is happy.
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I was on the other side of this problem once. The buyer has to walk away. You don't have to go along with their repair requests, but you can't ask them to withdraw and you can't give them anything to walk away. It might be FHA regulations, I'm not sure. But the realtors and attorneys involved were very clear about what could and could not happen. I'd tread carefully.
 
shawn said:
I was on the other side of this problem once. The buyer has to walk away. You don't have to go along with their repair requests, but you can't ask them to withdraw and you can't give them anything to walk away. It might be FHA regulations, I'm not sure. But the realtors and attorneys involved were very clear about what could and could not happen. I'd tread carefully.
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Get _all_ copies of any documentation. Have a party with some of the bonus money and enjoy a good fire.. and.. show me the money.
 
Fabrik8 said:
Regardless of legality, etc., I would be damn sure the second offer is watertight before burning your bridges on the existing offer.
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this is the stuff sitcoms are made of.
 
jeepinmatt said:
Tell the current buyer you'll give em a grand to go away. Make $9k extra. Everybody is happy.
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Ha. How to fleece a greedy seller.
Matt & Dave are buddies.
Dave offers to by @shawn's house.
Shawn accepts.
Matt comes along and offer $15k more.
@shawn wants to take that instead, asks Dave to let him out Dave says, ok, but you owe me $2k for my time to go away.
Shanw sees this as a great deal, Dave takes the money, gives Shawn the :flipoff2:
Matt then tells Shawn, oh, never mind.:rolleyes:o_O:D

Dave & Matt go throw a party with Shawns $2k.:beer::beer:

Hence,
Fabrik8 said:
Regardless of legality, etc., I would be damn sure the second offer is watertight before burning your bridges on the existing offer.
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shawn said:
I was on the other side of this problem once. The buyer has to walk away. You don't have to go along with their repair requests, but you can't ask them to withdraw and you can't give them anything to walk away. It might be FHA regulations, I'm not sure. But the realtors and attorneys involved were very clear about what could and could not happen. I'd tread carefully.
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If a realtor is involved there are about 10 gagillion more laws that apply because they are a "sophisticated" party and should know better.
For your average joe homeowner...its different.

There is a specific reason I pay a local real estate broker $100/month for MLS access as opposed to getting my license.
 
Ron said:
f a realtor is involved there are about 10 gagillion more laws that apply because they are a "sophisticated" party and should know better.
For your average joe homeowner...its different.
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Maybe, but you're talking about a potential civil rights case. I'd get an attorney involved.
 
Even if we take it to that extreme...it would only be applicable if the impacted party were a protected class...And they wanted the house bad enough to sue etc.

Im not giving legal advice, Im just saying I would bluff. You'd be surprised how many folks dont know contract language. Heck they might have been on the fence about the offer and may see his call as a sign from a higher power.

A simple, Hey man I got a better offer and Id like to take it. Its 410k more than yours and all cash. I really need the cheddar. You ok with that?
No?
Well what if I pay you $2k to cancel your contract?
No?

Ok you win. Give me your money and buy my house.
 
I would / might see if 2nd offer is willing to sign a "back up purchase contract" basically? Gives you leverage with your first offer/buyer (I already have a signed / backup offer...) and keeps your 2nd offer on the table too? I think you did well to stick with the first folks and sometimes those "cash deals" are bit of smoke and mirrors too. I have a couple of them trying to get my place when I was FSBO, and they did not really have the juice to make a real deal / closing, it was all based on "other peoples money..."
 
Ron said:
If a realtor is involved there are about 10 gagillion more laws that apply because they are a "sophisticated" party and should know better.
For your average joe homeowner...its different.

There is a specific reason I pay a local real estate broker $100/month for MLS access as opposed to getting my license.
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It's been a long time since I took an MLS ethics class but I'm pretty sure the local MLS board would frown on a realtor selling their access like that. I believe I'd keep that under my hat if I were you.
 
lockedup5 said:
It's been a long time since I took an MLS ethics class but I'm pretty sure the local MLS board would frown on a realtor selling their access like that. I believe I'd keep that under my hat if I were you.
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He doesn't sell access. I am an assistant to the broker and provide administrative services. I pay a monthly mentoring fee ;)
 
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