Shooter

be careful with market analysis, they are not the most accurate. We are selling our house and 4 realtors said 900 - 1.2. We set it at 999 and everyone loved the house, but no offers. We are knocking it down to 899 this weekend. Why, becasue the market is turning - especially on higher end homes. I have waterfront, 100' dock, lift, 1000sqft deck, and 1 mile to the Ocean.

we are looking at an iffy market, high gas prices, and a bump in interest rates. I think that the best days for selling are just about behind us. Lower to median priced homes are still moving ok, but the higher end if definately slowing down.

We do not think it's worth being extra greedy vs. getting on with our life in Tampa - just my opinion.

97BossHammer

I agree Shooter....I think it is a very iffy market right now which is why I'm hoping to sell now instead of when the rates get bumped, etc. The original couple interested in it called and said they are still thinking about it and will let us know. They are leasing a house till August I believe....but I agree...if they want it, we're closing on it now. A million things can happen within a few months and I don't want backing out of the sale to be one of them.


I appreciate all the help guys.

ofshore

Sad but true, especially when your paying for the appraisal they'll give you whatever you want within reason.

97BossHammer

Alright guys.....sold the house, here's the details. We are going to sell on contingency, about 4-5 months till new house is complete. Couple thats buying is in an apartment and they are letting me stay in the house for the time till the new one is complete. It was either sell for 143K and get out now.....or sell for 141K and stay a few months.

Here's what I need to know.....I'm not real clear on the contingency stuff...I do know that they can back out of the deal. What else do I need to know about this......especially what typically is arranged for closing??

Krumbsnatcher

They have 17 days from the date you and them signed the contract to legally backout and lose nothing. Now if they back out after that date they can lose their escrow money. I am pretty sure that is how our sale went.

97BossHammer

I'm going to tell them I need 3K in escrow money in case something falls through. We still have 4-5 months left before our other house is ready so the more money I get in escrow the better.....a lot of stuff can happen in that time.

As far as closing costs.....do I need to go ahead and schedule termite inspections. etc, or just wait till the bank or whoever says to get it done?

Krumbsnatcher

That will be determined when the new buyer has an inspector go through the house, then based on their findings they will come back to you and say the following things need to be taken care of, it is up to you if you agree to the findings or say you will fix this or give credits.

Remember you and the other party are negotiating the terms of the purchase.

Shooter

inspections are also used as negotiation tools for price/closing date. They'll screw with a perfectly good house to add a week or two to the closing where the seller would not agree.

klmken

Contingency times differ in every state. Once you have the earnest money in escrow and the house has passed inspection there are no contingencies left (lead based paint, HOA, etc...) and if the buyers back out the forfeit the earnest money.
I'm a Realtor in VA if you need to talk feel free to call. I'll give you the best answers I can but the laws are very different in every state.
Ken Mobley
[email protected]
202-251-9016

Cord

iTrader: (2)

All the inspections are done on their bill. You pay for nothing. I really think that you need to get an attorney to draw up a contract. I doubt if a realator will touch it at this late stage. Almost every sale these days has a contingency. You can view them as being an escape clause. If the home is inspected and the inspector finds that you have a leaky kitchen faucett they can now cancel the sale and get their deposit back. That's why you need that fancy real estate paperwork.