Real Estate Agents - Real Estate Contract

Author

Real Estate Contract

Dutch Buckhead

2006-07-31, 9:25 am

I am selling a house in a different state from which I now live. I have
kept the house furnished so it will show better.

I just received an offer on it. It is contingent on the sale of the
purchasers' house, which is in a different state as well. The purchasers
are requiring the closing on my house take place only 2 days after the
closing on their existing house. If this is the case, I would have to
travel there and remove all of my belongings before they sell their existing
house. The risk I face is that I will do that, the sale of their house will
fall through, and therefore they will not be able to purchase my house.
Then I will have an empty house that has to go back on the market.

In my counteroffer I have asked for a copy of the contract on the sale of
their house that shows all contingencies have been cleared to give me
satisfaction that there is a good likelihood their house will indeed close.
They are balking at that. Is that an unusual request? Any comments or
ideas or suggestions would be greatly appreciated. Thanks.

DANIELHOMAN

2006-07-31, 9:25 am

"Dutch Buckhead" <dutch@tampabay.rr.com> wrote in message
news:44cde747$0$17986$892e7fe2@authen.yellow.readfreenews.net...
>I am selling a house in a different state from which I now live. I have
>kept the house furnished so it will show better.
>
> In my counteroffer I have asked for a copy of the contract on the sale of
> their house that shows all contingencies have been cleared to give me
> satisfaction that there is a good likelihood their house will indeed
> close. They are balking at that. Is that an unusual request? Any
> comments or ideas or suggestions would be greatly appreciated. Thanks.

Was it an agent for the buyer that submitted this offer in the first place?

I realize that the market the way it has been these last 15 years has made
agents lazy. I know that the majority offers I received in the last year
the agents did not present them themselves, but rather just faxed them to
me. I never just fax an offer over to another agent, I present it in
person. When there are contingencies, I present documentation to show the
transaction is going through - the buyer's mortgage commitment, name(s) of
lenders and loan officers - with contact information. Also information on
the purchase of the buyers home, lender, credit, copy of the contract, etc..
I also present information on the buyers of the buyers of the buyer's house,
I like to carry this back to the last contract without contingency, and I
follow up when contracts should have closed, to make sure we are on schedule
for closing. This is a lot of work to get together, but it pays in the long
run. On the other hand requesting it from the buyers submitting a contract
is another story, if you make too big a deal about the info you or your
listing agent request, the buyers will say "in your ear" to the counter
offer. Also I have found that buyer's agents do not follow up with
contingencies for their buyer side, forget one or two links up the food
chain.

In short, this is disclosure you are entitled to. Will you get it? Don't
hold your breath.

Steve Foley

2006-07-31, 5:25 pm

"Dutch Buckhead" <dutch@tampabay.rr.com> wrote in message
news:44cde747$0$17986$892e7fe2@authen.yellow.readfreenews.net...
> I am selling a house in a different state from which I now live. I have
> kept the house furnished so it will show better.
>
> I just received an offer on it. It is contingent on the sale of the
> purchasers' house, which is in a different state as well. The purchasers
> are requiring the closing on my house take place only 2 days after the
> closing on their existing house. If this is the case, I would have to
> travel there and remove all of my belongings before they sell their
existing
> house. The risk I face is that I will do that, the sale of their house
will
> fall through, and therefore they will not be able to purchase my house.
> Then I will have an empty house that has to go back on the market.
>
> In my counteroffer I have asked for a copy of the contract on the sale of
> their house that shows all contingencies have been cleared to give me
> satisfaction that there is a good likelihood their house will indeed
close.
> They are balking at that. Is that an unusual request? Any comments or
> ideas or suggestions would be greatly appreciated. Thanks.
>
>

Is there anything besides furniture in the house? If so, remove it now.

Leave the house furnished until until after the buyers close. It should take
very little effort to have a moving company load up furniture. If they have
to pack up belongings, that's another story.

The last time I moved, I packed and moved everything except furniture. The
moving company had six rooms loaded, driven (1/2 hour) and unloaded in about
three hours.

At this point you have made a counter-offer. It is now up to the buyer to
accept your conditions, or continue negotiating. At a minimum, you want a
kick-out clause (continue showing the house - if you get another offer, you
give the buyers 48 hours to remove their contingency or the house goes to
the other party).

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