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any real estate people here?

Discussion in 'Other Off Topic Forum' started by engraver, Oct 21, 2005.

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  1. engraver

    engraver Rookie

    Sep 20, 2005
    32
    N CA, CA
    Full Name:
    TWH
    #1 engraver, Oct 21, 2005
    Any real estate people here

    I just bought a new house & I own a condo that I have on the market – today I had an off come in on the condo – full boat offer but she wants me to hold off closing till Dec. 21, 2005 – but that’s takes my house off the market for a long time if she should back out – I could ask for a 3 grand or more deposit - here it is almost impossible to keep anyone’s deposit – she is in a divorce & it will be final Dec. 20, 2005 – she is pre-approved – but I have had 2 people back out at the last minute already – anyone have any idea’s how I might protect myself? – I was thinking of asking her to pay rent for the next couple of months? – anyone have any good idea’s? at least that would keep my cash flow in the right direction?
     
  2. Etcetera

    Etcetera Two Time F1 World Champ
    Silver Subscribed

    Dec 7, 2003
    23,997
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    C6H14O5
    #2 Etcetera, Oct 21, 2005
    First cash on the counter takes it.

    If you want to do charity work, join a church.
     
  3. JSL

    JSL Formula 3

    Jan 5, 2002
    2,212
    California
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    J.S. Leonard
    #3 JSL, Oct 21, 2005
    You may want to consider accepting her offer with a 48-72 hour right of first refusal. In other words, you can leave your condo on the market and should an offer come with better terms than the one you have, the current buyer has a specified time to perform or you reserve the right to cancel her position and move to the second offer. If you have an agent, they should be able to help you structure this counter offer. It is common and not difficult. This is a brief and incomplete description but you should be able to have your cake and eat it too. You can also simply counter with a shorter time to close. If she wants the condo, maybe she can find a way to perform. You still are in negotiations and her conditions are probably flexible. Don't fear countering with acceptable terms acceptable to you.
     
  4. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #4 SrfCity, Oct 21, 2005
    If it's still avail 12/21 it's all hers. In the meantime keep looking for a solid buyer.
     
  5. TexasMike

    TexasMike F1 World Champ

    Feb 17, 2005
    10,485
    Austin, Texas
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    Michael C
    #5 TexasMike, Oct 21, 2005
    Did you check and see which direction the leaves blow?
     
  6. REMIX

    REMIX Two Time F1 World Champ

    May 25, 2005
    21,133
    Jacksonville & Sarasota
    #6 REMIX, Oct 21, 2005
    Pre approvals mean zippo and this chick's credit could go in the toilet by 12/21. Pre-approval does not mean "approval". If you're gonna do this, ask for a significantly higher amount of earnest monney - maybe double what they originally offer.

    RMX
     
  7. M512

    M512 Formula Junior

    Sep 5, 2005
    635
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    M512
    #7 M512, Oct 21, 2005
    Great contribution!

    ;)
     
  8. M512

    M512 Formula Junior

    Sep 5, 2005
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    M512
    #8 M512, Oct 21, 2005
    There's not real a right or wrong way to sell your condo. It's all going to depend on what you are most comfortable with. If you don't mind sitting on it and paying the mortgage for the next two months, that's a personal call. If you have a high volume of traffic / bites and are confident that a buyer that want's to close ASAP will come along long before 12/21, you may want to keep it on the market. If you decide to go under contract with the current buyer, I would look into a larger deposit and see if state law allows you to make some or all of it non-refundable. This way if she backs out she in effect pays the mortgage while you sat on it.
     
  9. TexasMike

    TexasMike F1 World Champ

    Feb 17, 2005
    10,485
    Austin, Texas
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    Michael C
    #9 TexasMike, Oct 21, 2005
  10. M512

    M512 Formula Junior

    Sep 5, 2005
    635
    Earth
    Full Name:
    M512
    #10 M512, Oct 21, 2005

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