Hasnt been my experience with multiple homes in NY
If the home was vacant and it was a cash payment maybe I could see 3 weeks
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Real Estate Era: what happens if you pull a home on sale off the market?
- Thread starter srtrestre
- Start date
Hasnt been my experience with multiple homes in NY
If the home was vacant and it was a cash payment maybe I could see 3 weeks
OP
OP
Yeah, my goal is to just let the buyer off the hook. There's been no exchange of money yet, so they're free to look for something cheaper.
It all depends on the terms of your contract assuming you have one. You will need a lawyer to review it with you.
Maybe it's different in CA but we were done in three weeks. The house was up on the 7th, then we paced a bid on the 10th, got into contract, and then we had all the paper work done before the end of the month and officially closed on the 1st of the next month with keys in hand. In the Bay Area, you don't even have time to think about placing a bid because if you do, you probably lost the house. In fact, I believe we got it cuz their agent messed up and took our offer right away instead of waiting for the deadline. Ours was definitely not vacant or an all cash payment either. It was nowhere near 6 months.
This. As long as you're not backing out of the ORIGINAL offer, you're good. Depending on terms, you may very well get to walk away with the good faith deposit if the buyer is backing out of the original deal.
Unless there is a appraisal contingency in the original sales contract, this is not your problem.
If the contingency is there, then buyer can walk away free and clear, but can't force you to sell at a lower price.
If the contingency is NOT there, buyer has to pay original price or walk away and lose the good faith deposit (which you then keep).
Everything in this post is good advice.
You have a crappy agent. Fire them if you can. If not, wait out the contract term and refuse to renew with them.
In my experience, it's been relatively easy to sign off on the termination of the listing between sellers and real estate agents. Unless your agent/company they work for is really shitty.
The agent won't want to really hold that listing if you flat out say I'm never working with you or letting you sell this house unless they're hella petty.
As for penalties and stuff? Really depends on the contract that you signed.
The agent won't want to really hold that listing if you flat out say I'm never working with you or letting you sell this house unless they're hella petty.
As for penalties and stuff? Really depends on the contract that you signed.
You didn't get a deposit with the offer? Here you would put down a couple thousand with an offer that you would lose if you walked away for any reason. That would be yours to keep even in this low appraisal situation.
depends on the contract, state and reason for the loss of sale. When i was selling my condo last year, the buy couldnt get their FHA loan approved due to my fucking HOA being sketchy as fuck and unwilling to provide me and the buyer a copy of the agreement between the hoa and the management company that states what services they provided. The loan fell through and they were able to get their deposit in escrow back. I had to have my condo sit on the market for 8 more months and sold at like 20k lower in february this year, right before lockdown started...
OP
OP
Nope, we haven't received any money at all. Even if we had received money, I'd be more than happy to refund it just to get it over with.
Will confirm. My house went similarly: open house on the first weekend, we saw it on Saturday, took another look on Sunday, and made an offer Sunday night. That week, the seller's agent contacted us to say someone else made a better offer and gave everyone a chance to put in their best (contingencies waived, as well), and then we won and started the buying process immediately after.
My old house in SoCal, however, did take about a month to sell, though. I don't think my agent was very good.
I'm not a real estate agent but it's my understanding that If the house did not appraise, then the buyers would have to pay the difference. If they don't want to pay the difference then they have no leg to stand on because that was the agreed purchase price. You need to tell your realtor to drop the deal. You are not obligated to renegotiate. Did the buyers ask you to pay the closing costs? That's probably why they offered above appraisal.
yeah it just seems like OP has a fucked up agent unwilling to tank a sale and lose the comission
The appraisal piece was a very critical part of the info that was left out in the original post.
OP
OP
Yes, they did. We accepted (we met them in person and we liked them).
Yup, I'll update it.
This is different from pulling a home off the market which is just de-listing it. This is ending a sales agreement which would have conditions and terms, and would need to be adhered to. I'd be interested to hear from real estate law people here whether the buyer can do this when they already made, and the seller accepted, an offer.
Not today, if you go more than one month you've fucked up with the list price