The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: Selling: more of a rant than anything||Date: 3/11/2013 9:15 PM|
|Author: VTAlumni||Number: 124948 of 128022|
What are the odds this happens twice in a row. I think we have right to legal action this time. Sure enough another buyer submitted a contract the same day our last one was backed out of. His Realtor didn't do a good job though and included our washer/dryer as a part of the sale. It clearly stated in every part of our sale that they did not convey. Normally I wouldn't mind, but we spent $2,500 on them and they are less than a year old.
So Tuesday he got the 'counter' from us stating the same conditions he listed ($500 over selling, no inspection) without washer and dryer. He was informed by his Realtor and waited two days to sign, while trying to negotiate the price down thinking he was getting a raw deal from no washer/dryer (putting myself in is shoes I might feel the same, but that is their fault for not reading the documents and brochures). He finally sent back a revised counter agreeing to $500 over asking, no washer/dryer (as it always should have been) but added the inspection contingent back in waiving the right to ask for anything to be fixed that wasn't over $2,500 cost to him - with 7 days to schedule inspection and needing to notify us immediately. We had no problem with this since our house is only 7 years old. What could possibly cost $2,500 to fix... a new roof? haha.
We signed Friday morning. Contract specifically states that he had to deliver by hand written notice to sellers residence by 9pm 3/11/13 in order to back out by the 3 day rule. It also specifically lists that notifications to brokers and agents is recommended but does not represent formal intent between the seller and buyer. Pretty iron clad verbiage.
The seller's broker sent an e-mail to our Realtor at 7:45 stating his intent to back out (no reason listed) and then followed up by texting from his phone a picture of the contracts front page with red crayon across the front written "withdrawn". Our Realtor called us immediately, around 8:30pm (30 minutes from the deadline) to tell us that he thinks this guy is getting horrible representation from his Realtor, who just got his license within the last few months. Our Realtor is going to conference call us tomorrow with his lawyer and thinks we'll have no problem going after the $7,000 earnest deposit, if we choose to.
Ugh, what a nightmare. I kind of feel bad for the guy, hopefully he can sue his own Realtor, but at the same time here we are in a sellers market with our house missing two straight weekends because of the same thing... someone getting cold feet and backing out. Why put a contract on a house you aren't serious about buying?
This weekend we are going to tell buyers that we refuse to sign with anyone until reviewing all contracts by Monday evening. No more of this taking offers above asking that demand we remove it from the market immediately and ignore all others offers. Hopefully we can use that to evaluate potential of buyers and their ability to follow through with their bids.
At least we're not working with a deadline on this, just hate that our house now might look like a lemon to other interest buyers.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|