The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: Selling: more of a rant than anything||Date: 3/21/2013 7:54 PM|
|Author: inparadise||Number: 124974 of 126652|
"Look we need to move fast if we want to snag this property. Lets just put and offer in a little above asking and wave the contingencies. That'll take the place off the market through the weekend. We'll have three days to back out by claiming HOA docs."
I guess this is a common practice these days. :\
Always has been. Good news for you is that once someone actually goes to the effort of putting in a contract, they usually see it through, assuming their Realtor is at all capable of managing their client's emotions. This has always been a common encouragement to get buyers over the hurdle of putting in a contract. People generally don't back out because of HOA. Heck, most don't even look at the typical 100's of pages of documentation they receive.
JAFO, many states have a mandatory timeframe for back out after receiving HOA docs. It is a state legal requirement in many places, rather than a discretionary clause in the contract. A good listing agent will have the docs on hand to give to the buyers with contract to minimize that time to back out. It can also cost quite a bit to get those docs, depending on the hoa.
|Copyright 1996-2013 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|