- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Do I have Options?
Posted on 12/12/18 at 9:12 am
Posted on 12/12/18 at 9:12 am
What's up guys? First time posting to this board, thanks in advance for your help. Long story short. I am selling a piece of property in Lakeview, New Orleans. Got multiple offers at asking price. Accepted and they want to close this Monday. We have a signed contract (signed last Friday). Since then, multiple offers have come in above asking price. So my question is this, is there any possible way out of the contract to accept the higher price? If so, would you? If not, why not? Any advice would be helpful guys, I am taking the proceeds from this to build a house for my fiance and I so every dollar counts. Thanks again!
4
Posted on 12/12/18 at 9:29 am to IHuntdux
Did you for sale by owner? Because you should fire your realtor if not. You should always take 7-10 days at least on the market. Someone could be on vacation and come back and never have a chance to make an offer.
There’s always an ‘out’ until the docs are signed, you can decide not to sell for some BS reason. Now how flexible your morals are and how much of a legal gray area you want to go in is up to you.
Why do they want to close so quickly? Even with a cash sale you usually need 2-3 weeks to get everything in order.
There’s always an ‘out’ until the docs are signed, you can decide not to sell for some BS reason. Now how flexible your morals are and how much of a legal gray area you want to go in is up to you.
Why do they want to close so quickly? Even with a cash sale you usually need 2-3 weeks to get everything in order.
Posted on 12/12/18 at 9:33 am to baldona
I'm not really sure. The Monday closing was their stipulation, not ours. I was surprised at such a quick turnaround but wasn't going to question. I am upset at possibly leaving money on the table but if somehow getting into legal trouble is a possibility, I will take it on the chin as a lesson learned.
Posted on 12/12/18 at 9:33 am to baldona
Also, through a realtor. Not for sale by owner.
Posted on 12/12/18 at 9:36 am to IHuntdux
How much are you talking about? I’m not a lawyer, I’m just saying there are almost always ‘outs’ with moral flexibility in real estate. There’s always BS going on.
My instinct is saying that you got a cash offer with quick close because the buyer knows it’s a hell of a good deal. Almost too good. So I’d question your realtor and strongly consider firing them and hiring a new one to relist it.
My instinct is saying that you got a cash offer with quick close because the buyer knows it’s a hell of a good deal. Almost too good. So I’d question your realtor and strongly consider firing them and hiring a new one to relist it.
Posted on 12/12/18 at 9:37 am to IHuntdux
quote:Probably because they know they are getting a deal.
The Monday closing was their stipulation
Posted on 12/12/18 at 9:39 am to IHuntdux
If you are just talking 1-2% here and you are ready to move on, you should also consider taking this as a costly lesson and move on.
It wouldn’t be the first time a deal fell through, you relist, and it takes 60+ days to close again. Bird in the hand.
It wouldn’t be the first time a deal fell through, you relist, and it takes 60+ days to close again. Bird in the hand.
Posted on 12/12/18 at 9:59 am to IHuntdux
You'll need a lawyer to review your contract to see if there are outs available to you. A contract is intended to be a legally enforceable document, but no one can tell you specifically about your situation here. Potentially, you could get sued for damages and/or specific performance should you try to back out of the deal.
Posted on 12/12/18 at 10:06 am to PearlJam
Understood. Thanks for all the advice guys, I appreciate it. Looks like Ill have to chalk it up to a 5 grand learning experience then.
Posted on 12/12/18 at 10:10 am to IHuntdux
If it’s just 5 grand I think you’re doing the right thing. Not worth the potential hassle.
Posted on 12/12/18 at 10:12 am to IHuntdux
quote:The difference is $5,000 between the offers?
Looks like Ill have to chalk it up to a 5 grand learning experience then.
If so thats a really small learning experience but as others have suggested perhaps have the contract reviewed and see what penalty (if any) you face for breaking the contract.
Also, if there is a way out it might be worth going to the current buyer and saying "look ive received other offers coming in higher and i can back out per XXX in the contract, If you will match the price im getting then we will move forward.
Your call.
This post was edited on 12/12/18 at 10:13 am
Posted on 12/12/18 at 10:12 am to IHuntdux
IHuntdux
There may be some outs but same thing happened to my wife when we got married. We were both selling our places and moving into a new (well technically old) home. She sold hers within a few days on the market but way undersold. Afterwards we had offers of 8-10 grand more. We were in a hurry and completely botched it. We didn’t hire a realtor to help us either, just a bunch of fricking up in our end.
There may be some outs but same thing happened to my wife when we got married. We were both selling our places and moving into a new (well technically old) home. She sold hers within a few days on the market but way undersold. Afterwards we had offers of 8-10 grand more. We were in a hurry and completely botched it. We didn’t hire a realtor to help us either, just a bunch of fricking up in our end.
Posted on 12/12/18 at 10:16 am to windshieldman
Same sort of thing. I just thought that the commission would buy me some sort of peace of mind that I would not have those types of problems. Apparently not. Life goes on!
Posted on 12/12/18 at 10:20 am to IHuntdux
quote:
Life goes on!
Yea, honestly we just kinda had an oh well attitude about it. I was more stressed about having to move all her heavy shite than anything else. It took 3-4 people and all day to get her shite out. It took my dad and I making one trip each in a pickup truck to move my shite
Posted on 12/12/18 at 10:23 am to Mr.Perfect
quote:
Looks like Ill have to chalk it up to a 5 grand learning experience then.
You can probably get out of it, but after you pay a termination fee, realtor fees, etc is really worth like $1500?
Posted on 12/12/18 at 10:37 am to Mingo Was His NameO
Absolutely not, I agree with you. Its just the fact that that offer is 11k higher than where they wanted to list. They wanted to list at 119, I said 125 now theres an offer for 130? Just not feeling like I have been well served for that 6% commission ya know?
Posted on 12/12/18 at 10:39 am to windshieldman
Sounds about par for the course lol my fiance has an entire storage unit full of furniture and house shite just waiting to be moved. Soon I will feel your pain 
Posted on 12/12/18 at 12:27 pm to IHuntdux
quote:
Its just the fact that that offer is 11k higher than where they wanted to list. They wanted to list at 119, I said 125 now theres an offer for 130? Just not feeling like I have been well served for that 6% commission ya know?
Freakonomics has a episode about this.
On a 119K purchase, the 6% commission is $7,140. If they split it with another agent, it's $3,570.
On a 130K purchase, the 6% commission is $7,800. Split is $3,900.
So, by listing it at the lower price, they only make, assuming a split, $330 less, before taxes and expenses. Yet they get to sell it quick, get paid quick, less work for them, and can market all about how "fast my listings go to contract".
The entire system is a sham.
This post was edited on 12/12/18 at 12:28 pm
Posted on 12/12/18 at 2:23 pm to LSUFanHouston
quote:
So, by listing it at the lower price, they only make, assuming a split, $330 less, before taxes and expenses. Yet they get to sell it quick, get paid quick, less work for them, and can market all about how "fast my listings go to contract".
The entire system is a sham.
Certainly I agree with this. But, you have to be educated as a consumer/ seller also. That's like blaming car salesman for selling a car to you for too high.
Its very easy with sites like Zillow these days to get a good guestimate on your homes' worth. A realtor should show you some comparable sales in your area, and everyone makes a good guestimate on what your home will sell for. Sometimes you get it right, sometimes you make more than you should, sometimes it sits for awhile.
Posted on 12/13/18 at 12:34 pm to PearlJam
quote:
You'll need a lawyer to review your contract to see if there are outs available to you. A contract is intended to be a legally enforceable document, but no one can tell you specifically about your situation here.
In regard to contracts and getting out of them, my last agent once said "Nobody can force you to close the deal, but they can make you wish you did."
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News