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IHuntdux
New Orleans Saints Fan
504
Member since Jan 2018
70 posts

Do I have Options?
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!


baldona
Auburn Fan
Florida
Member since Feb 2016
10263 posts
 Online 

re: Do I have Options?
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.


IHuntdux
New Orleans Saints Fan
504
Member since Jan 2018
70 posts

re: Do I have Options?
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.


IHuntdux
New Orleans Saints Fan
504
Member since Jan 2018
70 posts

re: Do I have Options?
Also, through a realtor. Not for sale by owner.


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baldona
Auburn Fan
Florida
Member since Feb 2016
10263 posts
 Online 

re: Do I have Options?
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.


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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
23535 posts

re: Do I have Options?
quote:

The Monday closing was their stipulation
Probably because they know they are getting a deal.


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baldona
Auburn Fan
Florida
Member since Feb 2016
10263 posts
 Online 

re: Do I have Options?
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.


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PearlJam
Auburn Fan
NotBeardEaves
Member since Aug 2014
11863 posts

re: Do I have Options?
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.


IHuntdux
New Orleans Saints Fan
504
Member since Jan 2018
70 posts

re: Do I have Options?
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.


monteandmakers
LSU Fan
New Orleans
Member since Dec 2014
111 posts

re: Do I have Options?
If it’s just 5 grand I think you’re doing the right thing. Not worth the potential hassle.


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Mr.Perfect
LSU Fan
Louisiana
Member since Mar 2013
16694 posts

re: Do I have Options?
quote:

Looks like Ill have to chalk it up to a 5 grand learning experience then.
The difference is $5,000 between the offers?

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 at 10:13 am


windshieldman
New Orleans Saints Fan
Member since Nov 2012
7939 posts

re: Do I have Options?
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.


IHuntdux
New Orleans Saints Fan
504
Member since Jan 2018
70 posts

re: Do I have Options?
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!


windshieldman
New Orleans Saints Fan
Member since Nov 2012
7939 posts

re: Do I have Options?
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


Mingo Was His NameO
LSU Fan
DFW/NELA
Member since Mar 2016
12433 posts

re: Do I have Options?
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?


IHuntdux
New Orleans Saints Fan
504
Member since Jan 2018
70 posts

re: Do I have Options?
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?


IHuntdux
New Orleans Saints Fan
504
Member since Jan 2018
70 posts

re: Do I have Options?
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


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
16992 posts

re: Do I have Options?
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 at 12:28 pm


baldona
Auburn Fan
Florida
Member since Feb 2016
10263 posts
 Online 

re: Do I have Options?
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.


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deeprig9
Georgia Fan
Member since Sep 2012
35147 posts

re: Do I have Options?
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."


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