re: Purchase agreement question

Really down to earth people with little care. We as sellers definitely worried more than them. Constantly trying to reach them and give an update with the move and since storm what we are doing to fix everything. It’s just that since it’s our first time selling, didn’t know if this happy go lucky attitude is normal in the process. Gives 5k deposit for 115k home and never hear from them strikes me as strange. Every time I talk to them they speak about their son who has no part in this. Just strange and maybe they are as simple as led to believe and think it’s ok no matter what.

Starting to think I am overthinking this. They want house I believe. Lady already called to get size of windows so she could by curtains and blinds. Then asked about sq feet under roof, which makes me believe insurance. Just wish I knew how close they were to closing.

Force majeure ?

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Gonna bookmark this thread for the next one bitching about real estate agents

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A good agent is worth every penny they earn, and they do earn it. Pretty often they can get more money for your house than you can save on the commission. Unfortunately, only about 5 to 10% of the agents are really good ones. Most of the rest eventually wash out.

All that said, this poster already has a buyer so there isn't much point in listing it now and paying the commission, though he may be leaving money on the table if he doesn't know the market well.

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A good agent is worth every penny they earn, and they do earn it. Pretty often they can get more money for your house than you can save on the commission. Unfortunately, only about 5 to 10% of the agents are really good ones. Most of the rest eventually wash out.

All that said, this poster already has a buyer so there isn't much point in listing it now and paying the commission, though he may be leaving money on the table if he doesn't know the market well.

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Real talk - this thread is a perfect example of why you would want to use a realtor. This is the kind of thing you pay them to deal with. They exist for a reason. I know the "realtors are garbage" circlejerkers will disagree, but, coming to TD for advice on this is like asking Joe Rogan about his Covid treatment instead of going to a physician.

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There are a ton of protections built-in for the buyer on the purchase agreement.

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Not always. Especially for Cash As Is deals. Depends on the agreement. The one I use for “cash buyer as is” puts everything on their shoulders, and is stated in the contract it is up to them to do due diligence.

Not sure if OP is doing as is agreement.

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I was referring to the Louisana Purchase Agreement.

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Lol for sure. But cash deals can literally be written on a napkin like you referenced.

It really sounds like this couple doesn’t give a shite, and plan to close regardless of damage because they are gonna sink money into it anyway.

OP said the lady kept mentioning their son. Bet it’s for him. I mean who mentions they don’t care if they lose 5k deposit, and then just calls their family and says hey I bought a house like she was buying underwear or some shite.

They sound loaded and like they’ve done this more than just a few times.

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am in the EXACT same position. My closing date was Sept 13. I am being told all real estate transactions in the area have been put on hold for two weeks anyway so addendums will be necessary. There will also have to be an inspection period. The simple truth is the buyer can back out at this time. Legally they are bound but let's face it. Buyers can back out before closing. If they do a walkthrough and decide "oh hell no" then they back out what will you do? Spend a lot of money to sue? Maybe. Most people don't. They just move on. So the reality is to do what I did. Calm down the buyer. Let them see the damage. Tell them you are getting it fixed and move the closing date due to contractors being hard to get. OR you can get quotes from licensed contractors and then put money in escrow so they can make repairs. There are plenty of options.

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25+ years in the Mortgage industry (AL & FL) if the buyers are financing then the escrow suggestions will not work. The lender will require an appraiser to complete a disaster area final inspection to the original appraisal and Must be able to certify with pictures that the property has been restored to the original condition and value remains.

Plus, another big piece of the clear to close will be that the buyers will be required to be back at work, provide a current paystub that matches prestorm hours, plus a new written VOE will be required to address any lost wages when the new YTD income is less than what it should be.

Went through this last year after Hurricane Sally (live in OBAl 20yr. ) was particularly hard with a few service industry customers- waiters, that I had at the time.

Fortunately, the owner of the restaurant, even though no power and could not serve in store keep the waiters working (paid them 15hr not normal waitstaff wages) to clean up and help repair damage. Had no power for almost 2 weeks. they also were selling and cooking, take out only, via gas stoves tops the dishes that could be made make from the items in freezers before they spoiled and then fresh daily items. A lot r most of the meals were actually free to locals.. who would tip the servers

Point being, is that financing can be a bitch on normal terms but especially after a natural disaster due to a multitude of issues.

Expect at least a 2 week delay and that is if you can fix the property without needing to wait for the insurance money to get started.

Additionally, with most purchase agreements (especially one drafted by the Realtor Association)
any damage to property is cause for the buyers to be able to cancel, even if you say you're repairing the property, they can still walk and you will be legally obligated to refund their earnest money.