<p>happyfeet - in our situation, where all the contingencies were taken care of (inspection and financing), the buyer could have backed out and lost only the earnest money. Negligible? No. But with the recent economic news, I wouldn’t be shocked to hear that people would walk away from $10k rather than go through with such a major purchase. They might qualify for financing, but not feel totally comfortable, so I was just a tiny bit nervous.</p>
<p>FauxNom you’re clearly a much more talented decorator than I am. I’ve thought of going to a consignment shop to look for furniture (there’s a high-end one in my town) but I just don’t trust my sense of style enough to put together a <em>wow</em> living room, or to add the perfect accessories to make a room shine. I’m ok with paying for help in this area. On the other hand, I’m handy with a sewing machine and have made fun duvets and throw pillows for the kids’ bedrooms.</p>
<p>The agent we interviewed this evening said that appraisals are coming in pretty close to asking prices, which put to rest a concern of mine. A couple of years ago, with appraisers coming in from out of the area, the appraisals were all over the place and really threw a wrench in the selling process.</p>
<p>vballmom - There’s nothing wrong with paying for decorating help, but your mention of the high-end consignment shop gave me another idea. If you talk to one of the more experienced people at the shop, I’m guessing you could get some excellent guidance. Just bring in pix of your room and tell them what you’re trying to do. I know the high end shop I go to is full of ladies with exquisite taste. For them, helping you out is a win-win, because they might get to sell the furniture twice: once to you and once for you. Another option is to post pix on Gardenweb’s decorating forum; you’ll get tons of advice there, much of it from people with a lot of experience.</p>
<p>Hi FauxNom thanks for that bit of encouragement. I’m going to stop by the shop as soon as I get a free moment and see what’s available, both in sofas/chairs and advice.</p>
<p>I’ve been a longtime lurker and occasional poster on gardenweb and have gotten great feedback on colors and furniture arrangement, plus lots of help during my kitchen remodel. It’s a great resource.</p>
<p>Another friend-of-a-neighborhood family is coming to see the house this afternoon.</p>
<p>Sigh. We offered a very reasonable bargain basement price, and the buyers won’t budge. Given the economy, its good that they are still interested, but they are trying to get it for a steal. In the state in which the house is located, there must be an inspection before the final contract is signed (if we accept their offer, and I am still unsure). The advantage is that they will have to do the inspection on their nickel, the hosue si still being shown, and we do not have to offer a penny towards repairs, which woudl be perfectly resaonable, and the deal could still fall apart. Still thinking this one over…</p>
<p>Obviously, if two parties have not enter a contract, the earnest money will be returned to a buyer. However, after the contract is effective, the rules governing ANY deposit is based on the contract, not an artificial rules by the state. Each State have different regulations as far as the wording of the contrcact concerned. But regarding the deposit, the buyer and seller can determine the outcome that is why the contract is also called Escrow instructions. </p>
<p>For example, if the buyer and seller agree that there will be NO earnst money, it can be done. If they agree the earnst money will be non-refundable to the buyer after 3 days, it is also acceptable. There is a standard language in the contract regarding this, but the parties involved can change that (not that is advisable).</p>
<p>Btw, in commercial transactions, there is no standard form, you can do everything and anything to a contract.</p>
<p>JYM, my advise is that don’t enter a contract if you do not feel right on the price. You will regreat forever if the transaction actually went through.</p>
<p>I am not sure how many ppl are to share your dad’s estate. Lets say 4 and the difference is 10K, so everyone gets 2,500 less, big deal. But if the difference is very big, Lets say 100K, you may want to reconsider. </p>
<p>I think you can do some thing like this. In the contract, you extend the closing to say 3 months(if the normal closing is 30 days). And you also can say the contract is not exclusive, meaning that you can shop for better price before closing. Of course, you will also return the deposit if you change your mind.</p>
<p>I have run the numbers a million times. Without going into detail, I either take the hit on the price now and decline to help with any repairs (it is an older home and also in need of updating, and I am not interested in trying to do that long distance) or I hold it and hope for a better offer in a lousy market in a state where they supposedly have to put 10% down. There is no “contract” or earnest money until after the inspection, according to the agent, so we will still show the house. This is very different from my state.</p>
<p>Advised against this. We will let them do an inspection and find out what they find with the house. Am advised not to show our hand at this point. Will just decline any repairs if they find anything. However I will review this strategy with the realtor as either way is risky.</p>
<p>If As Is is in the marketing material and MLS description, the clause I just wrote is appropriate. If it is not, then in a buyer’s market, buyer is the king. You can do what you want, but if results a fall out, why bother? You don’t want to punish a buyer because he offer you less than you wanted.</p>
<p>How long this house is on the market? and what is the normal DOM,days on market, in that market?</p>
<p>Appreciate the comments, but that is not what our agent is advising. And its not about “punishing” anyone. This is a business decision.</p>
<p>The history of the house is upthread.</p>
<p>Can some of you who have been in the recent buying/selling situation weigh in as well please? Would appreciate hearing from those who have been in this situation recently.</p>
<p>I think I said this before. Last year my CA house was finally put up for sale. We did a full inspection, and the realtors brought in handmen to do repairs. Roof tiles fixed, pool pump replaced, bathroom faucets replaced, front door & 1 room painted, rugs cleaned, windows washed, then garbage furniture out and the rest staged. Cost about $3000.00 Potential buyers were shown the report and the receipts that work was done. I don’t think the buyers bothered to do their own inspection. House was sold “as is”</p>
<p>I will be shocked if after inspections…the buyers don’t ask for credits…or don’t ask you to fix things.</p>
<p>The buyers of my house did…</p>
<p>I think most buyers do…</p>
<p>If the buyers inspection finds anything…if the deal falls through…the issues will have to be disclosed to future buyers…</p>
<p>Problems are negotiable…even with the as-is contract…there is going to be a clause in the contract that the buyers can walk…and that means negotiations are not off the table…</p>
<p>It used to be that California was the only place where inspections were done by the seller rather than the buyer, and even then this was a local custom, not widely practiced. Now it seems to be more common in other states as well.</p>
<p>I always assumed it was so the seller could make any needed repairs ahead of time, but I’ve recently been told by Realtors that the most important thing is not that the repairs are done, but that everything’s disclosed upfront. Having all disclosures ahead of time is key to a quick sale. It’s the unknowns that can sink a deal that otherwise looks solid.</p>
<p>It’s typical for the inspection reports (termite, house, pool/spa, roof, etc) be put into a binder and be available for anyone to browse during open houses. If the seller has made any repairs per the inspections, those are noted and receipts/warranties included.</p>
<p>The house is an older house, and if they get it at a “fixer-upper” price, they will fix 'er up. As far as I am concerned, the amount that I might have contributed to any repairs has already been included in the lowered price.</p>
<p>I would love another offer!! There has been traffic but no other offers. Right now I am just thinking. Not making any decisions. ALso, in the state the house is located the contract is written by attorneys, not presented by the agents. More costs … sigh…</p>