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I paid a $600 deposit on a rental property that on closer inspection have decided I don't want. I never signed an official lease so am I entitiled to get the money back?
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pinkie | Two offers the same on house and one is stalling what do i do? |
there was no contract for the first offer. it was verbal and
part of the deal was to go into contract within ten days.
its 7 days and still have not heard from their lawyer
there is no real estate. we are selling on our own. the second
person is willing to go to contact right away. if i cant get the
second one up in price then what do i do. also the first
person has been making us feel sorry for them by telling
us this is all the money they have and they need to live on
it forever because they dont want to work. how they had to
sell their home etc. the second is more stable but has to
get a mortage which should not be a problem. so what do i
do. i will feel really bad for the first one who made the offer
because we feel bad for them Help |
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Patrick M
|
The fact of the matter is that a house is one of the biggest investments in your entire life...it's a savings account that you live in...Don't bargain with your largest asset....It's okay to empathize with someone's situation or circumstance and you can do other things..you need to go with what is best for you and your family FIRST! You can give a cure notice (a notice in real estate) that states that they have a period of time to perform what they originally agreed to....This gives them fair warning. You don't legitimately have a valid contract until it's in writing. It's not enforceable in real estate matters in court. It's okay to feel bad but don't feel guilty and not sell to who wants and has the means to buy....This is a great example why it's suggested to find a GOOD Realtor. There are no emotions involved and it's about business only. Also, it's critical to get the contract in writing...there are contracts in your state that protect you and the buyer along with inspection reports, warranties, etc...Be careful! If you need help getting assistance in your state let me know and I can direct you further. |
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Sarah O
 |
I wouldn't talk w/either unless they were pre approved. Secondly, your main goal is to sell your house. You need to put any personal feelings aside and focus on your main goal of selling your home. If you can take the amt offered on the second one, I would take it and make it a done deal. If the first offer is pondering around they may never buy and then you will have all that lost time. The bottom line is whoever gets you the $$ first gets it. I wouldn't create a friendship because if they have any complaints w/the house down the road you will hear about it. I would focus on the cause which is selling your home. |
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Dan M
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First off you don't owe anyone anything. The market is FLOODED with homes, its a total buyers market, so the first buyers can find a home again no problem. A concern though, not everyone can just 'get a mortgage' first time home buyers have an easier time, unless you have good standing credit. So the second buyers may not be as stable as you think unless they have a pre-approval letter from their loan officer.
Verbal contracts mean absolutely nothing, and they didn't follow up the verbal deadline, I would be very wary of that. |
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nightserf
|
This is a business transaction, so ignore the sympathy play. You agreed to wait ten days, so you should do so, explaining it to the second buyer. If the first buyer does not exercise his verbal "option" in three days time, sell to the second if the price is agreeable. Unless, of course, you are willing to sell your honor as part of the deal... |
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2Cute2B4Got
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First buyer is playing games. Verbal offer is the same as no offer, but you gave them 10 days, they still have 3 more. Have the lawyer explain to the buyer that all you want is an offer, not interested in any sob story. Truth is everyone has a sob story. They either have the money or they should not be bidding on your home.
If the second one does not meet the price that you are selling, relook at the price, if it is a good price - hold out for the price you need. |
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ajrrst
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i would go with the sure thing there is a reason the first people had to sell and you don't need the problems |
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larry f
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I would go with the first buyer that signs a contract and gives you some earnest money! Earnest money shows you that they are serious about buying. It's not your fault that the first buyer is in financial trouble. They may need to try a HUD program or someone who helps people in that situation. Your main interest is selling your property. Get at least $300-$500 + earnest money. They will get this back at closing or it may be applied to closing costs. So don't spend it! If they can't produce financing you can keep the money for your troubles.
Please check with your local government's Real Estate Laws because this can vary in different states. Hope this helps! |
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Thunderrolls
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I don't think you would be wrong if you wait the three days for the first buyers to get their financing together... But, on the tenth day, I'd look solidly at the second buyer for the contract..People sometimes want what they can't get and stall while they try to find money. You don't owe them anything, so go for what is the best offer.. |
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VATreasures
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I would see if I could get the second contract to raise their price. If they can not, I would tell the first that I need the offer in writing in one or two days. If I get an offer from the first, I would let the second put in a back-up contract if they wish to. |
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mykidsmom
 |
Lawyer?? What lawyer--no lawyer would entertain a "verbal" contract. That first party is jerking your chain. If I were in your circumstances, I would call and inform them since they indicated they are represented by an attorney, you need the name of their attorney. I bet dollars to doughnuts there is no attorney. If they don't cough up an attorney's name, inform them you have another offer willing to sign on the dotted line today and they have 24 hours to put their name on a contract and put up earnest money to back up their contract ($1,000 is a good number) with a closing date in 30 days (or whatever is good for you). And if you do a contract with the second party, get a contract, a closing date and earnest money in case they don't perform on the contract. A real estate agent would have saved you all of these headaches and any legal problems you would have trying to negotiate a real estate contract. |
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KrzyMom2
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wait until you have both in writing or take the more solid one if it is what you want for it. |
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beebee
 |
When it comes down to it its just business don't wait around for the one that is stuffing you around because they won't be there in the end their living on hope and you to feel guilty not your problem tell the one that is sincere what money offer you will except and sign the contract other wise you'll lose them all together they will find something Else the others will back out and you will have to start all over again.You don't anyone anything but yourself business is business and if you want to be successful remember that. |
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Masho
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Wait out the three days, contact them and let them know the situation (you have another buyer) and that on the 10th day your house will be sold to the second buyer. It's a buyers market, and you're the seller.....don't lose out on a sale for someone who wishes they had that house and are fighting tooth and nail to get it. On the 10th day, the sign said "SOLD!"
By the way, contracts can be formed verbally, and you just confirmed it in your question, so deal with them and just get it over with...it's only 3 days, also keep in contact with the second buyer. |
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