Home Buying in Houston>Question Details

Dianekentish, Home Buyer in Blue Springs, MO

can a seller charge the buyer a fee to removed the house off the market?

Asked by Dianekentish, Blue Springs, MO Wed Feb 6, 2013

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Bruce Lynn’s answer
It should go off the market as soon as you both execute the contract?

This is a strange question, so I just want to make sure you have your realtor or attorney involved and you are not doing this on your own directly with a seller.
0 votes Thank Flag Link Thu Feb 7, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
Al is correct. Other items you will have to pay upfront will be your Earnest Money either $1000 or 1% of sale price, which is held by the Title Company and is credited to your closing costs at the closing table.
Also Inspections are paid for upfront.
If you have a lender, you will have to pay them for the appriasal, 350-650 depending on the size of the property.

It is important to have a savvy Buyer's Agent and a good Lender working hand in hand for you on your home purchase.

Check out our websites, and if you are not already working with an agent, contact one of us!
0 votes Thank Flag Link Thu Feb 7, 2013
In Texas we have an "option fee." This is a charge to the buyer at the time of contract signing, and is usually anywhere from $100 to $200 ... it could be greater on a more expensive home. During the "option period" (usually ten days) the buyers can void the contract for any reason (unrestricted right of termination), and the earnest money deposit would be refunded. This gives them the opportunity to have the property inspected, and negotiate any repair items or additional credit from the seller. If all works well, the option period is terminated, and the status of the sale moves on to "pending." Generally speaking, the option fee is credited back to the buyer at closing. In the event that the parties cannot agree, the inspection report proves unsatisfactory to the buyers (or if they elect to back out of the transaction for any other reason) the sellers keeps the option fee as compensation for their trouble.

Each state has different policies ... that's how we do it down here. I trust this helps.

Regards ...

Al Geffon
(713) 213-6350
Web Reference: http://www.har.com/algeffon
0 votes Thank Flag Link Thu Feb 7, 2013
A seller in a strong seller's market can ask the buyer for almost anything. While it's not the convention, it's possible.

Perhaps you're thinking about the initial deposit?
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Thu Feb 7, 2013
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