Lizbeth Uribe

Hi Jeannie,
If you made it clear on your lease agreeent that you would be offering the property for sale during the term of the lease, then I would guess the tenant is already aware that the property ready has to be ready to show at all times. I would suggest getting together with the tenant and finding out what hours and days are more convenient for them to show the property, so that you can be comfortable with the fact that it will probably show better during those times. - Thu Mar 6 2008, 13:45

Hi Vickie,
Let's look at i this way: the seller will receive cash at closing whether or not you paid cash ofr financed, one difference is that you do not have a financing contingency and would be able to close (hopefully) sooner than if you had to wait for financing approval and documentation.
When you're paying cash, usually the only contingency is the option period for inspections etc.
So I thnk that if the seller is more motivated to do a cash deal it would be because he's expecting the closing date to be shorter and he's assuming that there are no contingecies, making it a solid contract.

P.S.. Make sure that your survey is done during the option period, you still need to do all your due dilligence within the time specified for option, because after that, the contract will go hard. - Wed Mar 5 2008, 15:18

I've actually just done that with one of my listings. there is also a difference of a few sq. ft. of living area between my listing and another firms, on the same block. I've reduced ours, just under the other one, so that theirs, will sell ours! It's working too! Theirs has been in the market longer than ours, and ours has been showing regularly since we reduced it. I'm confident we'll have it sold soon. - Sun Jan 27 2008, 17:40

As everyone else has advised you, you need to put an expiration date on your offer. If you didn't do it on the contract, you need to submit it as soon as possible, and make sure it's acknowledge by the seller or his agent. If the property was listed with his wife's firm (I'm assuming this is the case) why didn't the broker assign someone to work with you, since it constituted an intermediary relationship? - Sun Jan 27 2008, 17:24

Hi Marisel, I think you need to consider your options very carefully, and talk to your attorney before you decide to cancel your sale. Read your Earnest Money contract, and talk to your Sales Agent as well as your Attorney. If the buyer is not in default, and you cancel the contract because you changed your mind or your circumstances have changed, you would have a big liability on your hands. You would need to read over your default clause on the Earnest Money contract to make sure you understand what the consequences of defaulting could be. TALK to your attorney before you proceed, so that you'll know exactly what your options are. Think about the buyer, and all the arrangements they've made as well as expenses they've incurred so far, it's a tough situation to be in for both of you. Good Luck.

PS: Also ask your attorney about commissions owed to the sales agents involved in case you do cancel. - Sun Jan 27 2008, 17:03