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Home Buying in 80234 : Real Estate Advice

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Activity 6
Tue Aug 5, 2014
Jorge Gonzalez answered:
Hello woots1,

Recently I've had some closings on properties where cash offers were involved and the price was negotiated down slightly. As has been mentioned below, it somewhat depends on where the property is listed in relation to comparable properties, because if it's priced very aggressively then the odds of it going below list are tough due to very tight inventory levels. However, several things that I've done is typed up contracts closing in a week and a half to 2 weeks, doubled earnest money asked for and only had minimum contingencies (title, inspection & HOA docs if necessary) in the contract where all the dates & deadlines were all within 1 week of the date of the offer. One property I bought was on the market for 5 days and was a 2 bed, 2 bath condo in downtown Denver that I negotiated down from $395K to $385K, another was a 2 bed, 1 bath condo by DU that was negotiated down from $185K to $180K, another was a 1 bedroom condo by Glendale that was negotiated down from $79K to $75K. Anyway, it's very case specific and there are many properties going at or above list price, however there are some properties that where by doing some things to structure the contract a certain way can help with negotiations. ... more
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Fri Aug 1, 2014
Shelly M answered:
I would've countered the FHA with the extra 500 instead of going with an offer contingent on selling their home-I've seen too many deals fall out because the buyers sale fell through ... more
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Wed Jul 30, 2014
Ana Moun answered:
Want to remind everyone to factor in carrying costs for the seller --- every month that they have to make an additional mortgage payment, is $$$ off their bottom line net, so delayed closings due to financing difficulties or for other reasons will have an impact.

As a recent seller in a hot seller's market, I set my close date at the very end of the month so that I would profit from the last mortgage payment but get out before the next payment was due.
... more
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Mon Jul 28, 2014
Terry McCarley answered:
Mon Jul 28, 2014
Terry McCarley answered:
If your contract releases you in the event the home doesn't appraise out, once both the buyer and seller have signed the cancellation the deposit should be refunded quickly - typically right away but maximum of a week. ... more
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Mon Jul 28, 2014
My NC Homes Team answered:
As there's a contract this becomes a legal question. Your listing agent should be the one you're speaking with, but obviously you're not satisfied with them and are moving on. You should speak to an attorney and you may also want to contact the Broker in Charge where the first listing agent worked and speak with them. Unless the buyers terminated for a reason permitted under the contract you had both signed, then no you do not have to return the deposit to them. If they claim they could not get a mortgage, then it was their obligation to send you written evidence from their lender that their loan was rejected and you needed to have received this in a timely manner as stipulated in the sales contract that was signed. ... more
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