What is your experience with 6 month out closing date? AND, what about the proposed sales tax after 2012.

Asked by Lynne Renaud, Fredericksburg, TX Sat Apr 7, 2012

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Bruce Lynn, Agent, Coppell, TX
Thu Apr 12, 2012
I'd be pretty uncomfortable with a 6month closing date, unless it is a new build...(we need six months to build it) or there is some very unusual compelling circumstance which makes the buyer or seller want to wait this long.
I would want substantial earnest money from the buyer and perhaps even on a monthly basis, something like $1000 to start and $1000 on the 1st of every month to closing on a $200,000 sale. You could adjust up or down on other values.
Way way too many things can happen in six months. New jobs, new spouses, new kids, different credit requirements, deaths, accidents, tornadoes, and who knows what else. Think about this too....when do you do the inspection....Day 1....so how do you know things like AC units go bad between today and October?

Sales tax...that's a slippery slope to start down. 1% now....2%......next year....5%....5 years from now. With all the foreclosures and banks in bad shape, I don't think they'll let that happen.
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Guy Gimenez, Agent, Austin, TX
Sat Apr 7, 2012
1. Regarding the "sales tax" issue, you're probably referencing the portion of Obamacare that caused a big stir for no reason. Check the TAR web site as their attorneys have clarified this previously.

2. From a seller's perspective, I wouldn't even consider scheduling a closing for 6 months out unless there was a large amount of earnest money that would automatically be forfeited should the closing not take place. And I would make sure all buyer contingencies were met or waived within a 45 day time frame. .
0 votes
Bruce Ericks…, Agent, Dallas, TX
Sat Apr 7, 2012
What proposed sales tax? On what, what rate, who would be doing the taxing, and proposed by whom?
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Apr 7, 2012
No professional can render an opinion for fact we don't have enough information involving the property.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
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