It's been a long time (the 1980s) since I went to real estate school, but it was my understanding that an agent is legally obligated to present any contract that is offered. So, your agent, in my opinion, has broken the law. I have just had a similar circumstance with my agent. I could report her, but at the very least, I have dropped her. My strategy for the future is to contact the listing agent of any house I want. The listing agent will probably be more likely to accept your contingency, based on the fact that he knows it all falls on him, and I think it will light a fire under him to get your house sold so that you can purchase his listing, thus allowing him to be the listing agent of your house (commission), the listing agent of the house you want (commission), and the seller of the house you want (commission). And, if he brings the buyer for the house you are selling, that's, yes, you guessed it, more commission. My advice is to choose the listing agent for any property you want in the future. If that falls through, don't stay with that agent, but rather, go to the listing agent of the next property you want, etc.... more
You can, but it will limit your potential buyer pool to those that can accommodate you. Alternately you could sell and simply do a short term rental though this requires two moves, or as you're likely 5-6 months out from delivery of your new home you might consider waiting 3 months or so before putting your existing home on the market which may mitigate the necessity of having to do a lease back.... more
Have your agent contact the listing agent to try to find out more information on the type of contingency. Most of the time sellers if they are in the know from their agent will allow for backup offers. This is where your offer may be considered if the current accepted offer deal falls apart. Many sellers are not aware of what this is all about, but it is in their best interest to entertain as many offers as possible even if they have an accepted contract. That way they may be able to sell their home to another potential buyer in waiting should the original accepted contract fails to close. All the best.... more
Do I need to be pre-approved to do a contingency offer IF it is not necessary for me to finance after my home sells? That is we're downsizing...Selling our home for 850 in an upscale neighborhood with good sales history all around us and making a contingency offer on a home for $400K... Our past debt would be wiped out and we would owe zero on the new home...... more
As a general practice, keys should not be given until monies have been conveyed. The closing attorney or title office will often times hold the keys as a matter of convenience and then will contact all parties once funds have been transferred.... more
There is a big scam just like that. After you wire them the funds the check bounces. It is usually run with an Asian male name as the buyer and sometimes the country is Canada where the buyer is.... more
I would call the assessors office for the town and ask this question about what they recognize as the year built as most of the time realtors rely on public record. You can always disclose both years if you should sell the home or that public record shows differently or incorrect. Good Luck!... more
The laws in Massachusetts require making an update in the MLS within 24 hours of accepted contract. We even have a designation to flag it for the 48 hour right of first refusal. Hopefully a LA agent will clarify the LA rules. Best of luck with the sale of your home.... more
It would really depend on the condition of the current house (upgrades etc) and the lot. It's hard to answer that question without knowing what the "base" house is prior to the addition. Adding a 3rd bedroom but losing the garage might not make a huge difference in your market value.
Have you thought about turning the house into a rental?
Most deals have what is called a good faith deposit delivered to the sellers agent or attorney at the execution of the offer contract (can be anywhere from $500 and up depending on how competitive you want to make the offer look to the seller). Then there is usually about a 2 week due diligence period (you have your inspection and hire an attorney to review doc's, etc) and if everything is satisfactory you put another good faith deposit down with the execution of the Purchase and Sale contract (usually a much larger check, anywhere from 2.5-10% of the purchase price, again, depending on how competitive you want to make your offer look) You will get your money back ONLY if a term in your offer or PS contract (contingencies, etc) give you the out and that will all depend on the language of those contracts. Usually if you just arbitrarily decide to walk on the deal you will lose your deposits (this protects the sellers since generally speaking purchase contracts are very buyers protective)
MA is a 2 contract purchase process but it may be different if you are buying in another State.
I hope that helps!! Hire a good exclusive buyers agent to walk you through the process. If you work with the listing agent they will be very limited on what advice they can give you.... more
I would do a back up contract as proposed below. I would also call in from time to time to check on the status. You may inquire about the contingency to see what it is. If it is the sale of the house you may ask if it has gone under contract. But you need a Realtor. See below.
Contingencies have a time period. You can inquire about that. I personally don't like to accept contingencies for this reason...it takes the house off the market when another better buyer comes along. When I do accept them then I add language that says if another offer is submitted then the buyer has to either remove the contingency or back out of the deal. If you don't have a Realtor, get one. You may be able to buy the house still.
Broker - Owner
Green Home Realty... more