 Posted 3/19/2007 3:00:17 PM
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Our house has been on the market for 3 weeks with one low offer. We are thinking about a counter offer, but the buyers would have to sell their house which isn't even on the market yet. We've allready closed on our new house, so we would like to close ASAP. Should we hold out for a non-contingent offer, or counter? And how long are we supposed to give them to close?
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Posted 3/20/2007 9:11:13 AM
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| I'm not an expert in any of this, just a first time home seller myself, but what I would do if I was in your position, might be to make a counter offer to that buyer, but also include wording that you keep your house on the market, and if you receive a betterr offer, that you will grant the current buyer under contract an option to make you another offer within a certain time frame or back out of the contract altogether with their earnest money being refunded in full. If you're careful with the wording then this should ensure you a way to move on to another buyer, and if you don't get any other buyers, then you still have the one under contract....just a thought.
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Posted 3/21/2007 2:12:34 PM
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| Well I went to my lawyers and he helped me with the counter offer contract. There is a clause in the contract that states that we are able to keep our house on the market, and if we receive an offer we like the current buyer has 48 hours to either close or come up with a $5000 non-refundable deposit to keep the contract in effect. So I guess we'll counter and see what happens.
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Posted 5/21/2007 9:13:24 PM
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The clause your attorney found is exactly what you need and is very typical. Not sure about the $5,000 non-refundable deposit though. Around here it's normally refundable.
Also, some food for thought. Why would you accept a LOW BALL offer that also has a contigency? Each situation varies, but I would be inclined to counter back and accept their contigency but at full asking price or very close to full asking price making sure I included the clause. Typically when a buyer brings a contigency offer they also offer a higher price since you are accepting a special condition on their behalf, and one that could be very time consuming.
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Posted 2/19/2008 8:51:11 AM
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I just received an offer for mine at full asking price, but also contingent upon the buyer selling his home. After reading replys on this issue, it sounds as though I should probably counter with a clause that states I keep the house on the market, but give the buyer a set time to counter any offer received that meets or exceeds they're offer (first right of refusal).?.?
Also, is a deposit to hold typically received, and if so how much (flatt amount of % of price offered)?
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