How should I be feeling right now?

[Yax]

Originally posted by: Amplifier
Have you already closed on the property? Is the contract notorized? There are more than a few ways to weasle out of a contract, just let me know which level of hell you'd like to end up at 🙂.

If you've already closed on the property then don't sweat it, the money we don't make can drive us to madness 🙂.

Actually, its in escrow right now. But I don't want to back out anymore. It would be too dishonest. I agreed to his offer so I think I'll stick with it now.

 

[Sex Smurf]

Originally posted by: Yax

Originally posted by: Amplifier
Have you already closed on the property? Is the contract notorized? There are more than a few ways to weasle out of a contract, just let me know which level of hell you'd like to end up at 🙂.

If you've already closed on the property then don't sweat it, the money we don't make can drive us to madness 🙂.

Actually, its in escrow right now. But I don't want to back out anymore. It would be too dishonest. I agreed to his offer so I think I'll stick with it now.

That's the best attitude to have right now. Are you in escrow for your new house already too?

 

[Yax]

Originally posted by: ragazzo
if you're still under contract, then there might be hope. just refuse any requests for repairs and hope the buyers will back out. you can also talk to your lawyer and ask him/her if there are any other ways to back out of the contract.

He got the home appraised and inspected the day after escrow opened. He's quick. No issues found.

 

[AntiEverything]

There's more to it than simple sales price. Did you pay any closing costs or points? Did they? Unless you know all the terms about all of the deals, you can't know whether you got hosed or not.

 

[StageLeft]

it sucks, but on the plus you just sold a half million dollar home. I suppose you have some decent net worth now. Thems the breaks I guess!

 

[Yax]

Originally posted by: AntiEverything
There's more to it than simple sales price. Did you pay any closing costs or points? Did they? Unless you know all the terms about all of the deals, you can't know whether you got hosed or not.

Since he didn't have a buyer's agent, I am giving the 2 points to the buyer's agent to him. He's paying for my half of the closing cost up to 3K only.

 

[flot]

Don't worry about it. What's done is done - just a lesson to learn for next time. You are still making a nice profit off the sale so be happy with that. DON'T try to weasel out of the contract - bad karma for sure. There are also plenty of details you might not know about the selling prices of the other houses (hell, one could include a $10,000 kickback to fix something)

 

[Amplifier]

Quick lesson to everyone reading this thread. Many Realtors want to list a property below market value so that it sells quickly and they get paid.

If you have a house that should sell for $100,000 and a realtor lists it at $90,000 it should sell in a day or two. The realtor will only lose $300 in commission but get paid right away and not have to do any work. While the homeowner is stuck losing $9400.

Not all Realtors are like that, but alot are, be careful.

Note: This doesn't necessarly apply to Yax's situation I just felt compelled to bring it up.

 

[JulesMaximus]

If you went with a Realtor and listed it at a more realistic price after commissions you still lost out on an extra $65,000 profit by chosing to list it the way you did (using the figure you gave me for your neighbor's house that sold for $550,000.

Should have used a Realtor.

 

[AMDZen]

You are aware that there are people out there who do this for a living, see they appraise the house and tell you how much you can sell it for. They're called "Appraiser's".

 

[Yax]

Originally posted by: JulesMaximus
If you went with a Realtor and listed it at a more realistic price after commissions you still lost out on an extra $65,000 profit by chosing to list it the way you did (using the figure you gave me for your neighbor's house that sold for $550,000.

Should have used a Realtor.

I did list with a Realtor. She was a broker. The people I talked to were realtors too. They all suggested on the pricing that I went with. It was listed on MLS, Realtors.com, list4less and more. Lots of viewers too. but I think I just jumped at the offer too quickly. My realtor told me I wasn't going to like the offer when she showed it to me. I just figured 10K was not enough reason to turn down an offer. I just didn't know that other people were going to get much better offers a few days later.

Its okay I guess. I'm happy I got the home sold. I didn't want to sit on it too long. No telling what summer will bring.

 

[Yax]

Originally posted by: AMDZen
You are aware that there are people out there who do this for a living, see they appraise the house and tell you how much you can sell it for. They're called "Appraiser's".

The thing was, I got the home appraised 3 months ago when I took out an equity line. It appraised for 450K only. I didn't think that in 3 months it would jump so high.

 

[destined]

kill a few people in your home, i think that would be an instant deal breaker.