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Just got an offer on our house, 3 months til close?

S

ScAndal

Senior member
Does this not seem like a long time? They are willing to put down $5k in earnest money, but 3 months? It just seems like a lot could happen in 3 months to jepordize the sale?

ScAndal
 
if you have a signed offer from them that you have accepted, and $ has changed hands, they're legally obligated to buy your house. Make it conditional on obtaining confirmation of financing in 2 weeks from now or something.
 
ask them if there is a specific reason they're waiting 3 months?

not much experience in home ownership, but seems to me like 1 month would be considered a wait.

If they have cash down and signed papers... then I guess it just means you get more time to prepare for a move.
 
3 months is way too long. The way the market is going, your house will appreciate in those 3 months and you could probably get a better offer. Also, you'll end up paying for those 3 months while waiting and if you already bought a new house, will have 2 mortgages!

Reject the offer unless they can get their act together in 1 month or less.
 
3 months is a little long, but not outrageously so. It's hard for us to say without knowing all the details.
 
Increase the price of the house by two or three months worth of mortgage payments?

It isn't unheard of to have a buyer want to postpone close for months. We held one to our house for about 2 months before close. It worked out for us because the new house wasn't done yet anyway.
 
It sounds like the buyer needs 3 months before he can acquire all of the funds needed.

We have not bought a house yet, nor made an offer.

ScAndal
 
I put down 12k on my house back in Feb, and I won't close until July. It is a new construction, but still, if I back out, they get a nice paycheck.
 
I'd tell them to ah heck off unless they put down a lot of money--enough that if they don't make this happen in 3 months you're still doing ok and can just put it on the market again.
 
Originally posted by: Skoorb
I'd tell them to ah heck off unless they put down a lot of money--enough that if they don't make this happen in 3 months you're still doing ok and can just put it on the market again.
Click to expand...

That 5k earnest money doesnt mean anything. They can write it up saying X % rate, and X amount of funding, so then they have the realtor and lender who work together make the contract null because the interest rate went up, and then they get their money back and you just waited 2.5 months for nothing.
 
I see you're from Minneapolis. Not being your agent, I can't give you any advice. But I tell MY clients that in this market, any offer is a good offer. I would never recommend to any of MY clients to reject an offer.
 
Originally posted by: AntiEverything
I see you're from Minneapolis. Not being your agent, I can't give you any advice. But I tell MY clients that in this market, any offer is a good offer. I would never recommend to any of MY clients to reject an offer.
Click to expand...

Because the broker will make his 2% commission on any offer? 😉


Did the offer include any penalties should the buyer not be able to follow through?
 
Originally posted by: Sex Smurf
Originally posted by: AntiEverything
I see you're from Minneapolis. Not being your agent, I can't give you any advice. But I tell MY clients that in this market, any offer is a good offer. I would never recommend to any of MY clients to reject an offer.
Click to expand...

Because the broker will make his 2% commission on any offer? 😉
Click to expand...

Damn straight! Unless of course it's a shaky deal and falls apart in which case I get squat. 😛

All I'm saying is that an offer is an offer. There's a reason the term "counter-offer" exists.
 
Originally posted by: dxkj
Originally posted by: Skoorb
I'd tell them to ah heck off unless they put down a lot of money--enough that if they don't make this happen in 3 months you're still doing ok and can just put it on the market again.
Click to expand...

That 5k earnest money doesnt mean anything. They can write it up saying X % rate, and X amount of funding, so then they have the realtor and lender who work together make the contract null because the interest rate went up, and then they get their money back and you just waited 2.5 months for nothing.
Click to expand...
AH, ok, I'd tell them no. Nobody else will accept anyway, and if the house doesn't sell 2 months from now the OP can go back to them and see if they're still interested.

 
You need to find out why they need three months. Also, ask to see their pre-qualification letter from the bank.
 
Originally posted by: dxkj
Originally posted by: Skoorb
I'd tell them to ah heck off unless they put down a lot of money--enough that if they don't make this happen in 3 months you're still doing ok and can just put it on the market again.
Click to expand...

That 5k earnest money doesnt mean anything. They can write it up saying X % rate, and X amount of funding, so then they have the realtor and lender who work together make the contract null because the interest rate went up, and then they get their money back and you just waited 2.5 months for nothing.
Click to expand...

Unless of course a knowledgeable agent set up the purchase agreement such that the buyer couldn't do that. There's language specifically written into the standard Minnesota PA that can help a seller avoid that situation.
 
Originally posted by: oldsmoboat
You need to find out why they need three months. Also, ask to see their pre-qualification letter from the bank.
Click to expand...

A pre-qualification letter is worth less than the paper it's printed on in this day and age.
 
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