Mr. Seller - we got an offer, BUT.......

By
Real Estate Agent with Bradenton Realtor and Sarasota Homes for Sale

I just got an (verbal) offer on one of my listings. Usually that would be good news, but...

The home is listed - let´s say - at 350,000. The offer came in at 290,500. In our market this is something that happens. 

The next thing is, that they offer a deposit of $1000 (not that much), the sale is contingent to the sale of their home (closing is in September) and our closing would be mid November - but they "really believe their contract should go through". Of course we still have a financing contingency...

I know that my seller won´t be to enthusiastic about this offer.

Any suggestions for my seller?

Any good or bad experiences with kick-out or backup clauses?

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Rainer
5,772
Kim Caldwell
American Realty
You could always ask for more earnest money.  Definitely ask for a 48 hour break claus as Renee stated. I would explain to my seller that this does not stop the showing of the property or being able to receive another contract.  Also, why are they waiting to close in November, if there home closes in September.  I would try to move that up into October.
July 16, 2007 03:53 PM
Ambassador
2,281,474
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

The only answer to a verbal offer is a verbal "write it up and I'll present it".  Make them work and maybe the price will improve if they have to do some serious work. 

Why get a seller all worked up over something that has a 99% chance of failure?

If they do present it in writing, then it would depend on

  • comperable prices
  • equity
  • DOM

And the seller's need to sell.

July 16, 2007 03:56 PM
Rainmaker
1,359,825
Donna Harris
Realtor, CDPE & ASP - Hill Country Lakeway Austin
Regent Property Group
I agree with Lenn that you need to tell them to put it in writing.  Also, I always advice my sellers that it's not usually in their best interest to accept an offer on their home contingent on the sale of the buyers' home is the buyer cannot show evidence that they currently have an approved buyer in escrow on their house.  If their is no contract on the buyers' house yet, you never know when they'll get an offer, muchless a contract, and maybe they might not even make that November deadline... but it is up to the seller if they want to take the house off the market.  In my area, that would mean the status would change to AK (active kickout) and probably 99% of agents should houses that are only A, not AO, AK, AC, or anything else but truly active... so it might hinder their ability to receive a backup offer.
July 16, 2007 04:01 PM
Anonymous #5
Anonymous
Anonymous
They need to put it in writing first and then the seller can counter.
July 16, 2007 05:26 PM
Rainmaker
129,326
Jim Little
Your Sun City Arizona Realtor
Ken Meade Realty

My two cents, in no particular order:

  •  Get it all in writing
  • If the offer is contingent, what good is more ernest money? If you think you need more earnest money, get a time for it to go hard.
  • Insist on a time frame to remove contingencies or cancel the contract.
  • Continue to market the home. This may not be effective if your market has a lot of inventory.
  • Definitly do your due diligence re the strength of the other escrow.
July 16, 2007 06:13 PM
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Rainer
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Axel Weiss

Sea to Sky Realty
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