Category: Accepting an Offer
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Is a Verbal Offer binding?
Reader Question: I am going through a Realtor, and I verbally agreed to a price from a guy who low-balled by over half the asking price. The buyer is still knit-picking everything and taking forever, so we have signed no papers. Now I have another offer with a personal friend. I want to know if I…
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Can an agent add extra commission in an offer?
Reader Question: A home buyer offered us an amount that we liked. But there was an addendum by the buyer’s agent for extra commission. We did not accept that and counter-offered. However, our agent told us the deal would not go through if we did not accept the request by the buyer’s agent. Can…
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Trust Our Real Estate Agent?
Reader Question: We wanted to trust our real estate agent. We accepted a purchase offer which allowed us to stay for 21 days after closing with no cost and an additional 45 days at a nominal daily rate. We were out of town during the entire transaction, and our agent sent us the electronic document and…
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We have an offer for a million dollars over appraisal
Reader Question: We have an offer for a million dollars over appraisal for our building and parking lot from a developer. They offered 2.2 million dollars with a one-year requirement for us to vacate. We have a separate independent appraisal valuing the two parcels at about $1.2 million. The plan is to demolish the building and…
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One of real estate’s biggest myths
Reader Question: The relo counselor is telling me I will lose the relocation benefits if I list my home for more than ten percent above the average of two appraisals. This seems like one of real estate’s biggest myths. Their argument is this rule will ultimately help the home sell at a higher price, which…
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Home seller wants to cancel the home sale
Reader Question: We signed an agreement to sell our home with a buyer two weeks ago. As the realities of the change set in, we have decided we don’t want to move. We have not yet told our agent. How can we get out of this mess, and what are our potential liabilities? Jerry and…
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A ” right of first refusal ” threatens a million-dollar sale
Reader Question: I am in negotiations to sell off a portion of my property. The buyer is simultaneously asking for a right of first refusal on a contiguous parcel. The wording in the right of first refusal clause the agent drafted in the offer is one short sentence and leaves many unanswered questions. My attorney…
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Listing agent flip-flops on price
Reader Question: Our agent flip-flops on price. We listed our home two weeks ago for three hundred fifty-nine thousand nine hundred dollars. Our agent recommended this price and showed comparable sales that supported the recommendation. Yesterday they presented an offer for three hundred five thousand dollars and suggested we accept it. We are stunned and…
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I want out of the sales contract
Reader Question: I want out of the sales contract I signed yesterday. Can I change my mind and decide not to sell? If I can do this, what liabilities would there be to me? Monty’s Answer: First know it is not uncommon for a seller to experience a malady called “sellers jitters.” Our most cherished memories…
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Rent-back clause prevents financial disaster
Reader Question: The buyer backed out just days before closing which left me in a financial disaster. I made my income out of my home renting rooms. I had to give them notice to move prior to the closing date. Is there anything I can do? Meredith P. Monty’s Answer: Hello Meredith, and thanks for…
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6 good tips to prepare for an offer on your home
Reader Question: Monty, we listed our home for sale about a month ago. Our agent just called to say she is expecting an offer later today. We have no idea how to handle this, but we want to be smart about it. Anything we should do to prepare? Thank you. Carl and Megan H. Monty’s…
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Home Seller Not Obligated To Home Buyer Offer
Reader Question: If I make an offer, is it binding on the seller until I have a chance to make a higher offer? Can someone else make a higher offer before mine is accepted or rejected? Joe D. Monty’s Answer: Joe, no offer is binding on the seller. No offer is binding upon the buyer until such time as the seller…
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Appraising Your Home’s Offer
Reader Question: Monty, my home in Rochester, MN is up for sale by owner with a listing price of $178,900. It is an all brick, 3 bedroom, 2bath, 1600 square foot home with a full basement and a 2.5 car attached garage. Lot size is 120×188. We paid $144,000 in 2006 and have invested approximately $16,000 since then. We have…