Open houses brings an offer - but just not a home run!

Here is a summary of how my weekend went.

While I was doing an open house on Sunday a woman walk into the home, alone.  She walked through the house fast and quite abruptly.  When she left, I don't even think I got an acknowledgment - it was kind of like I pissed her off because I took her out of her car dragged her into the home and made her look at the home.   When she showed up again with 7 people in tow, I have to say, I was quite surprised.  I thought they were either here to beat me for dragging her into the home and forcing her to look or they were here to check it out and maybe make an offer. 

Well I was right - (thankfully on the offer). 

What was odd was how they presented the offer to me.  I almost felt like I was working a drive through McDonald's window.  They barked their offer, added some fries, tossed in an apple pie... - no not really - they just made it seem so .. I don't know - umm, matter of fact.  There was no emotion, no happiness, no excitement - nothing.  I actually was not sure if they even liked the home, that's how stone like they were. 

Anyhow, I was thrilled to get an offer.  It was something and it was a starting point and I know the seller is at a stand still with his plans until he sells this home, to be honest, I know he is willing to work any buyer who makes a solid offer.  But, they did not cut it.  You see - it was not just about the money, the reply no went much deeper. 

There were CONTINGENCY'S - and ALOT of them.

Sellers have been spoiled a few years (months) ago most offers did not have any strings attached, homes sold without a hitch.  Now? Not so much.  I have always viewed a contingency as almost as a skin problem - they tend to just spread.  If one contingency gets through another will pop up and another and so forth and so on.  So nixing contingency's early is something that I tend to do. 

The contingency's that these "buyers" were: 

• Mortgage - (OK, that is normal).
• Upgrading to Viking appliances. (No joke, $20,000 right off the bat).
• Closing Mid September. (Not too bad, could be workable)
• 10 year warranty on home (Its a new construction home, but 10 years?   Riiighht).
• They need to sell their home first (they can go into contract soon, but with only $7,000).  - To me this is a red flag!  The buyers are looking at a 1.2 Million dollar home, but only have $7,000 to put down, am I painting good enough picture for you?
• Closing Credit - Here is where I think they lost me, the seller and their minds.  They would come to almost full price on the home - IF the seller agreed to "GIFT' them back $75,000. 

.....Picking myself off the floor. 

Is that even legal? 

So - welcome back world of contingencies!  I so did not miss you!

Comments

[rudy]

hi christine!

what a story! is it legal to gift back $75k? i think we all the answer to that one.....geesh.

- rudy.sellsius°

[Geno Petro]

Hey C...I too have had a handful of similar deals this year. In fact, I just wrote one myself--on a house my wife and I are buying...right down to the Viking kitchen credit, Home Sale Contingency and relatively little Earnest $.

I suppose I'm grabbing with both hands from the candy dish but I come from a family where my mother told me 'when the ice cream truck is playing music, that means they're OUT of ice cream.'

Hope the hottest tamale east of the Hudson is doing well.

G

[Joy]

Sure, my husband and I may earn well above the median income in Queens, but when we recently tried to buy a home, we realized that all the contingencies in the world weren't going to be enough to defray the cost of buying a home in such a ridiculously over priced market.

[Christine]

Joy - Hi, thanks for stopping by. I am not sure I understand what you mean. Are you referring to a sellers consession?

[Christine]

Rudy - LOL. See you Saturday.

Genooooooooooooooo - Hi you Chicago Chad. How are you? Long time no see. How has it been over there in Trixie land?