All Forum Posts by: Tyler Clark

@Bryan L. I have the home FSBO. I know, it's situations just like this where it's nice to have a realtor.

I'm currently in the process of getting the status of their home. When I have those details I'll be able to make a more informed decision.

I should have asked my question differently. Has anyone ever have a situation like this go bad? Has anyone ever written into the sales contract an out for the seller if they get another offer.

I'm looking for advice on an offer I received on my personal residence.

Yesterday I had a potential buyer submit a full price offer (370k), on my personal residence. They are offering 6k in earnest money, and want to close in 90 days. The catch is they have to sell their home in order to close on mine. They are willing to wave all contingencies, so in theory the EMD should be mine if they fail to close. My concern is that if at 90 days they are unable to close, and I re-list I've missed some of the best selling months.

Have any of you dealt with similar situations? If so, how did you handle it, and what were the end results?

Found out today that my offer was accepted even thought is was 5k less than the highest offer. The combo of large EMD, quick close and no contingencies was the ticket for this seller.

Thanks, to everyone who gave suggestions on this thread.

Now the fun part, choosing house plans!

@Roy N. - That could be the case, so I guess I won't worry about it, and just focus on the things I can control.

I'm starting to wonder if the Seller is just fishing for a base price (this lot is hard to comp) instead of actually wanting to accept an offer. The lot has been off market, and just today it got listed on the MLS. Just seems odd that the seller would list it when there are already multiple offers and there asking for highest and best offer by 5pm tomorrow.

@Justin Silverio - The letter is a good idea. I'll have to hand that one of to my wife as she's much better at those types of things than me.

@Roy N. - I'm thinking that a strong EMD will be a good way to set my offer apart.

On a side note, I called my bank today about getting a proof of funds letter. It was like pulling teeth, but in the end they agreed to do it. I'm hoping I just spoke with someone inexperienced and that it's not a true reflection of their customer service.

@Justin Silverio - That's a good suggestion. I had talked to the listing agent earlier today. This particular lot was in escrow for over 90 days and the buyer was not able to close, thus becoming available again. She said the seller was pretty upset that it dragged out so long and in the end fell apart. I'm hoping the combination of a cash offer, large Ernest money deposit and a quick close will be the ticket.

The listing agent said the other person I'm bidding against really wanted the lot. Maybe they do, maybe they don't. But I would expect the listing agent to say this. The one thing she let slip is that they were working on getting their financing in place. They may be willing to offer more, but I believe their offer will be less certain to close.

@Daniel Breslin would you consider 5k a decent earnest money amount on a 120k offer?

@Brian Woline - It's been a difficult property to comp. It's a small development of 2 acre lots, 13 in total I believe with no recent sales. On one side is another development of half acre lots. Lot sales here have been between 80-90k. On the other side is a development of 5 acre lots with sales between 180-200k. I guess this lot would land somewhere in the middle. Maybe 130-140k.

I recently put an offer in on a vacant lot to build my personal residence. The agent contacted me today and let me know they have multiple offers and request my highest and best by 10/12.

My offer will be cash, no contingencies, close in 14 days and the highest $ I'm comfortable with.

Does anyone have additional suggestions that would make my offer more attractive to the seller?

I need a Real Estate Attorney in the Salt Lake City area. Anyone have an attorney they have worked with that they would recommend?