Originally posted by J Scott:
Did you originally have a written contract to sell (for cash) on June 30? And then they said that they'd pay cash and close on Friday?
Yes.
I think that's truehere here in AZ, also.
Thanks for that--I was wondering about that very thing. Other than that their loan may not go through, what is the downside for me in cash vs financing.
Of course, they can't ask for anything additional from you that isn't in the contract (closing costs, etc), but you can't really stop them from attempting to get financing if they can still close on time.
They have not. Yet. She said she told them to get a conventional loan, but he's retired military, and I'm concerned that he might go VA or even FHA, which may require money from me. That would cost me more money.
I'm wary becauseI feel like their agent lies to me, recently about the condition of my house. esp after their inspection. I had an inspection done 2 years ago by the same licensed inspector, and did most of the work he suggested. Yesterday she said there were two big problems. One, Drainage, and pointed out the problem. That was actually the first item I corrected using the inspectors suggestion for correcting it.
If they can't close by the 30th (or whatever is in the written contract), then you can keep their earnest money, but you probably don't have much recourse in the meantime.
In the future, for cash offers, get a LARGE earnest money deposit (at least 5-10%, if not more), get a quick closing (why drag it out if they're paying cash), and get a POF before you accept the offer.
Thank you. I will. And should have done so for this one...
I've decided to go ahead and continue advertising it and showing it for back up offers, per contract. do I need to tell her?