"I'm off to work darling"

"MountainCommand" (MountainCommand) 10/05/2014 at 20:44 • Filed to: None

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So some contemplative things are happening. Hypothetically my parents house is for sale right. They get an offer, decide to go with it. They make some negotiations, and get to a point to where they can swing the sale. The buyers are very nice people and have come to us on a personal level (whether or not their intentions are genuine or they are using it to their advantage, i dont know). So then the stuff went to the lawyers to battle over the terms.

Literally on the same day it went to the lawyers, another realtor called up and asked if they could show our house to potential buyers. My parents realtor said sure, why not, it couldnt hurt to have a backup. No big deal, weve done this a dozen times already (a showing).

Hypothetically, lets fast forward a few days to the showing (mind you the legal writeup for the other people is still ongoing, and nothing is even finalized and passed part 1 yet). Before the house is shown, the realtor pretty much says this to us (to summarize):

Hypothetically "My clients want your house. They wanted your house 8 years ago when you purchased it. They missed out. I missed out on getting them over here to look at the house a few weeks ago and thats my fault. But they are ready to write up a contract immediately (within less than 24 hours). They have no house to sell and have cash at the ready. And they can make it happen in less than 30 days. They dont care what it appraises for, they want it."

Hypothetically, she was talking big. Now we dont know if she is just full of it and she is gonna low ball us. But the cash amount for a down payment made it necessary for us to consider the potential offer.

The problem:

The original potential buyers really wanted our house. Weve almost come to agreements legally. But legally, nothing has been technically agreed to. My parents face a tough choice, at least my mom does because she is feeling morally wrong for wanting to cancel the original offer the seemingly very very nice people put in.

Hypothetically, the options are like this. They take a loss and sell the house to buyer 1. Or they potentially break even and sell to buyer 2.

When looked at it like this, youd be stupid to take a loss. But i understand the concern about backing out of a deal right before you commit. Especially when dealing with houses and people moving. Because my parents are gonna have to buy a new house soon too, and as they say, what comes around goes around. But I dont know if thats really relevant because it would be foolish to take less when the next person is paying more.

In the end it is business, and i keep trying to tell my mother that. But it weird, when your dealing with homes and families, it just doesnt feel like business.

Hypothetically, I tried to make things as vauge and obscure as possible as i dont know if im suppose to even talk about it hypothetically . But o well. I was curious to hear what others thought.

Jeff-God-of-Biscuits > MountainCommand 10/05/2014 at 21:00

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I'ma little old fashioned, so I think if I said I would sell to "A" then I would feel obliged to sell to "A." However, it might not hurt to have a sit down with family "A" and let them know the deal: "B" is on the scene and will pay more than everyone else to have that house, they have wanted that house for a long time and they are determined to have that house. Give them first shot at matching your breakeven point. If they want the house enough that they would be willing to spend more, they can come up and get what they want. If they can't or won't, at least they understand that you are doing what you need to do in order to safeguard your own family's future. And B, having gotten to the party too late again through no fault of yours, can either offer stupid money or deal once again with the frustration of watching dreams evaporate because you were just too slow.

MountainCommand > Jeff-God-of-Biscuits 10/05/2014 at 21:11

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Its such a odd situation. Its like it could be right doing either choice, or it could be wrong on both accounts as well.

Theres definitely going to be some talking between the two parties but it has to be done via the realtors so there is no bs, and pulling on heart strings.

As much as they feel obliged to sell to "A", would you still sell to "A" if you were still going to be in the red financially? Especially if there is a greater likelihood the other buyer will give you what you need to satisfy your mortgage in full...

Ill be getting updates withing the next day or so.

Jeff-God-of-Biscuits > MountainCommand 10/05/2014 at 21:19

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If I gave my word, made a promise... It's really hard to say for certain without the money in front of my nose, but I think I would. I have kept my word on occasions that have really fucked me over hard, harder than I will ever admit, but at the same time I have to say that I understand protecting one's family. It's a tough nut you got there.