Skip to main content

Selling FSBO, buyers are the tenants, they hired a lawyer and the process has stagnated. A few questions…

Last year we decided to rent out our home (rather than sell it, when we bought a new house). The tenants have decided they want to buy it, and we agreed on a price. They showed us their mortgage pre-approval letter, and we were all excited to get the house sold.

As sellers, we contacted the title agency (we are in Michigan) and got the purchase agreement and all the paperwork and information we needed. We provided it to the buyers for their signature, and when they didn’t return it, we learned they are waiting on a contract from their lawyer.

It’s been two weeks; does it normally take this long for a real estate lawyer to write up a contract? Is this essentially the same thing as a purchase agreement?

What can we as sellers do to keep the process moving?

Does the mortgage lender need the purchase agreement/contract to keep that part of the process moving, or do they potentially have that going already, does anyone know?

We are just feeling like we lost control of the process, since we don’t have any signed documents or a closing date, and it’s been a month since they gave us their pre approval letter and we agreed on a price.

submitted by /u/cormunicat
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/oui99z/selling_fsbo_buyers_are_the_tenants_they_hired_a/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more