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Home sale update

May 18th, 2015 at 06:17 pm

We signed our purchase and sale and are solidly underway on selling. We have a 5% deposit and are getting work started tomorrow on the foundation. Cross your fingers. we have 7 weeks left for this to all pan out. But now it's harder for them to run away from us....

5 Responses to “Home sale update”

  1. creditcardfree Says:

    When you say 5% deposit...that's the buyers putting cash down that they lose if they were to walk away during the repairs? Interesting!

  2. FrugalTexan75 Says:

    Yay! Good news.

  3. LivingAlmostLarge Says:

    5% means they can only walk away now if their mortgage isn't approved. BUT it has to be an honest application and not fraud or else they forfeit the money. And they only have till June 12th or we keep the money if they are slow in getting it.

    Since we are in good faith doing repairs they can't walk away now.

  4. creditcardfree Says:

    Having had one buyer walk away early on I learned that apparently in our state buyers can walk away nearly anytime up until the last two days before closing because by then all types of contingencies are released. I can't wait to get out of this house and be done with the sale. I love the home, but I'm done dealing with negotiations, contracts, contractors, realtor phone calls!

  5. LivingAlmostLarge Says:

    It's different in every state. I find out state extremely backwards and slow moving compared to california.

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