The Home Ownership Thread

[Piobaire]

There's two parts to the earnest money thing. First is mainly signalling and psychological. It shows the seller the buyer is, well, earnest and psychologically it's a commitment on the part of the buyer regardless of whether it's "soft" or "hard." It stays "soft," i.e. refundable, until a milestone is reached. Last commercial sale I was involved in these were negotiated and there was a point where the first 50% went "hard," i.e. nonrefundable, then a second where the other 50% went hard. There is almost always a hiccup in any such large transaction and it's an incentive for the buyer to work through them with the seller.

ETA: I remembered the first milestone which was a date the buyer had to provide proof their financing was in place. 50% of the earnest money went hard that day and there was also a penalty fee in addition to the earnest if their financing had not been in place.

 

[Ataturk]

Here the earnest money is usually held in escrow until the closing. If you're the seller it's basically impossible to get it, too, unless you want to hire someone for $300/hr to fight for it.

 

[jbarwick]

Buyer went by the house for another hour today. He is a Nashville native and loves the house and area. We will see how this ends if in heart break or happiness. Either way we are popping a bottle tonight

 

[Ataturk]

IIRC davidson county requires like $50 before they'll let you search the land records online. Do you know where he lives presently? How many properties he owns? Might be good indicia of his intentions.

 

[NorCal]

Earnest money is even hard to get from a buyer. Don’t you have to be pretty far down the process and near close to even receive it?

In Cali the earnest money goes in within three days of acceptance of the offer. Usually 1% of the sale price. Then another 2% after inspections wrap up, usually around 21 days and at that point, you go non-contingent.

 

[sugarbutch]

This week marked our 15th year in this house.

 

[gettoasty]

 

[Bromley]

IIRC davidson county requires like $50 before they'll let you search the land records online. Do you know where he lives presently? How many properties he owns? Might be good indicia of his intentions.

Davidson County Property Assessor (free search): http://www.padctn.org/prc/search#/search/1

 

[jbarwick]

I can see he has the house which he currently lives. The person graduated in 2011 and started a development company in 2014 and now has the funds to pay cash for a house but not their website fees. Going back to the notion this is family money based on what I can find regarding his father. Also strange he has a wife and kid but the offer and his current house is only in his name.

 

[Piobaire]

Segregation of assets. It's how moneyed families have always operated.

 

[Ataturk]

In many states the marital home is the last thing you'd want to keep as separate property since living in it with your family runs the risk of having a court declare it a donation to the marital estate. Could be an indicator he doesn't plan to live there. I mean, maybe.

 

[NorCal]

I can see he has the house which he currently lives. The person graduated in 2011 and started a development company in 2014 and now has the funds to pay cash for a house but not their website fees. Going back to the notion this is family money based on what I can find regarding his father. Also strange he has a wife and kid but the offer and his current house is only in his name.

It also could just be that it is easier to write and sign an offer with only one party. They can add the wife, or trust, to the title at close of escrow.

 

[NorCal]

In other news, we wrote an offer and are in counters. 2 acres, 2/2 with a detached 3rd bedroom. 70's but in great shape. Lots of cosmetic fixes needed but really solid. Nice garden and a koi pond with the biggest ******* koi I've ever seen.

 

[RedLantern]

Koi included?

 

[PhilKenSebben]

Had a new front door installed today. Thermatru benchmark from lowes. Finish is rubbed off in some places, the installers did not fill any of the nail holes And when they I stalled the door handle, they used a drill instead of a screwdriver which rubbed the finish off down to bare metal where the spinning barrel touched the handle.


What. The. ****.