As someone who owns rental property-tenants view landlords as rich. Even though that might necessarily be the case-it's a prevailing attitude.
Buyers' failed to "close" on Monday
- Thread starter GON
- Start date
That's 100% normal here. Generally speaking, buyers and sellers never meet nor have any communication until they sit down together at closing. Any communication goes to your agent, who contacts the other agent, who tells the other party.
And we don't even sit down together at closing anymore. Buyers do sit down to complete mortgage paperwork and I think in some states you can just do that remotely and sign electronically. Sellers just do a power of attorney and sign all the paperwork in advance.
This. We never met our buyers and a lot of the paperwork was signed by us while overseas.
Probably varies by state, but in Ohio, you don't need to use an attorney. I have heard of buyers who use "their" attorney in lieu of a realtor. I can only presume they pay less in fees to their lawyer than they pay in commission to a realtor.
Wasn't that mostly driven by Covid though ? And now that everyone sees that it's possible, it's continued this way....
It was like for a few years even before Covid.
That would make no sense here. The lawyers know the process after an offer is submitted but they don't know about the whole looking part which is why I've sold homes to lawyers. Commission is the same to buyer's agent vs realtor but maybe the lawyer gave a better rebate to the buyer.
It's only happened a few times and it was for $1k, they backed out after the home inspection but didn't cite the home inspection because it was the wife that didn't like the house, nothing was wrong during the home inspection. Once I did give it back for no particular reason, had no contingencies and the agent was clueless why he shouldn't get it back, but we did a lot of business with that office and the owner of the office also called us up asking for it back so we convinced the seller to give it back as we didn't him tying the whole thing up in a lawsuit even though there was no basis for it.
Mine has probably lost 200-250K in value over the last 3 months.
right now with the market cooling , no one wants to be that guy that bought at the top . kinda like buying a stock. until people feel the market has bottomed , its going to cool more. houses in my area that would be gone in a day 12 months ago are languishing now. and there are a lot of people that waited too long and missed the rising boat thinking it was going to keep going are now putting houses on the market. i have not seen this much inventory in a while
GON
$100 Site Donor 2024
No idea where the market will go. But rates are below 4.5 percent for a 30 year. Housing shortages .not sure how the market can fall unless unemployment significantly rises.
I have been buying around here since the late 1980s. I have never met the seller. I only met buyers because they came over when I was there prior to sale. And the last time to explain some particuliar things after my sale.
And never dealt with an attorney.
Over what time period did it increase by $200-250k ?
It has increased by far more than that since purchasing the house.
GON
$100 Site Donor 2024
House closed today. 36 days past the original closing date. Closing took 4.5 hours. One of the Buyer's came to closing with an expired driver license, which is not acceptable. Then it was discovered the couple were not legally married, so all the loan documents needed to be revised. Quite a circus I was told. I was on a five plus hour flight, so I missed it all. Our attorney had my Wife's and my power of attorney to navigate the challenges.
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GON
$100 Site Donor 2024
The attorney was a woman, she was fantastic. Blown away how well she handled all the challenges on the sale.
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