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Old 09-12-2013, 05:09 PM   #61
Thinks s/he gets paid by the post
JoeWras's Avatar
Join Date: Sep 2012
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I have some advice due to experience. If you have a cash buyer, hold them to it!

We had a cash buyer and through the kindness of our heart, we let the cash buyer convert to a loan buyer. In the end it all worked out OK due to some excellent representation by counsel.

It was just a delay, but if I had to do it over again, I'd ask my attorney to hold the buyer to the contract on threat of contract breach if they try to do something else. I'm too nice. Remember, cash means fast and easy. This wasn't. My mistake was being nice.

Don't want to get into details, but this is what earnest money is for. Like I said, it was OK, but I did a lot of sweating. Our attorney really earned their pay, with multiple extra correspondences and closing calculations. The OP talked about nit-picks. We had those. I understand, because we had every possible flavor. It would have stopped real quick if we told counsel to "put the hammer down" right away. Counsel eventually did put the hammer down on my behalf. I love my lawyer today!

Maybe I haven't given up on real estate. I'll just take this as experience. It is too bad that in America (maybe the world), if you are nice, you get stomped on -- or at least they try to stomp on you. What has happened to decency in this world?

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Old 09-14-2013, 06:21 AM   #62
Thinks s/he gets paid by the post
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Join Date: Sep 2003
Posts: 4,633
While any real estate transaction can go awry, I would much prefer a cash buyer, since a buyer's mortgage lender can leave you up in the air until actual closing wondering whether they will fund or not, although you would at least have the buyers earnest money if the lender didn't come through.

We sold our mega mansion back in August in 2 days and at asking price, and had money down on a new gated home that will be a major downsize for us. The fast sale and top $ seemed almost too good to be true, and I kept thinking something is going to go wrong. Lost a lot of sleep between worrying about the inspection, appraisal, and then the lender funding, but it all turned out OK. Now we are just waiting for our new home to be finished which hopefully will be in the next week.

Doing things today that others won't, to do things tomorrow that others can't. Of course I'm referring to workouts, not robbing banks.
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