Just signed the papers for a deal with the second couple at $240k. Aunt Realtor settled for 2%. Our costs will be realtor commission ($4,800), transfer taxes ($960), prorated property taxes ($1840), and about $150 in other fees. Proceeds will be about $232,250. Closing is scheduled for no later than August 31 with occupancy 30 days later. We are not paying any of their closing costs.
As we were signing the papers, we received a call from another local realtor asking for a showing Tuesday evening. Local realtor said his buyers had driven by the house several times and had checked out the website and are qualified to buy the house. He also commented there aren't many homes like ours available nor are there many local buyers available who can afford a house priced in this range. Duh! So where the heck have they been?! You snooze, we lose! They will come Tueday and possibly place a backup offer.
There is a contingency on the current offer that the buyers' house must close by our closing date of August 31st. If we wanted to play nasty when (if) another offer is received, we could force the contingency to be removed within 48 hours. Parents would then have to co-sign the mortgage or some other nonsense so we probably won't be taking that route. If we get another offer and something actually falls apart on the buyer's side we would act but if all is progressing well we won't force the removal of the contingency.
Another upside of having this couple in the neighborhood is they are friends of the 28-year old widow across the street and 3 houses down. The widow has 3 kids under 6. Her husband dropped over dead in January at the age of 28 of a heart attack.
