4,800,082
This would be a killer for most potential buyers.
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Nina Hollander, Broker
Charlotte, NC
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Richard Weeks
Dallas, TX
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Allie Angeloni
Oro Valley, AZ
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Carla Muss-Jacobs, RET...
Portland, OR
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Kevin J. May
Hobe Sound, FL
3,988,007
I have seen this and it is like flying a caution flag. To me it means that if the buyer falls in love there dreams may never come true.
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
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Richard Weeks
Dallas, TX
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Allie Angeloni
Oro Valley, AZ
1,725,996
If the home is an exceptional find, then no harm, no foul. If a cookie cutter; forget about it!
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Richard Weeks
Dallas, TX
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Nancy Laswick
Phoenix, AZ
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Kartik Subramaniam
Rancho Cucamonga, CA
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Carla Muss-Jacobs, RET...
Portland, OR
1,249,513
This happens often here and it's worded with a time limit, such as:
"seller requires 72 hours to purchase home of choice."
Yes, some buyers would not like that but if they like the house, they will wait it out.
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Nina Hollander, Broker
Charlotte, NC
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Kartik Subramaniam
Rancho Cucamonga, CA
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Carla Muss-Jacobs, RET...
Portland, OR
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Kevin J. May
Hobe Sound, FL
5,583,278
if it's a seller's market, buyers who want the home will deal with it..... if it's a level market, you're pushing your luck....a buyer's market, no...you lost that potential sale....
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
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Richard Weeks
Dallas, TX
1,502,998
It is a speed bump, but one that doesn't hurt a sale for hot properties.
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Carla Muss-Jacobs, RET...
Portland, OR
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Nina Hollander, Broker
Charlotte, NC
989,652
I wouldn't market it like that myself - but I would have the owner start looking
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
4,882,355
That is a big turn off. Who needs that drama.
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
3,340,443
We will tell the Buyer of the condiion....and have never had one want to even see a home like that...everyone has their own timeline and can't be held to
someone else's unknown schedule.
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
781,674
I never see those words or anything similar on my Long Island MLS.
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
446,414
ANY remarks that MAY hinder the close of a sale are red flags, generally leave those to the end of a search.
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
7,836,164
It hurts.
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
3,986,258
It may hurt as many buyers don't have that kind of flexabiblity
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
2,224,473
I haven't had any experience with this, and that phrase is rarely seen in my market.
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
3,727,873
Carla, I have an ironclad addendum I use that allows the buyer out if they get sick of waiting, but not the seller. I love these listings because they are less likely to attract multiple buyers!
What I care about is the buyer!
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
428,933
Certainly, this would depend on the buyers' circumstances and how much they truly must have this particular property and what their time-frame is. I would guess that most buyers would run in the opposite direction as they are on the side that is clearly at a disadvantage.
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Allie Angeloni
Oro Valley, AZ
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Carla Muss-Jacobs, RET...
Portland, OR
613,494
In all my years, I only saw that one time and my buyer wanted the house.
That clause was put in the contract, but if I remember, there was a 3 month time limit.
Ironically the Listing agent and seller did not get along so the listing agent asked me if I could find the seller a house to buy, so I did.
Strange for sure.
Eve
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Melissa Jackson REALTOR
Azle, TX
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Carla Muss-Jacobs, RET...
Portland, OR
5,049,450
It's clearly an issue for some buyers, but not all. I have had 2 listings where this was the case and agreement was reached in terms of handling a move out time, lease-back etc. I wouldn't say it's common
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Nina Hollander, Broker
Charlotte, NC
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Lyn Sims
Schaumburg, IL
1,452,819
Quite popular here. No different than the Buyer having a condition for selling their home first. There does need to be a time factored in. We see both Buyers and Sellers needing to be protected and it does not affect the sale in my part of the world.
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Carla Muss-Jacobs, RET...
Portland, OR
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Susan Emo
Kingston, ON
2,810,149
Hi Carla - I don't think I've ever met a buyer who was comfortable with that kind of contingency, nor do I think we've ever written an offer on one that had that.
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Nina Hollander, Broker
Charlotte, NC
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Carla Muss-Jacobs, RET...
Portland, OR
750,057
I pass on showing those homes. I see it as an indication that the Seller does NOT have it together and I am NOT going to allow my client to be strung out. Great Question!
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Carla Muss-Jacobs, RET...
Portland, OR
2,684,109
That would be a show-stopper in my market. Way too many other choices for Buyers, without having to wait on the Seller to shop around for a new home.
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Carla Muss-Jacobs, RET...
Portland, OR
713,382
I would think it would hurt a seller in our area
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Carla Muss-Jacobs, RET...
Portland, OR
5,104,931
I've only seen this a few times, but have stayed away from those properties... what good does it do to have your buyer fall in love with a home that they can't buy because seller suddenly pulls his listing. And once you are in contract, expenses for a buyer start piling up... either you are a motivated seller or you're not.
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Carla Muss-Jacobs, RET...
Portland, OR
183,505
Depends on the demand for that particular house. In any case, it probably will shrink the number of buyers possibly interested in that house since some buyers simply don't want to deal with a maybe for sale house.
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Carla Muss-Jacobs, RET...
Portland, OR
900,128
In my opinion, it does not help. Always gave me pause.
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Carla Muss-Jacobs, RET...
Portland, OR
1,013,979
Maybe the buyer can state in their contract that the contingency period doesn't begin until they enter contract with their new property, and add a contingency for buyer until their find better property? ;) Not that would work, but maybe worth a shot! LOL I think it depends if the Market is really that tight and the Buyers are aware of the consequences and willing to agree, then it would be fine. But overall, I think a listing like this would lose a lot of interest from Buyers.
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Carla Muss-Jacobs, RET...
Portland, OR
4,572,183
I agree with you, Carla. Of course, it depends on the buyer. It depends on the market. I share the information with the buyer. I will ask the listing agent.
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Carla Muss-Jacobs, RET...
Portland, OR
3,345,091
If there is a time frame on it ... then it likely would not hurt. Rent backs are common in my market. Of course, market conditions play a huge role.
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Carla Muss-Jacobs, RET...
Portland, OR
238,532
I think in many cases the listing would get about half the amount of showings it normally would without the clause. I've had 2 sellers in 14 years who felt the need to use that clause. I try to discourage it. I've had many buyers rule out seeing homes that had the clause listed.
Do you want to sell or do you want to stay?
Short term houses is key and once your sellers home is sold they are in a much better position to buy. Short term pain for long term gain!
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Carla Muss-Jacobs, RET...
Portland, OR
2,178,603
This would be more common in a "hot" market, where inventory is limited. It was often used here in the past. Never a deal killer because the seller would get busy and look and find something they wanted.
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Carla Muss-Jacobs, RET...
Portland, OR
2,194,668
For starters, I don't use it. It sounds too demanding and buyers get confused. I say "sale to close concurrently with seller's new home." Especially if they haven't found it yet.
If agents don't know me by my reputation, I explain it to them if they ask about it. My sellers go into contract on a new home typically within days of selling. No grass grows under my feet.
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Carla Muss-Jacobs, RET...
Portland, OR
56,684
I usually don't see that in my market, but if the new buyers can accomodate the request I can see that flying around here. I can acutally use this with a listing I currently have in which my sellers would need to find "suitable housing"! I might try this to protect my sellers, but it would all come down to what the buyers can accomodate in the end. They could poo-poo it out. It would need to be included in the contract with a limited time frame.
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Carla Muss-Jacobs, RET...
Portland, OR
3,071,489
2,362,977
Usually - 99%= they find a property - they just need a little more time to know where they are going - I don't think it helps but usually I think it doesn't hurt
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Carla Muss-Jacobs, RET...
Portland, OR
4,434,127
6,393,609
I would not waste my time touring and making an offer on a property with a less than motivated seller.
But the, my situation and motivation is likely different than your clients.
Perhaps an exceptional property will induce your clients to make an exceptional offer that will motivate the sellers to ease up on this position.
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Carla Muss-Jacobs, RET...
Portland, OR
634,482
Hurt, unless a short deadline is included.
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Carla Muss-Jacobs, RET...
Portland, OR
1,622,432
If a client wants to see that property ( thanks to all public online searches), I'll disclosure that contingency and they decide what they want to do. I had similar situation twice when sellers asked for 60 days of rent back after closing of Escrow but did not need that time since they found next property sooner.
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Carla Muss-Jacobs, RET...
Portland, OR
1,157,785
It is a common scenario here but not as common in our current hot market.
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Carla Muss-Jacobs, RET...
Portland, OR
4,319,419
Carla Muss-Jacobs, Principal Broker (503) 810-7192 - even with such wordings, I insist on specific closing date that is suitable for my buyers.
We prefer to give them sufficient time to buy the home, deoending on buyer's timeline.
If sellers don't agree, we move on.
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Carla Muss-Jacobs, RET...
Portland, OR
2,443,250
In our market it is very understandable. Homes are hard to find.
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Carla Muss-Jacobs, RET...
Portland, OR
290,969
I would think this comment would hurt a listing - I would not think of that Seller as being serious. I have never heard nor read this comment, though I'm sure it exits. They are looking for a 'suitable property', and they could be ultra-picky, so that could take months or longer - it remembers me of a 'maybe I will sell'. No sense of urgency or motivation to me, Carla Muss-Jacobs, Principal Broker (503) 810-7192. So, has the Seller already started looking, as it doesn't give me the impression that anything they have seen, thus far, is suitable.
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Carla Muss-Jacobs, RET...
Portland, OR
2,182,552
396,289
Hi Carla!!! Hope things are going well over there in Portland!! I've not seen that "sale subject to seller finding suitable proeprty" but just a few times.
Although, I am seeing quite a few (Seller will need ____ amount of days to move" usually 45 days....and therefore more "rent-back" 65B documents lately. They've worked. It rough on the buyers though because they are excited to move in.
Great question Carla!! Take care o' you!
Blessings, Jill
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Carla Muss-Jacobs, RET...
Portland, OR
5,005,659
I don't see that we simply use a seller lease back for 30-45 days..can't be more than 60 days.
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Carla Muss-Jacobs, RET...
Portland, OR
1,844,301
Hurts, it's a 1/2 a sale. Maybe I wanna move sale.
The seller doesn't move, buyer upset. According to our contract, they still would have to proceed with loan app & home inspection. It's a rip for the buyer.
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Richard Weeks
Dallas, TX
911,338
I think it hurts. In our MLS, it's called "Seller to Find Home of Choice". Some sellers want to get their house under contract before searching for another to buy. Other sellers start searching while their house is on market. If they find one they like, the agent usually states in Remarks that " Seller has found HOC" so there isn't much delay in that scenario. If seller can't find anything, they stay where they are.
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Carla Muss-Jacobs, RET...
Portland, OR
1,513,143
They have them here and generally do not come to a close.
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Carla Muss-Jacobs, RET...
Portland, OR
216,904
Haven't seen this, but a Buyer's attorney can certainly deal with this and protect the client. I would think this is too vague and can hurt the Seller. I wouldn't put it in a listing.
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Carla Muss-Jacobs, RET...
Portland, OR
48,618
I'd say anytime a contingency is added, it weakens the position of the party including it. Of course, some cannot be avoided, but the kind you are referring to could certainly damper a lot of buyers' enthusiasm for the property.
5,216,409
516,437
Thankfully I have never had this happen. I would contact the listing agent and see if the seller is under contract on antoher property, and just forgot to change the listing. I would ask the agent what it means to them-maybe it is different that what we are all thinking, although it is doubtful. If the buyer must see the property, then go ahead and show. It would probably be best though to find out if the seller will want that wording in the contract prior to doing anything-then the buyer can make an informed decision on whether they want to spend their valuable time looking at something a seller doesn't want to sell. Good luck!
1,617,916
1,153,794
Assuming the Buyer is interested enough to place an offer. This all depends on their urgency although I would counter the objection in the P & S with a clause stating that the Seller has X number of days to find such "suitable property" or the contract shall be declared null and void on a specific date.
2,781,173
If one wants the property badly, if it is a good deal or must have, than why not go with this? It assures the buyer the place is there's at some point. Not the best way to go about a transaction but has potentials. Tweaking a must!