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Does a verbal agreement with a buyer actually mean anything once it's time to sign?

A buyer and I shook hands on a price for my house two weeks ago, and he told me he would have his agent draw up paperwork, but I have not heard from him since and he is not returning my calls. I did not sign anything, so I am wondering whether that verbal agreement obligates either of us in any way, and whether I am free to accept another offer in the meantime.

8 Answers

How do I verify a buyer qualifies under my home's affordable housing income restrictions?

My house is under a 20 year affordable housing retention program, and if I sell to a buyer who isnt HUD income qualified I owe the city about 17 grand. Investors keep sending lowball offers and I dont know how buyer qualification actually gets verified. Can an agent explain how that works and whether I can require a non qualified buyer to cover the penalty?

3 Answers

Are we unreasonable to only pay what we were approved for after a low appraisal?

Appraisal came in 9k under and now our agent wants us to meet the seller halfway. We're already paying full asking price and the seller won't budge either. Inspection was fine, everything was fine, now this. Are we actually being unreasonable here or is this just normal appraisal gap nonsense?

14 Answers

Is it normal for a lender to require chimney repairs after the appraisal?

We accepted an offer below asking because the buyers waived inspections, but now the lender is requiring us to rebuild part of the chimney after the appraiser flagged some peeling paint. Has anyone dealt with a lender adding this kind of repair requirement this late in the process, and is it something we can push back on?

5 Answers

What should I actually offer on a stale $999k listing that's been sitting for months?

Weve been eyeing a house thats been on the market since November and just cant get past the price given nothing has been updated since it was built in 1998. The sellers already switched agents once and dropped from 1.049 million to 999,999 but its still been sitting there over two months with the new agent. Everything is in decent shape except the basement feels a little humid and theres some old water staining in the cold room that looks like it was fixed. Comps in the area are only hitting around a million but those were renovated a while back, and the market here has slowed down a ton. Given all that what would you actually start your offer at?

6 Answers

Is it actually worth removing wallpaper and repainting before we list?

Got a quote back to strip wallpaper out of two rooms and repaint several others before we put the house up for sale. Now Im second guessing it because I dont know if any of that comes back to us in the sale price or if buyers just redo cosmetic stuff anyway. Our agent hasnt weighed in yet and I really dont want to spend the money for nothing.

7 Answers

What are some strategies for negotiating when there are multiple offers on a house?

We are looking at a home in a very competitive market where most properties receive several bids within the first weekend. Our agent mentioned that we might need to do more than just offer a high price to stand out to the seller. We’re curious about what other terms or contingencies we could adjust to make our offer more attractive without taking on too much risk.

7 Answers

Should I sell my home before buying a new one?

I'm relocating for work and need to decide whether to sell my current home before purchasing a new one in a different city. I'm concerned about timing and managing two mortgages at once. What are the pros and cons of selling first?

12 Answers