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Real Estate
Reply to "Protection Against Flaky Buyers"
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[quote=Anonymous][quote=Anonymous]If it's an consolation I have a condo that had 5 offers. We ratified with 3 of them only to have all 3 back out for no real reason. By then the other 2 moved on. Fortunately we put it back on and got 3 more offers and ratified for $15k more than our previous best. [b]So, it could work out well. What is up with so many flaky buyers?[/[/b]quote] In California real estate, agents protect against flaky buyers by: (1) requiring an earnest money deposit of 20-25% on any contract; (2) allowing only a five-day window for inspection and release of all contingencies; (3) contractually scheduling the closing no more than twenty days after the offer is accepted; (4) requesting that the 20-25% deposit be transferred from escrow to the seller upon the release of all contingencies; (5) accepting offers with no financing and inspection contingencies; or preferably (6) accepting only all-cash offers. If local realtors are indeed seeing an increased issue of "flaky buyers", it is time to start to demand some or all of the above terms in any offer you consider. [/quote]
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