My sale is getting sketchy – BofA shenanigans – advice needed!

[paramount]

Having been in a similar situation (as a seller) I would say DO NOT LET THE POTENTIAL BUYER MOVE IN, NO WAY. When I allowed a potential buyer to move into a property they would not pay rent, stating that they were actually buying the property.

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.

Reading your email brings back bad memories, and it’s so typical realtor speak.

[scaredyclassic]

not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. Witha big deposit and a big judgment hanging over their heads, they’d probably leave. maybe. unless they were real deadbeats. but if they were just looking for a free rental, they wouldnt agree to termsliek that. maybe. get your own legal advice.

[scaredyclassic]

not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. Witha big deposit and a big judgment hanging over their heads, they’d probably leave. maybe. unless they were real deadbeats. but if they were just looking for a free rental, they wouldnt agree to termsliek that. maybe. get your own legal advice.

[scaredyclassic]

not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. Witha big deposit and a big judgment hanging over their heads, they’d probably leave. maybe. unless they were real deadbeats. but if they were just looking for a free rental, they wouldnt agree to termsliek that. maybe. get your own legal advice.

[scaredyclassic]

not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. Witha big deposit and a big judgment hanging over their heads, they’d probably leave. maybe. unless they were real deadbeats. but if they were just looking for a free rental, they wouldnt agree to termsliek that. maybe. get your own legal advice.

[scaredyclassic]

not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. Witha big deposit and a big judgment hanging over their heads, they’d probably leave. maybe. unless they were real deadbeats. but if they were just looking for a free rental, they wouldnt agree to termsliek that. maybe. get your own legal advice.

[permabear]

[quote=walterwhite]not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. With a big deposit and a big judgment hanging over their heads, they’d probably leave. maybe.[/quote]

That’s one of those things that sounds good on paper, but I think would be difficult to make reality. I had a band teacher back in high school who had a parent steal a whole bunch of instruments and sell them. He took the guy to court and the judge ruled in his favor, but the guy didn’t have any money, so the “solution” was that the band teacher could go into the guy’s house and take stuff of equivalent value!

I think it’s easiest to just tell them that they’ll have to stay in one of those temporary corporate housing places. I would rather avoid any type of drama.

Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over? I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one. The negative part is that we’ve moved out, so the house is vacant now (has really nice MLS pics, though).

[permabear]

[quote=walterwhite]not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. With a big deposit and a big judgment hanging over their heads, they’d probably leave. maybe.[/quote]

That’s one of those things that sounds good on paper, but I think would be difficult to make reality. I had a band teacher back in high school who had a parent steal a whole bunch of instruments and sell them. He took the guy to court and the judge ruled in his favor, but the guy didn’t have any money, so the “solution” was that the band teacher could go into the guy’s house and take stuff of equivalent value!

I think it’s easiest to just tell them that they’ll have to stay in one of those temporary corporate housing places. I would rather avoid any type of drama.

Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over? I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one. The negative part is that we’ve moved out, so the house is vacant now (has really nice MLS pics, though).

[permabear]

[quote=walterwhite]not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. With a big deposit and a big judgment hanging over their heads, they’d probably leave. maybe.[/quote]

That’s one of those things that sounds good on paper, but I think would be difficult to make reality. I had a band teacher back in high school who had a parent steal a whole bunch of instruments and sell them. He took the guy to court and the judge ruled in his favor, but the guy didn’t have any money, so the “solution” was that the band teacher could go into the guy’s house and take stuff of equivalent value!

I think it’s easiest to just tell them that they’ll have to stay in one of those temporary corporate housing places. I would rather avoid any type of drama.

Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over? I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one. The negative part is that we’ve moved out, so the house is vacant now (has really nice MLS pics, though).

[permabear]

[quote=walterwhite]not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. With a big deposit and a big judgment hanging over their heads, they’d probably leave. maybe.[/quote]

That’s one of those things that sounds good on paper, but I think would be difficult to make reality. I had a band teacher back in high school who had a parent steal a whole bunch of instruments and sell them. He took the guy to court and the judge ruled in his favor, but the guy didn’t have any money, so the “solution” was that the band teacher could go into the guy’s house and take stuff of equivalent value!

I think it’s easiest to just tell them that they’ll have to stay in one of those temporary corporate housing places. I would rather avoid any type of drama.

Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over? I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one. The negative part is that we’ve moved out, so the house is vacant now (has really nice MLS pics, though).

[permabear]

[quote=walterwhite]not legla advice, but what about a rent contract with really strict terms in addition to the big deposit. something like, “in the event the sale of the house fails to occur, and the buy is still in the property living under the terms of this Lease, and it becomes necessary for the Seller to evict the buyer because the Buyer refuses to vacate, then the Buyer agrees that the Seller shall be entitled to liquidated damage sin the amount of $50,000.00. With a big deposit and a big judgment hanging over their heads, they’d probably leave. maybe.[/quote]

That’s one of those things that sounds good on paper, but I think would be difficult to make reality. I had a band teacher back in high school who had a parent steal a whole bunch of instruments and sell them. He took the guy to court and the judge ruled in his favor, but the guy didn’t have any money, so the “solution” was that the band teacher could go into the guy’s house and take stuff of equivalent value!

I think it’s easiest to just tell them that they’ll have to stay in one of those temporary corporate housing places. I would rather avoid any type of drama.

Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over? I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one. The negative part is that we’ve moved out, so the house is vacant now (has really nice MLS pics, though).

[briansd1]

[quote=paramount]

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.
[/quote]

I agree.

*

I also don’t see how this is a problem on the part of BofA. They can loan the money or not. That’s their prerogative.

If the buyer barely qualifies for a loan that’s his problem. And now it’s also the seller’s problem.

Sounds like some of us want the banks to have good underwriting but also want the banks to loan out the money easily when we need it. Can’t have both.

[briansd1]

[quote=paramount]

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.
[/quote]

I agree.

*

I also don’t see how this is a problem on the part of BofA. They can loan the money or not. That’s their prerogative.

If the buyer barely qualifies for a loan that’s his problem. And now it’s also the seller’s problem.

Sounds like some of us want the banks to have good underwriting but also want the banks to loan out the money easily when we need it. Can’t have both.

[briansd1]

[quote=paramount]

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.
[/quote]

I agree.

*

I also don’t see how this is a problem on the part of BofA. They can loan the money or not. That’s their prerogative.

If the buyer barely qualifies for a loan that’s his problem. And now it’s also the seller’s problem.

Sounds like some of us want the banks to have good underwriting but also want the banks to loan out the money easily when we need it. Can’t have both.

[briansd1]

[quote=paramount]

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.
[/quote]

I agree.

*

I also don’t see how this is a problem on the part of BofA. They can loan the money or not. That’s their prerogative.

If the buyer barely qualifies for a loan that’s his problem. And now it’s also the seller’s problem.

Sounds like some of us want the banks to have good underwriting but also want the banks to loan out the money easily when we need it. Can’t have both.

[Author]

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