[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]

I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

[permabear]

I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

[permabear]

I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

[permabear]

I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

[permabear]

I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

[permabear]

[quote=faterikcartman]Has anyone built acting as their own GC?[/quote]

Not an option right now if you need a loan. Most construction loans have dried up. The few lenders remaining are only writing owner-occupied, and only with a licensed GC you have already selected for the project. They’ll want references for the GC, will check his background, complaints against him, etc. before approving.

Of course, if you don’t need a loan, then you can do whatever you want. You just have to pass inspection.

[permabear]

[quote=faterikcartman]Has anyone built acting as their own GC?[/quote]

Not an option right now if you need a loan. Most construction loans have dried up. The few lenders remaining are only writing owner-occupied, and only with a licensed GC you have already selected for the project. They’ll want references for the GC, will check his background, complaints against him, etc. before approving.

Of course, if you don’t need a loan, then you can do whatever you want. You just have to pass inspection.

[permabear]

[quote=faterikcartman]Has anyone built acting as their own GC?[/quote]

Not an option right now if you need a loan. Most construction loans have dried up. The few lenders remaining are only writing owner-occupied, and only with a licensed GC you have already selected for the project. They’ll want references for the GC, will check his background, complaints against him, etc. before approving.

Of course, if you don’t need a loan, then you can do whatever you want. You just have to pass inspection.

[permabear]

[quote=faterikcartman]Has anyone built acting as their own GC?[/quote]

Not an option right now if you need a loan. Most construction loans have dried up. The few lenders remaining are only writing owner-occupied, and only with a licensed GC you have already selected for the project. They’ll want references for the GC, will check his background, complaints against him, etc. before approving.

Of course, if you don’t need a loan, then you can do whatever you want. You just have to pass inspection.

[permabear]

[quote=faterikcartman]Has anyone built acting as their own GC?[/quote]

Not an option right now if you need a loan. Most construction loans have dried up. The few lenders remaining are only writing owner-occupied, and only with a licensed GC you have already selected for the project. They’ll want references for the GC, will check his background, complaints against him, etc. before approving.

Of course, if you don’t need a loan, then you can do whatever you want. You just have to pass inspection.

[permabear]

[quote=sdrealtor]If all it took was running a database that would have occured a longtime ago. Seriously, Zillow was backed by major amounts of venture capital. Google could create a database in a day capable of running the data portion. But none of them have which tells you it cant be that simple. If it was someone would have done it already.[/quote]

First off, I agree with you that litigation, especially in CA, is no joke.

That said, this could easily be dealt with in a centralized manner. That is, have a set of people reviewing entries into the “iMLS” before they’re made public. If there’s an issue with the wording, shoot it back to the submitter and say, “You can’t say ‘a bunch of old people’ live in this neighborhood – try ‘established’ instead.”

Also, it’s not sufficient to say, “Well, Zillow burned thru all this ca$h so obviously it can’t work.” MP3.com (remember them?) burned thru tons of cash, as did Napster. Yet, iTunes, with the exact same business model, now rules the universe. So, it’s money + brains. Sometimes startups figure money will solve everything, even if spent stupidly.

This doesn’t mean it’s easy, but somebody will succeed. Maybe Redfin. And it’ll be disruptive, and school all the traditional realtors. Just like how the USPS and Cable companies are getting schooled now. It took 10 years, but it happened.

[permabear]

[quote=sdrealtor]If all it took was running a database that would have occured a longtime ago. Seriously, Zillow was backed by major amounts of venture capital. Google could create a database in a day capable of running the data portion. But none of them have which tells you it cant be that simple. If it was someone would have done it already.[/quote]

First off, I agree with you that litigation, especially in CA, is no joke.

That said, this could easily be dealt with in a centralized manner. That is, have a set of people reviewing entries into the “iMLS” before they’re made public. If there’s an issue with the wording, shoot it back to the submitter and say, “You can’t say ‘a bunch of old people’ live in this neighborhood – try ‘established’ instead.”

Also, it’s not sufficient to say, “Well, Zillow burned thru all this ca$h so obviously it can’t work.” MP3.com (remember them?) burned thru tons of cash, as did Napster. Yet, iTunes, with the exact same business model, now rules the universe. So, it’s money + brains. Sometimes startups figure money will solve everything, even if spent stupidly.

This doesn’t mean it’s easy, but somebody will succeed. Maybe Redfin. And it’ll be disruptive, and school all the traditional realtors. Just like how the USPS and Cable companies are getting schooled now. It took 10 years, but it happened.

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