Some folks want to purchase some land from me contingent on the sale of their house. Currently, I don't have a real estate agent so I'm wondering how much I should ask for as good-faith money.
They would want me to hold this land during the time of the year when there are many people looking and buying.
If it goes through, I will speak to a lawyer before signing anything but I'm wondering how much one can ask for to sit on property like this. Would 10% of the total value be too much?
It could be too much for them to handle - they may have little cash until the house is sold.
Also of concern is how long do they have? If the selling season is over before they make a decision you may have lost a good bit of money. Is the money refundable to them? How sure are they of the house sale? Would a non-refundable purchase option be OK with them?
When I bought land to build on I already had a signed house sale contract in hand that was contingent on buyer finance and I was pretty confident that would go through.
by Steve Manion 3 years ago
Hi Hubbers,I'd like some help with passing the Quality Assessment Process. Will you please give feedback on my Hub The Real Estate Purchase Score - A Score for the Home Buyer (must be signed in to view). What can I do to improve? Thanks!
by Sekharg 7 years ago
I see lot of houses for sale.I heard interest rates are lowest.Is it a good idea to buy a house now?What do you think?
by LelahKimball 5 years ago
How to sell a house in this market.
by TheMiz7 9 years ago
Smoke and mirrors or does the means justify the ends??The reason I happen to bring up this topic is I was able to attend a workshop by The Institute of Commercial Real Estate by Cherif Medawar. After a lil more digging around I did find mixed reviews regarding his workshops. Despite the mixed...
by cashflow7 8 years ago
I would love to enter the property management field here in the Placer county/Sacramento areas. I have a valid California state real estate license and am looking initially for part time opportunities. In 2 years I can retire from the Airlines and my goal is to transition into property management...
by Wendy Iturrizaga 7 years ago
Good morning HubMobsters:A big thanks to all of you who took part on last week's HubMob. I was happy to see so many new HubMobsters joining in the fun. For this week we are going into more serious Hubs, the HubMob topic for this week is: Real EstateI am sure we all have something to say...
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