- Dec 31, 2018
- 15,048
- 28,525
@BMF , I was really surprised to see that place had a Mt. Jackson mailing address. How far is your place from the town? It’s gotta be a bit.
I went to college just down the road from there and was surprised to see a Mt. Jackson address west of I-81. Beautiful area BTW.
Heard a crazy contract clause recently. The offer had a clause to escalate the offer price to $1,000 over the highest bid up to X dollars. Always gets the craziest before the crash
Good luck, crazy timesI think we are at, or very, very near the top. It's crazy. We are hoping to put our house up for sale within 6 to 8 weeks (if we can find a place to live in Florida). We want to move our stuff out of the house (into the FL house) before we list our house (so we can paint, clean, un-clutter, etc).
Heard a crazy contract clause recently. The offer had a clause to escalate the offer price to $1,000 over the highest bid up to X dollars. Always gets the craziest before the crash
This is great for the seller but sickening if you are turning around and buying in this same crazy market.
This is why I laugh when people are so adamant that this market won't pop. My prediction, once school starts in the fall the brakes will start kicking in. It'll stall through the winter and we'll hear big talk come spring, but the summer will be ho hum and the following winter there will be blood on the streets and then.....Ironically, my mother is selling a family home right now and actually had that exact type of offer. Buyer demanded a window of a few days to beat any competing price by $1000. It’s under contract at this point, but not sure if that was the one she took.
A month ago another buyer agreed on price but couldn’t get it to appraise within 45k. Finance approval was maxed and they were already putting 35k down. They tried countering with another 30, but that was all they could swing so it fell through.
Talk about chasing a market. Crazy times indeed.
given the flaccid global stance of this administration, you'd probably get boarded by piratesExactly. Probably not a bad time to sell and spend the next year or so sailing around the world. For a number of reasons.
given the flaccid global stance of this administration, you'd probably get boarded by pirates
given the flaccid global stance of this administration, you'd probably get boarded by pirates
What, you don’t think I went to Eastern Mennonite?Yes, we are nowhere near Mt. Jackson (as far as an address goes). We are just a few miles from Basye (about 3 to 4 miles) and they have a post office in Basye. But the mailing address is Mt. Jackson. Where did you go to school; JMU, Bridgewater?
Bad move IMO.Our agent is also their agent.
Bad move IMO.
Great to hear you got as much as you did. I’m assuming with it being cash they waived the appraisal. That’s a nice cabin BMF.
What, you don’t think I went to Eastern Mennonite?
JMU.
Heard a crazy contract clause recently. The offer had a clause to escalate the offer price to $1,000 over the highest bid up to X dollars. Always gets the craziest before the crash
This is highly frowned upon and National Association of Relators believes it's completely unethical. Our area, Brokers will flat out reject any offer with an acceleration clause.
Here's the opinion of the NVAR Legal Team.
Acceleration Clause- Is it Legal?
Tiffany Banks, General Counsel July 21, 2020
In our opinion, and consistent with the Nevada Real Estate Division position, inserting an “acceleration” clause in a contract would be a violation of fair dealing. The Nevada Law and Reference Guide specifically addresses this and states that the “acceleration clause” found in general contract or financing law is different than what we are talking about here.
According to the Division, “an acceleration clause is a clause in which the offeror promises to pay a certain set amount above the highest offered sale price and usually provides for a maximum or cap amount. An example of an acceleration clause is, “I will pay $2,000 over the highest offer up to $300,000.” This type of clause automatically gives one offeror a stated advantage over other offerors and may not allow fair dealing for the other offerors. Though the previous two activities (disclosing offer terms and inserting an acceleration clause) are not a direct violation of any law or regulation, and there is some controversy regarding this, nevertheless, the Real Estate Commission has found these practices highly suspect.”
We have gotten many calls over the years from members asking, “Can I actually get in trouble and with who, if I put this acceleration clause in, if it benefits my client and it is not illegal?” So why then, if this clause is not a violation of any law or regulation, am I being told to keep these clauses out of my contract?
The answer is simple. We understand that in today’s market there are more buyer than sellers. We understand that you are working diligently to get an accepted offer on that dream home for your buyer. While we support your dedication to your clients, we are always looking for ways to keep our members out of trouble and having to appear in front of the Nevada Real Estate Commission. The Commission, in their own discretion, can fine you up to $10,000 per VIOLATION. As the Division stated earlier, the Commission has found that these practices are highly suspect and a violation of fair dealing. That is why, unless you want to risk being brought in front of the Commission on this very issue, we caution licensees to keep in mind the laws that govern their license and their duty to deal fairly with all parties to a real estate transaction.
We always recommend you talk to your own attorney if you want to insert this clause.
Statements made by the Nevada REALTORS® Legal Information Line attorneys on the telephone, in e-mails, or in legal eNews articles are for informational purposes only. Nevada REALTORS® staff attorneys provide general legal information, not legal representation or advice regarding your real estate related questions. No attorney-client relationship is created by your use of the Legal Information Line. You should not act upon information you receive without seeking independent legal counsel. Information given over the Legal Information Line or in these articles is for your benefit only. Do not practice law or give legal advice to your clients! Inform your clients they must seek their own legal advice.
I agree, I don't like having the same agent....but if the agent is bringing in a 30% higher than asking price offer?? Different story!
Thanks on the cabin....a little bitter sweet getting rid of it. My cousin and I built it over about 20 months (he's very talented, but doesn't build houses, so we made a few mistakes/errors - and I was his "helper"!). I have family outside of the Knoxville area, so I want to build another cabin in the Smokies when this real estate boom slows down. We're also looking in rural central Florida for a lake property (I'd like acreage so I can shoot, but the wife is fine w a residential lot).
That's interesting.
Here in Virginia realtors are allowed to send "coming soon" (before the listing goes live), but Florida does not allow it. My wife has been working with a realtor in Florida and they're not allowed to send any 'coming soon' listings, but they do get an "MLS update" about an hour or so before the listing is to go live. In Virginia, a lot of the "coming soon" listings will never go live, as the seller will accept an offer before it ever hits the MLS.