Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Seems Meritage Homes is telling us they have a partnership with Opendoor and in order to lock in a home with a deposit they said we have to list with them.
This is not Opendoors buy program where Opendoor buys the home at a steep discount, this is their 5% listinging program. A normal MLS listing.
Can the builder force who we list our home with in order to put a deposit on a new home in Arizona? Does not feel right?
Seems Meritage Homes is telling us they have a partnership with Opendoor and in order to lock in a home with a deposit they said we have to list with them.
This is not Opendoors buy program where Opendoor buys the home at a steep discount, this is their 5% listinging program. A normal MLS listing.
Can the builder force who we list our home with in order to put a deposit on a new home in Arizona? Does not feel right?
The builder can't force you to do that unless you agree to do that. OTOH, the builder may not accept your offer if you don't do that.
It sounds to me like the builder is getting a kickback from Opendoor and he is using this to increase his profit on the sale of his house. If it were me and I wanted the house, I would tell the builder that I WON'T list with Opendoor and then ask him what is the price of the house with me NOT listing with Opendoor. If the price were acceptable to me, then I'd buy the house. If not, then I'd look elsewhere for a house.
Caution: You should expect that if you don't agree to list with Opendoor, then the price of the house will be higher than it would be if you did agree to list with Opendoor.
Seems Meritage Homes is telling us they have a partnership with Opendoor and in order to lock in a home with a deposit they said we have to list with them.
This is not Opendoors buy program where Opendoor buys the home at a steep discount, this is their 5% listinging program. A normal MLS listing.
Can the builder force who we list our home with in order to put a deposit on a new home in Arizona? Does not feel right?
They want a sure thing, and other builders are partnering with iBuyers to get that sure thing. Your OpenDoor listing agreement could include money under the table, but I think the sure thing is more to the point.
Best thing to do is sell your house, or do whatever you have to do to qualify for the new house without a contingency on selling. Yes. That is hard to do. Out of reach for many people.
But, you are asking the builder to take a risk. On the surface, it appears that the builder is trying to minimize their risk.
They want a sure thing, and other builders are partnering with iBuyers to get that sure thing. Your OpenDoor listing agreement could include money under the table, but I think the sure thing is more to the point.
Best thing to do is sell your house, or do whatever you have to do to qualify for the new house without a contingency on selling. Yes. That is hard to do. Out of reach for many people.
But, you are asking the builder to take a risk. On the surface, it appears that the builder is trying to minimize their risk.
Why wouldn't a sizeable non-refundable deposit accomplish the same thing with less onerous restrictions on what the buyer does on a property that has no direct bearing on the purchase of a new home?
Why wouldn't a sizeable non-refundable deposit accomplish the same thing with less onerous restrictions on what the buyer does on a property that has no direct bearing on the purchase of a new home?
Why wouldn't a sizeable non-refundable deposit accomplish the same thing with less onerous restrictions on what the buyer does on a property that has no direct bearing on the purchase of a new home?
True story from 2008 (and no, I am not suggesting we are headed back there): I had a well qualified buyer under contract will a builder that rhymes with Troll. He was under contract for a 750K home. Eight months later as we get closer to closing, we get the appraisal. The home is now worth 125K less than what he is under contract for (2005 - 2006 was also a rapid appreciation market). The $100K non refundable deposit covers some of the options selected, but more money will need to be spent if they put the home back to a mainstream turn-key home. What is a buyer to do, what is a builder to do?
Buyer walked away from the deposit. That was the only penalty in the contract. He called it a business decision. Values continued to slide into 2010. Cannot recall what the builder sold the home for, but it was less than the appraised value.
Are you trying to buy the house or sell it? "List" means you're putting it up for sale. Never heard of a builder being able to restrict who you list your house for sale with. Or do you mean they control what real estate agent you use in buying the house?
True story from 2008 (and no, I am not suggesting we are headed back there): I had a well qualified buyer under contract will a builder that rhymes with Troll. He was under contract for a 750K home. Eight months later as we get closer to closing, we get the appraisal. The home is now worth 125K less than what he is under contract for (2005 - 2006 was also a rapid appreciation market). The $100K non refundable deposit covers some of the options selected, but more money will need to be spent if they put the home back to a mainstream turn-key home. What is a buyer to do, what is a builder to do?
Buyer walked away from the deposit. That was the only penalty in the contract. He called it a business decision. Values continued to slide into 2010. Cannot recall what the builder sold the home for, but it was less than the appraised value.
That situation was unfortunate, but that's the precise reason why it's a good idea to have a substantial non-refundable deposit if the buyer doesn't complete the purchase. Neither the buyer nor the builder had any control over the drastic reduction in real estate prices at the time. The builder lived up to his end of the contract, so the buyer should be expected to do likewise... or else forfeit his earnest money deposit.
Are you trying to buy the house or sell it? "List" means you're putting it up for sale. Never heard of a builder being able to restrict who you list your house for sale with. Or do you mean they control what real estate agent you use in buying the house?
Trying to buy one of their new build homes, and they want to control who we list our current home with.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
