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We put in an offer on a home, but it's contingent on the sale of our home. Our buyers need to have their loan solidified by Oct 14th. Looks like the deal is going to go thru because we just so happen to have the same loan offier as our buyers and he has told us they are solid and will get the loan.
My question is the house we put an offer in on , it's in the contract they can still show the house because it's contingent on the sale of our home. I'm nervous the sellers will get another offer and then where does that leave us? We are still going back and forth with the lawyers on the inspection and what we asked to have fixed, but should come to a resolution within the next 2 days. Once we have confirmation our buyers loan is going to go thru can we request the sellers stop showing their home??
Good point, so once we have confirmation our buyers will have their loan for sure, we can remove the contingency, correct??
I'm pretty sure you can remove the contingency whenever you want. It is all a matter of risk. You can remove the contingency and your buyers can get hit by the proverbial bus.
Good point, so once we have confirmation our buyers will have their loan for sure, we can remove the contingency, correct??
That would be unwise. If your buyers get laid off the week before closing they won't be able to close and buy your home. If you remove the contingency then you just lost your earnest money as, I assume, you can't move forward if your house doesn't close.
Be sure to read your contract about what happens if they do accept another offer. For example, you may be required to remove your contingency and show that you can close (have loan approval), or else they could move forward with the new offer. Of course, then you have to accept the risk that your buyers may not close. Hopefully you have your own agent representing you on your purchase who can explain all your options.
The contingency you put in is a fairly standard one. Theoretically you go from the your the seller close, directly into the your the buyer close.
Your offer is based on you selling your present home, not the buyers of your present home getting a mortgage approved. Your present home will not be sold, regardless of anything else, until closing.
A close is not a close until it happens. One recent one I know of, the hubby died a week before the close so the close did not happen. Were I you, I would not remove the based on your sale contingency until it happens. If pressured to do so. Walk away.
In my last sale I took the lower of two offers as the higher one had a contingency near identical to yours.
As a seller I would never accept a sale contingency that didn't have a removal date at some time before closing was supposed to happen. I don't see how else a seller can actually plan for anything if not.
Be sure to read your contract about what happens if they do accept another offer. For example, you may be required to remove your contingency and show that you can close (have loan approval), or else they could move forward with the new offer. Of course, then you have to accept the risk that your buyers may not close. Hopefully you have your own agent representing you on your purchase who can explain all your options.
This hits the nail on on the head - could you close if you had to, without the settlement of your home? Then, if it meant losing the home, would you be willing to do so? Ask yourself those questions so you are ready.
Typically, the seller will come back to you, giving you a finite period of time, to ahem, or get off the pot. If it's worth it to you, you remove the contingency and be prepared to move forward if your home doesn't close.
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