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Old 11-05-2009, 08:17 PM
 
288 posts, read 481,032 times
Reputation: 47

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Ok. I am looking for some insight. Found a house we loved. Bid on it. Got into a bidding war but eventually we "won" and the seller accepted. We signed contacts a few weeks ago. At that time the seller asked for an additional 2 weeks prior to starting attorney review (and put this in the contract). I said ok. From what I understand the seller is trying to work out the details on their future home purchase as well. I believe it is a short sale (I know how those can go). But now the 2 weeks has past. And they are asking for another 60 days before starting attorney review! I am really worried this is going to fall through. One letter and they can back out (and so can we, I realize that). But I am worried to sit around and wonder for the next 2 months, withouth anything being under contract. I'd like to get attorney review over with and get under contract, and set a line in the sand date to close. Doesn't sound like they want to do this. I also don't want to wait forever to lock a mortgage rate. Any advice? Heck, I am pretty flexible on the closing date being that we live in family right now and are not in a rush. But I'd feel much better if things are more solidified. What do you guys think? One idea I am thinking is to tell them I am willing to give them 90 or 120 days to close, but we HAVE to close by that date. And we would get attorney review over with (and inspection, etc). If their short sale falls through then maybe they can rent from us. Or should I just start asking for stuff! (closing costs, lower sale price, etc). ????
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Old 11-05-2009, 09:30 PM
 
Location: Montgomery County, PA
2,771 posts, read 3,799,518 times
Reputation: 595
Do they want to sell the damn place or not ?

I think you should shop around for another place until you start attorney review.

If you find something else that you like before then, you could drop these clowns like a hot potato. If you don't find anything, go ahead with it. Meanwhile, you can keep pushing them for concessions.

I don't think you should sign anything that prevents you from shopping around over the next 60 days (but I think you can kill the contract at a whim until attorney review is done, so I don't see why you couldn't shop around)
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Old 11-06-2009, 06:40 AM
 
1,235 posts, read 2,418,425 times
Reputation: 258
Walk. If they aren't ready to sell, walk away and keep on looking. It's not your problem they're involved in trying to buy a short sale. Good luck.
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Old 11-06-2009, 08:38 AM
 
3,248 posts, read 6,271,407 times
Reputation: 1933
They should be asking for more time at the end...before closing not delaying attorney review. Sounds very slim shady to me.
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Old 11-06-2009, 08:40 AM
 
1,455 posts, read 2,661,720 times
Reputation: 973
I agree. Force their hand and say you want to move into the house.

There is temporary housing they can live in. Short-term apartments, long-stay hotels, etc.

Or, at the very worse, you can close on the house and then they can pay you rent.

Offer these suggestions. if they balk at them, walk away.
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Old 11-06-2009, 09:48 AM
 
604 posts, read 1,226,355 times
Reputation: 185
Since you are taking a low key approach it looks as if you really want the house and you have signalled that to the seller and that you are ready for your chain to be yanked!!(lol).

Short sale is equivalent to a black hole. Once somebody enters that NOBODY knows when one can come out. If you want to be tangled in that scenario, that is your choice.
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Old 11-06-2009, 10:19 PM
 
43 posts, read 107,975 times
Reputation: 25
Nowadays, selling and buying a house comes at a big price. There are so many hang ups and red tape which cause delay on both ends. That should be expected. However, seems like your seller doesn't want to pay the price on either end. 60 days can easily turn into many months. I say move on.
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Old 11-07-2009, 06:08 PM
 
Location: Northern NJ
138 posts, read 314,649 times
Reputation: 58
I agree that you should pass on this home. The sellers are entirely too flaky. What is your realtor suggesting? I wouldn't like the idea of the deal closing and they "rent back from you." Doesn't cover your interests sufficiently. You want to be a homeowner, not a landlord. This scenario is ripe with frustration (yours). What if they keep pushing off important deadlines? What if interest rates go up? What if in the meantime another "perfect" house becomes available and you miss it because you're too involved getting jerked around by these people? I disagree with those who say "walk." I say "run."
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Old 11-07-2009, 06:15 PM
 
Location: Martinsville, NJ
5,930 posts, read 6,968,058 times
Reputation: 3530
Quote:
Originally Posted by mikieguns View Post
Ok. I am looking for some insight. Found a house we loved. Bid on it. Got into a bidding war but eventually we "won" and the seller accepted. We signed contacts a few weeks ago. At that time the seller asked for an additional 2 weeks prior to starting attorney review (and put this in the contract). I said ok. From what I understand the seller is trying to work out the details on their future home purchase as well. I believe it is a short sale (I know how those can go). But now the 2 weeks has past. And they are asking for another 60 days before starting attorney review! I am really worried this is going to fall through. One letter and they can back out (and so can we, I realize that). But I am worried to sit around and wonder for the next 2 months, withouth anything being under contract. I'd like to get attorney review over with and get under contract, and set a line in the sand date to close. Doesn't sound like they want to do this. I also don't want to wait forever to lock a mortgage rate. Any advice? Heck, I am pretty flexible on the closing date being that we live in family right now and are not in a rush. But I'd feel much better if things are more solidified. What do you guys think? One idea I am thinking is to tell them I am willing to give them 90 or 120 days to close, but we HAVE to close by that date. And we would get attorney review over with (and inspection, etc). If their short sale falls through then maybe they can rent from us. Or should I just start asking for stuff! (closing costs, lower sale price, etc). ????
This is one of the strangest things I have heard in the real estate marketplace.
Is this house still being marketed? On the MLS, what is it's status? These people may be trying to shop your offer around for a better one. Is there anything preventing this at all?
I say don't give them the extra time. If they want, and if you can accomodate the time, let them have some flexibility on the CLOSING date, but get it through attorney review & under contract. Right now, you have nothing, from the sound of it. If they aren't willing to put it under contract, walk away and look for someone ready to actually sell their house to you.
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Old 11-08-2009, 01:02 PM
 
288 posts, read 481,032 times
Reputation: 47
Thanks all. The status on MLS is "Active - Attorney Review". The house is no longer being shown. So at least that's a plus. The latest news is that they need a few more weeks, I told them we are not waiting 60 days. They just don't seem comfortable moving forward with the attorneys until they 100% have confirmed their purchase. But They have told us we are their buyer and we have a signed sales contract. We'll see what happens.
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