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We listed our house on Friday the 13th and we have signed on an offer and have 3 back up offers! Whooaaa! Who said the West Coast Real Estate Market is dead?!!! BTW, from now on I am buying lottery tickets on Friday the 13th. It is totally our lucky day now!
We have an usually long close by our choosing, to keep our kids in school. Fortunately, it worked out for the buyers too.
Now we're just wondering if we will be able to write an offer on a house in NC contingent on our house here in Portland closing. Are closings in NC usually 30 days or are there people who list this time of year who ask for a June close to keep their kids in school?
Just wondering if any of you would take / consider an offer on a house where it's contingent on a home closing out of state... and the house has received 3 back ups offers.
Tonight I plan on getting that good night sleep that I've been deprived of for a few months now!
Glad to hear it went so well for you. Good luck on your closing and move to NC. BTW - what area are you moving to in Durham? We were there yesterday...
YAY!! Glad to hear it went so fast. We are getting into the same issue here...we are going to make an offer with the contingency that our buyer completes his finaning commitments within a week.. Hopefully it wont be a problem. Good luck to you!! Where are you goin to look??
BTW - what area are you moving to in Durham? We were there yesterday...
Thanks! SW Durham... Creekside Elem & Hope Valley Elem areas. Would love to hear what you think of Durham.
Quote:
Originally Posted by mcfamilyof4
YAY!! Glad to hear it went so fast. We are getting into the same issue here...we are going to make an offer with the contingency that our buyer completes his finaning commitments within a week.. Hopefully it wont be a problem.
McFamily, I hope they take your offer!! Please let me know what happens. I might be able to gain some info and or hope from you! We are looking at SW Durham... see above. I'd love to hear where you made an offer. PM me if you prefer. We might be future neighbors! Best of luck to you!
Great on getting the offer, I just closed on my house on friday up here in WA state. If I may be so bold to make a suggestion.
Close on your house ASAP!! There is no reason to have a delayed closing, unless it's absolutely necessary for the buyer. You can do an addendum and make it a stipulation that you be allowed to rent the home after closing until you can physically move out. That should not be a problem as they were ok with a long closing period.
The reason that I stress this is, the house is not sold right now, all you have is an accepted offer, there are alot of things that can happen between now and then. I had an accepted offer in Jan 07 with a 45 day close. I was to be allowed to stay there rent free until April 8th. We didn't close the home until the 13th of April, there was no free rent and it took months longer to fund the deal than it should have.
The reason that it took longer to fund is a symptom of the housing credit crunch that started in mid March and seems to be accelerating, our buyer had 2 lenders pull the plug on their programs that she was qualified and approved on without any notice. Finally a 3rd lender got the deal done and closed. The number of lenders who are withdrawing programs and who are generally getting nervous about lending are growing everyday, trust me you want to close as soon as possible.
Another reason that you don't want to stretch out the closing, is that it weakens your hand on making an offer on a new home, an offer that is contingent on another home being sold is a weak offer and some won't even consider it, especially if the area is a hot market.
So FWIW, close on the home as soon as possible, if it's 30 days or less, have the buyers let you stay free, if over that, pay rent. It's better than having a deal possibly come undone due to market forces.
I've sold all 12 of my homes in the last 6 months here in WA, I've had some deals come undone the day before closing, you don't want that happening if you are moving across the country.
I know we would take that kind of contingency. Too bad our house isn't in Durham
Quote:
Originally Posted by PDXmom
We listed our house on Friday the 13th and we have signed on an offer and have 3 back up offers! Whooaaa! Who said the West Coast Real Estate Market is dead?!!! BTW, from now on I am buying lottery tickets on Friday the 13th. It is totally our lucky day now!
We have an usually long close by our choosing, to keep our kids in school. Fortunately, it worked out for the buyers too.
Now we're just wondering if we will be able to write an offer on a house in NC contingent on our house here in Portland closing. Are closings in NC usually 30 days or are there people who list this time of year who ask for a June close to keep their kids in school?
Just wondering if any of you would take / consider an offer on a house where it's contingent on a home closing out of state... and the house has received 3 back ups offers.
Tonight I plan on getting that good night sleep that I've been deprived of for a few months now!
I completely agree with Tony 1790!!! You want to get the close as soon as possible--there are too many things that can happen between now and then. I would offer to rent back the house for the extra period of time you would be in the house. You can even make then whole by offering to pay them either their current rent/mortgage or the new monthly mortgage payment they will be paying on your home. That then puts you in a better position for purchasing your home here. Even better--it gives you peace of mind!
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Congratulations!!!
And ta da, congrats!
