Help!! Sellers might not sell to us! (agent, contract, agreement)

[bygollyholly]

Hi! sorry this is sooooo long!

My fiance and I are supposed to be closing on our first house next week. But I think there may be a BIG problem - I have a feeling that the buyers may not want to sell anymore. I think they may be having problems with their deal to purchase their next home.

My agent is saying that everything will work out but i just have a bad feeling about it. She says they can't just back out.

Here's where I am worried: our purchase agreement had a clause that said it was contingent on the sellers securing an accepted purchase agreement on their home of choice. It took them a looooonnngg time (or it just felt like it lol) but they finally came to a deal with the bank who owns the house they want. (not sure but it has sounded like they're buying a foreclosure.)

If something happens with their loan or purchase (or whatever the heck is going on) does that mean that our contract falls apart? I don't want to start all over cuz i love this house! (and we have a lot of money, alot to us anyway , out of pocket for our laon application and house inspection). Can they just not sell to us if they cant' buy their new house?

HELP!!

[tamitrail]

Once they found their new home and the bank accepted the deal, wasn't something signed to take that contingency off?

[Silverfall]

Originally Posted by tamitrail

Once they found their new home and the bank accepted the deal, wasn't something signed to take that contingency off?

I agree, as soon as they found a house an addendum should have been written up removing that contingency. If you didn't remove the contingency, then that would be muckville, which is attorney territory.

[Chuckity]

Originally Posted by Silverfall

I agree, as soon as they found a house an addendum should have been written up removing that contingency. If you didn't remove the contingency, then that would be muckville, which is attorney territory.

Oh I feel sorry for them.

For the original poster I mean.

[MikiJayne]

"normal" sales like yours take about a month usually, but bank-owned sales in my area take a lot longer. Perhaps that is what they're dealing with?

[middle-aged mom]

Either the sellers have an accepted purchase agreement on another house, or not. Not a lot of ambiguity here.

It sounds like your agent may be hoping for the best outcome instead the certainty of getting the contingency removed from the contract. Why this is, I do not know.

[olecapt]

Originally Posted by middle-aged mom

Either the sellers have an accepted purchase agreement on another house, or not. Not a lot of ambiguity here.

It sounds like your agent may be hoping for the best outcome instead the certainty of getting the contingency removed from the contract. Why this is, I do not know.

If you were representing the seller would you remove the contingency? I would not...it would sit there until we closed. Why should I gamble? That is why such a clause should always have a drop dead time on it.

[middle-aged mom]

Originally Posted by olecapt

If you were representing the seller would you remove the contingency? I would not...it would sit there until we closed. Why should I gamble? That is why such a clause should always have a drop dead time on it.

If I were the buyer's (OP's) agent, I would have specified a date and been all over it. Wouldn't you?

[olecapt]

Originally Posted by middle-aged mom

If I were the buyer's (OP's) agent, I would have specified a date and been all over it. Wouldn't you?

So we agreed that the OP was likely badly served and is now stuck with the outcome?

[middle-aged mom]

Originally Posted by olecapt

So we agreed that the OP was likely badly served and is now stuck with the outcome?

Yes sir.

I hope the OP comes back and tells us how this works out.