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.
Currently have a contingency contract with a buyer that has been in place for almost one month...no sale of their home as yet.
Luckily, I have not one but two other offers at this time. I chose one for backup. And planned to NOT renew the contingency contract as I can rightfully do by law.
But NOW I am feeling reluctant, as the first couple has only had one month to sell, and have put in cash for inspection, termite rpt, due dilligence etc.
I am AWARE that they come into this contract with full knowledge that I have an option not to renew at the end of a month.
But I still am feeling like they have not had a chance yet. YES I know "business is business" etc...and that FEELINGS have no place in business...
OR DO THEY?????
Should I give them one more month and hope other buyers will hang on for 30 days?
Of course it's a personal decision on your part. Most sellers would not have even accepted a contingent contract without at least an accepted contract on the buyer's home.
Has your agent reviewed their listing? Is it priced to sell quickly in their market? Obviously it may have a pricing problem if no serious offer after a month.
Just realize if you stick with your current buyer that there's a reasonable possibility they won't sell and then you will be back to square one. Most sellers would go with the more qualified buyer.
As for their expenses, they should have known the risk going into it.
My agt did think their house was in a good location and priced well...but she did NOT recommend that they have their house under contract before I signed for the contingency for a month!
Thanks... I will likely go with the qualified buyer but with some regret.
rjrcm are you seeing agents writing up contracts contingent on the sale of the house where you are? I know out here, only contingent on the close of escrow of another house is being considered. Agents won't even write those contracts up until the house is under contract.
OP think about it this way...the buyers of your home have a general idea of what price they think their home will sell, but ultimately a buyer will place a monetary value on the house that may not jive with what they want. It is possible that they don't get a good enough offer to buy your home, and then you potentially lose a non-contingent buyer in the process. Then, to boot, the holidays are coming up, and I assume most parts of the country really slow down for the holidays as only people that have to move actually move, so your buyers are losing potential buyers just due to the holiday season.
I also just got an earful from a close friend...well she hit the roof, so to speak! SO...I will plan to NOT renew the contingency contract and move the 3rd buyer/offer to primary.
Guess I can let emotions creep in...just not a business lady at heart.
rjrcm are you seeing agents writing up contracts contingent on the sale of the house where you are? I know out here, only contingent on the close of escrow of another house is being considered. Agents won't even write those contracts up until the house is under contract. ...
Yeah, same here - should be in escrow. Too big a risk to gamble on the buyer getting a contract on their house. If the buyer's home was well priced, they should get a contract quickly and then can get serious about their own purchase.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,313,597 times
Reputation: 6471
You might ask the new buyer if they are interested in refunding some of the money that the first buyer put up for inspections. At least you might feel better about the situation.
In CA, once an inspection is made, a copy has to be provided to the seller and it can be freely distributed.
Sorry it did not work out for you (seller) or them (buyer) but it did not. I might consider offering them to remove the contingency. That said, if there is a cleaner/simpler deal waiting then let the thing expire (die a natural/legal death) and take the simpler deal.
As far as returning money, I for one am not out to stick it to people (right or wrong) so persoanlly I would return any "deposit monies" and be done with it as clean as possible. Keeping money can often "cost" more in the long run. I say this even when I might even be entitled to and/or win the legal battle as I do not want the aggravation. Now we all have a choke point when even I would say, Go for it...LOL
Monies they spent on inspections, etc. is not of concern to you. They did that.
Again, sorry for all and I appreciate you not wanting to be an a$$ (when many can be)....but it is time to move on and sell...sell...sell...LOL
Last edited by accufitgolf; 11-19-2011 at 02:59 PM..
Sorry it did not work out for you (seller) or them (buyer) but it did not. I might consider offering them to remove the contingency. ...
That would be a reasonable option. The addendum for a home sale contingency in our contract requires that the buyer first be given the option to remove the contingency before canceling and going with the backup offer.
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.
SO...I will plan to NOT renew the contingency contract and move the 3rd buyer/offer to primary.
