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We're in a house we like a lot. We found one we like better. I can get financing (barely) to carry both mortgages but there is no way I'd want to carry two for more than a month or so.
The seller's house has been on the market for months; however, they are not interested in a contingent offer. Our house will be on the market within days. My natural tendency is to wait a few weeks and see what sort of interest our current house is getting. If the other house sells in that period of time, well that's just life. There's always another dream house. Our listing agent understands that we are selling in hopes of buying the other place.
It has been suggested to me that we put in an offer on the other house now to secure it and if we don't get an offer on our house soon then use the inspection as an excuse to cancel the offer to buy. It was not stated that plainly, but I got the drift.
To me, this feels slimy and immoral. I don't feel like I would be acting in good faith with the sellers of the property as it could cause him to miss out on a sale to more certain buyer.
Is this standard practice in the real estate world?
I don't know how things work in your neck of the woods, but this wouldn't buy you a ton of time by me. We have inspections pretty quickly.
That's been my experience as well. However I was told that they would be receptive a 60-day close with a 45-day inspection contingency deadline. Personally, if I were selling, I wouldn't want things to drag on that long -- too much time for issues to crop up or second thoughts to set in.
That's been my experience as well. However I was told that they would be receptive a 60-day close with a 45-day inspection contingency deadline. Personally, if I were selling, I wouldn't want things to drag on that long -- too much time for issues to crop up or second thoughts to set in.
I don't necessarily agree with what you are suggesting, but part of me says anyone willing to accept a 45 day inspection contingency gets what they deserve.
1. Wouldn't you have to pay for the inspection?
2. What if the inspection found no/ very minor issues (even if the seller agreed to pay to fix them)?
3. Would any of your financing be contingent on selling your home (or would the seller be able to figue out your plan, based on your financing)?
Morals are a relative thing (it's not like the law), but to me, it's slimy.
1. Wouldn't you have to pay for the inspection?
2. What if the inspection found no/ very minor issues (even if the seller agreed to pay to fix them)?
3. Would any of your financing be contingent on selling your home (or would the seller be able to figue out your plan, based on your financing)?
1. Yes.
2. An interesting point. If the sellers agreed to fix everything in the report I suppose we'd be on the hook to buy the property? Although for the inspection reports I've seen for any decades-old home the list of issues is always lengthy. Most of those are typically minor things but to pay someone to fix all of them gets expensive.
3. No.
...2. An interesting point. If the sellers agreed to fix everything in the report I suppose we'd be on the hook to buy the property? ...
Depends on your contract. Ours would allow cancellation for any reason during the inspection phase even if they are willing to fix everything.
Seems deceptive to me - you should disclose anything that would impact your ability to purchase. If you won't buy if you can't sell your home, that should be disclosed or made a contingency.
If I were representing a listing and an offer came it with a "45 day inspection clause" I would advise the seller to reject it / treat it the same as a contingent offer. In our MLS system there flags that can be set by the listing agent to show that the home is under contract contigent upon financing vs contingent upon sale of buyers house as well as flags for the standard "under attorney review". It would be madness for the listing agent to allow the seller to remove the house from the market for 45 days (especially during the busy early summer phase...). If some other better qualified buyer materialized with no "contingency" the seller should be able to kick this offer.
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