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I didn't realize this but my agent was already in process with getting a copy of the contract on the buyer's property listed in the contingency. They are not getting a loan since they are paying cash. We already accepted the offer and had the inspection done but if for some reason they can't provide proof of the pending sale of their property my agent said there are some people who are willing to come in and make back up offers.
Traditionally on a cash purchase, the buyer is asked to provide proof of funds. Since this is a 'contingent on sale' offer, one might think that 'proof' would include clear evidence that their own sale was imminent ... unless they have other funds available (but, then, it wouldn't be a contingency sale)
Found out that the buyers home is in a prime area that also has mixed commercial and they apparently had offers to buy the property when it was not even listed. I saw the contract, it is very straight forward and their buyer is paying cash without contingencies so I feel much better.
True story from yesterday: An agent in my office has a contract (with a contingency on the buyers' house selling) on her condo listing that is to close today. The buyers of the house did their final walk-through of the house yesterday in anticipation of closing this morning. The sellers of that house would then be closing as the buyers on the condo. While the buyers of the house were doing the walk-through in the house the wife saw a small alligator. She is now refusing to close which has now torpedoed the closing of the condo in another city. Almost a million dollars in closings today killed by a three foot reptile who is probably more scared of the poodles than vice versa. I'm guessing the plans to move to Florida may be in jeopardy.
Moral of the story: all closings are tenuous things but one that is contingent upon the closing of another property is a martini on a seesaw. Chance of disaster: high.
I hope that alligator was outside the home and not on the inside.
Yes, outside although I imagine if they put a fat chihuahua in it's line of sight inside the house and leave the door open that bad boy might just take a stroll inside.
New development in the story: the buyers are seeking return of their deposit and have retained a lawyer to chase it for them. Good luck with that.
I didn't realize this but my agent was already in process with getting a copy of the contract on the buyer's property listed in the contingency. They are not getting a loan since they are paying cash. We already accepted the offer and had the inspection done but if for some reason they can't provide proof of the pending sale of their property my agent said there are some people who are willing to come in and make back up offers.
If they are such good buyers, but need the full cash proceeds from their house to close on yours, why not have them remove the contingency that their house has to close before they get their proceeds to close on yours? Then you don't need a backup buyer. The only backup offer I would take would be from another cash buyer with no house to sell. (At least the devil you know is better than the one you don't know.)
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