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Did you have an agent or attorney look over the contract before you agreed to it? Because it sounds like it was written to the sellers favor.
Why WEREN'T contingencies put into the contract -- such as job loss, or God forbid, death of spouse or health incapacity, whatever you can think of. Suppose one of you have been in a terrible car accident fighting for your life, were you still suppose to close on time? (We had a neighbor who was selling her house, died between contract acceptance and closing. Things DO happen you know.) Are they likely? No But they certainly aren't so out of the realm of possibility that they shouldn't be addressed.
Sounds to me like the contract didn't have enough protections in it for your side of the deal.
To make a long story short, house had multiple offers so to get ahead we limited contingencies. The only contingencies we had were inspection (passed), ability to get loan and death I believe.
I understand the 'time is of the essence' statement .. my question is, does it matter why we didnt close by Aug 26th (or contract)? It was not foreseeable or our fault that wife lost job and then lender put contingency on our loan to sell condo first. Does that matter or not at all?
No, I don't think it matters at all. At least, it doesn't matter to the seller except that he is still stuck with a house he thought he was going to be rid of a month ago. That your wife lost her job is irrelevant to him except that he is STILL stuck with the house. That your lender required you to sell the condo before loaning you money that (since your wife has no income) you couldn't afford to pay back is irrelevant to the seller except taht he is STILL stuck with the house that he wanted sold in August.
Find the 5K and give it to them to close on this house and move on.
You did delay the closing so if they want 5k in compensation do it.
Heck put the 5K on your credit card. Just get this deal done -- and them out of your life!
Mostly it's so YOU can move on and get into the house, and you and your wife can put this stress behind you.
Life is short.
I understand the 'time is of the essence' statement .. my question is, does it matter why we didnt close by Aug 26th (or contract)? It was not foreseeable or our fault that wife lost job and then lender put contingency on our loan to sell condo first. Does that matter or not at all?
Does it say in the contract that you dont have to close by Aug 26 if your wife loses her job?
Fact: Seller did not close as required by the contract. This was a change in their circumstances, but those circumstances were not in the contract.
Fact: Buyer put up a $20,000 deposit to secure the home in the contract. When they failed to close, regardless of reason, they were in violation of the contract, and the deposit really now belongs to the sellers due to buyers failure to close. That is what a deposit is for.
Fact: Sellers have ran up expenses (sound like $5,000 total), due to not closing on time. Sellers want the buyer to pay $5,000 to cover the out of pocket it has cost them. This is not unreasonable, as it is the buyers fault they have lost this money. They say either pay the amount and go to closing, or they want the $20,000 deposit. If buyer is foolish enough to force the buyer to sue for the deposit, the seller could not only end up with losing the deposit, but it is very probable that the sellers can be awarded their legal fees and court cost in addition to losing the $20,000 deposit.
No, I don't think it matters at all. At least, it doesn't matter to the seller except that he is still stuck with a house he thought he was going to be rid of a month ago. That your wife lost her job is irrelevant to him except that he is STILL stuck with the house. That your lender required you to sell the condo before loaning you money that (since your wife has no income) you couldn't afford to pay back is irrelevant to the seller except taht he is STILL stuck with the house that he wanted sold in August.
What is it that you don't understand about that?
Our contract has a loan contingency. So since we were not able to obtain a loan until selling our condo, doesnt that factor in?
Our contract has a loan contingency. So since we were not able to obtain a loan until selling our condo, doesnt that factor in?
Did you ask them for an extension or no? If so, did they sign it?
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