acceptable or not - home sale contingency clause

[acegolfer]

To OP,

I was in the same shoe as your buyer 2 years ago. I had an executed contract to sell house A when I made an offer to buy house B. The purchase contract for B was contingent on CLOSING house A.

Had my seller asked me to remove that contingency clause (even if I knew that the financing contingency will give another out), I would have given up buying house B and started looking for house C. My advice, don't play hard ball as it can back fire you.

Have you read the buyer's executed contract to sell his house? Is it solid? Is he trustworthy? Can you get another buyer soon? You need to trust your gut in this case.

[kimchee]

Originally Posted by acegolfer

To OP,

I was in the same shoe as your buyer 2 years ago. I had an executed contract to sell house A when I made an offer to buy house B. The purchase contract for B was contingent on CLOSING house A.

Had my seller asked me to remove that contingency clause (even if I knew that the financing contingency will give another out), I would have given up buying house B and started looking for house C. My advice, don't play hard ball as it can back fire you.

Have you read the buyer's executed contract to sell his house? Is it solid? Is he trustworthy? Can you get another buyer soon? You need to trust your gut in this case.

Thanks, I haven't read the buyer's contract on her own house so have no idea on how solid it is. I think mortgage approval is the only thing missing from that end. I do know that the buyer herself is willing to put down 30% on my home so she does have the finances and hopefully won't have problems in qualifying for a mortgage herself.

I'll have to follow up with my agent on this because my own attorney seems to think there's no problem asking for the removal of the home sale contingency clause and so far no word yet from the buyer since Monday.