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My husband and I have currently sold our condo and it is set to close on Feb 7th. It is out of attorney review, the home inspection has been completed and the buyers mortgage assessment is done. We are just waiting to close at this point. My husband and I have placed a bid on a house that we would like to close on Feb 8th. We are now in attorney review and the seller( a contracter/ flipper) wants to contine to show the place and accept bids up until our condo has closed. Is this normal? My worry is that a week before we are set to close someone will out bid us and we wont have a place to move into. What are your thoughts on this matter? All opinions are welcome! ps. we are buying and selling in nj.
My husband and I have currently sold our condo and it is set to close on Feb 7th. It is out of attorney review, the home inspection has been completed and the buyers mortgage assessment is done. We are just waiting to close at this point. My husband and I have placed a bid on a house that we would like to close on Feb 8th. We are now in attorney review and the seller( a contracter/ flipper) wants to contine to show the place and accept bids up until our condo has closed. Is this normal? My worry is that a week before we are set to close someone will out bid us and we wont have a place to move into. What are your thoughts on this matter? All opinions are welcome! ps. we are buying and selling in nj.
You could tell him no and put the pressure on him to risk losing a buyer. Of course then he could tell you no and you may not get the condo. Good luck.
I don't know how NJ works but I would guess that it is possible (thru an addendum to your contract) for you and the seller to agree that he can take backup offers that are subject to the termination of your contract. He may get an offer for more money but he will still be obligated to close with you. Of course, that doesn't stop him from finding some way out of your contract but you would have that possibility in either case.
Do you have a sale contingency in your purchase offer?
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