Order of various contingency dates on offer (contingencies, feedback, clause)

[massdad]

I need help with getting my dates right :-)

I am writing up an offer lets say on 7/18 and ideally would like to close by 8/23. I know that's aggressive and it will likely take longer than that. But given my dates, what is the best order and interval between the various dates that go on the offer and contingencies. Please suggest changes to below:

Offer made: 7/18
Offer expires: EOD 7/19
Parties shall execute P&S on or before: 7/31
Deed shall be delivered: 8/23 (this is I assume is the closing date?)

Mortgage Contingency:
If I cannot get loan commitment on or before: 8/15 (is this too soon?)
then I can revoke agreement prior to this date

Buyer will not be deemed as having made diligent effort to get loan commitment if he doesnt submits completed loan app by: 7/24 (is this too soon?)

Inspection Contingency:
I must get the house inspected on or before: 7/31 (is this too late?)

If inspector's estimate of repairs exceed $250,
then I can revoke agreement on or before: 8/15 (is this too late? I'm thinking this has to be before P&S?)

Thanks in advance.

[rjrcm]

I take it you are not working with an agent and not using a standard form? If so, that's a bit dangerous as you may not have all your legal bases covered. Laws/requirements vary state to state.

You should at least consult with a local title company or RE attorney for advice.

[FalconheadWest]

I would say your dates are WAAAYY off, at least in my market, and you really need someone to help you with this if you're this confused.

[massdad]

I do appreciate real estate agents asking me to consult other real estate agents and attorneys and consultants for advice. Thank you.

However, I would like to hear from buyers and sellers. I dont think this is a particularly complex problem or question. It's a question on whats the common practice or what others have done in their case for dates on their offers. I live in MA and I AM using the standard forms of the Greater Boston Real Estate Board. These dates are fill-in-the-blank dates.

thanks

[RickTucsonHomes]

Ditto rj and Falcon, you need some help before you get in over your head.

[chaotix]

Originally Posted by massdad

I do appreciate real estate agents asking me to consult other real estate agents and attorneys and consultants for advice. Thank you.

However, I would like to hear from buyers and sellers. I dont think this is a particularly complex problem or question. It's a question on whats the common practice or what others have done in their case for dates on their offers. I live in MA and I AM using the standard forms of the Greater Boston Real Estate Board. These dates are fill-in-the-blank dates.

thanks

I sold my home via fsbo and this is how I stipulated some of the terms that you state in my contract, be aware that these may vary, but this will give you a general idea.

Financing loan approval within 10 days with a written commitment/denial letter within 3 days thereafter.

Inspection should take place within 10 working days from date of contract, with written report within 5 days there after. Repair negotiations within 3 days after written report.

Using your dates as example:
7/19 offer accepted/ in contract
7/29 loan approval should take place within 10 days
7/31 written loan commitment/denial letter due
8/1 Inspection completed,with termite/radon inspections completed as well
8/6 inspection written report due
8/9 written negotiations regarding inspection to be completed, in your case, with the stipulation that if repairs exceed a dollar amount , $250, the contract would be void and deposit returned to buyer.

Closing should take place on or before 45 days depending on loan/lender.

[massdad]

Chaotix, thank you very much. Thats the kind of real answer I was looking for.

In MA there is a two-phase process to contracting - The Offer/counter-offer-acceptance phase, followed by negotiating and signing the Purchase & Sale Agreement. The inspection is done after the offer is accepted and before the P&S is signed because the P&S includes stipulations on the repairs etc agreed to from the inspection. Looks like in your state, you would do the contract first and then amend it or add to it when inspection results are in?

[rjrcm]

Originally Posted by massdad

Chaotix, thank you very much. Thats the kind of real answer I was looking for.

In MA there is a two-phase process to contracting - The Offer/counter-offer-acceptance phase, followed by negotiating and signing the Purchase & Sale Agreement. The inspection is done after the offer is accepted and before the P&S is signed because the P&S includes stipulations on the repairs etc agreed to from the inspection. Looks like in your state, you would do the contract first and then amend it or add to it when inspection results are in?

I think I gave you a "real" answer before. As you just found out, state specific issues can have a significant impact on dates and requirements. Inspections are handled differently. Yours must be done prior to contract, many others are done after contract with followup addenda. Some require an "option" payment to entitle you to an inspection phase. Expected dates and milestones vary greatly. Again I suggest you get local advice before following any feedback you get here.

[chaotix]

Originally Posted by massdad

Chaotix, thank you very much. Thats the kind of real answer I was looking for.

In MA there is a two-phase process to contracting - The Offer/counter-offer-acceptance phase, followed by negotiating and signing the Purchase & Sale Agreement. The inspection is done after the offer is accepted and before the P&S is signed because the P&S includes stipulations on the repairs etc agreed to from the inspection. Looks like in your state, you would do the contract first and then amend it or add to it when inspection results are in?

Buyers can inspect a property prior to signing a contract in my state, however, I had 3 offers and the buyers I chose elected not to have it done prior to signing contract, but I agreed to an inspection contingency clause, that if the inspection revealed any major defects and/or any repairs that exceeded an X dollar amount, the contract would thus be canceled and earnest money returned.

[freshjiv]

If you are selling, def do it yourself. Chaotix is dead on. I have sold my last 2 places FSBO. Do NOT give realtors an insanely absurd amount of $ to do literally brainless work. They act like selling a house is as complicated as removing a tumor of the brain stem. You will feel much better knowing you didn't literally give tens of thousands of dollars away in the end.

Edit to say I see you are buying, in that case, def get an agent, its no cost to you!