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We WOULD accept a contingency in this market, but our RELO package will not allow us
As much as I know you'd love to get a contract on your house, thank heaven for your relo pkg. rules, at least if you ask me.
We accepted a "we've gotta sell first" contingency once. Their house was already on the market, was priced right, and should have sold quickly (according to our agent, who checked it out thoroughly)... except it didn't.
Our showings dropped dramatically when we accepted their offer and they ended up not buying our house anyway.
There are just so many houses to choose from, I'm sure plenty of folks won't even look at anything already under contract, contingency or not. Certainly not what you want in this market!
Just trying to help you look on the bright side.
Hopefully the renters will get out of their lease and buy your house. Where there's a will, there's a way. That or you'll get another, even better, good, clean offer really soon.
Good Luck!
Last edited by Axiom; 10-29-2007 at 05:27 PM..
Reason: Posting in a hurry without proofing = errors
Does your relo package not have an option for them to buy the house and allow you to move? I looked at a house when we were searching that was owned by the relo company because the former owner's employer needed them to move before the house sold.
...they have a home to sell. SO, they want to put a contingency on it. (Which we can't take b/c relo is involved to a small extent)
Why do people even look? I mean, I understand looking while your home is on the market, but this pb home isn't even on the market yet.
I am bummed.
this happened to me also and they finally put it on the market about a month later. 6 mos. later their home did not sell and they took it off the market.
Does your relo package not have an option for them to buy the house and allow you to move? I looked at a house when we were searching that was owned by the relo company because the former owner's employer needed them to move before the house sold.
We have had that package in the past, but this one does not include that option. Closing costs on selling and buying a new home are what they will cover, but seems like once we go under contract they take it over and if they took it on a contingency like this (having to sell the other home) and it never sold, then they would be held holding the house. The only way we can take a contingency like this is if they have sold their home and have a settlement date. As soon as that date would be established we oculd go under contract with them.
Found out the other couple likes the place but they have to see about getting out of their lease AND get pre-qualified. So, back to square one and hoping something pans out.
We seem to be a great home, just always running into bad circumstances, lol!
argh twin..that is so annoying. We had people look who hadn't put their house up yet...I am sorry that happened. Hopefully you can get some serious buyers in !! Hang in there..
Maybe those people would have the money available to get pre-qualified if you were to help with the money needed to break the lease... like you mentioned before? I know a lot of getting approved for a loan is having money available to pay your mortgage in an emergency, that's why they ask for all of your retirement savings info and such. You never know, if they're looking into it then they really liked your house so they might go for it. Keep positive!
At least we know the price is right on.
The couple that had the showing yesterday liked it as well and thought the price was good, but are in a lease that they can't get out of. Argh-again, why look! Their agent said "just to see what is out there." Our agent is going to call her back and see if we can help with money to break the agreement if they are interested in our home. I am not counting on anything.
Again, I am sooo disappointed. They wasted our time, got our hopes up. Like I said, I could understand if their home was on the market already.
Uh...I'll be house-hunting nearish to the end of my lease next year...a lease I can't get out of without incurring significant financial penalties...and I wouldn't consider myself a time-waster. Renters like to buy property too, and the way leases are written you can't break a lease just because you've bought a house. That's not the way it works.
I think the issue is that there is probably a lot of time left on the lease... if it were soon I doubt twin would be upset about it. However, if they're looking with 3 or 4 months to go then that is frustrating. I am sure we all understand the concept of looking around, but it is frustrating to know that the people who looked would put an offer in but they can't.
I think the issue is that there is probably a lot of time left on the lease... if it were soon I doubt twin would be upset about it. However, if they're looking with 3 or 4 months to go then that is frustrating. I am sure we all understand the concept of looking around, but it is frustrating to know that the people who looked would put an offer in but they can't.
Actually, 3-4 months to go on the lease is the ideal time to look, since you're building extra time in for problems to arise during closing. I find it offensive that someone would think you're just a "looky lou" because you have 3-4 months to go on a lease. It's amazing how fast that time evaporates when you're trying to close on a house.
It took almost four months to close the sale on my house in England, and that was a hiccup-free closing. So....
If I put in an offer on a property with 3-4 months to go on my lease and the owner pulled a 'tude on me, I'd just withdraw my offer and let their house stew on the market for however long it takes it to sell, and I'll buy from someone who isn't going to roll their eyes at me because I have a contractual obligation to pay rent until a certain date.
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