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...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.
I had house for sale, currently under contract, it was a good price people would make offers but not be able to qualify. How can people shop for homes and not know ahead of time what they can afford.
Its like people see only the news they want to see. They see the good news for them that they can get homes for cheap now, but they dont see the news that mortgage requirements are REALLY strict now.
Twin,
When I go look if I find something that's exactly what I want I would consider throwing a contingent offer on it BUT my house is on the market and we are getting bites (soft ones) and I wouldn't expect the sellers of the new house to take it off the market, just give me first right of refusal if they get another offer.
I don't understand looking at homes to make a contingency offer on if you haven't put your house up for sale yet. That doesn't make any sense, with the market the way it is why would they expect someone to accept that kind of offer? We looked a little before we put our house on the market, but only open houses where we could get an idea of whether or not there was anything in the area we liked available in our price range... or more to the point if anything sells at all in that price range. We knew those houses would probably not be available when we were seriously looking, but we needed to know they existed before we went through the hassle of selling.
I'm sorry that happened twin, it's annoying and kind of rude... I hope the next one that comes along is actually ready to buy.
So you don't have what you consider a serious offer. Treat it as such.
Perhaps you could accept their contingency offer on a "right of first refusal" basis; ie, you will continue to keep your house actively in the market for the duration of your acceptance time period (2? 3? 6? months).
If you receive an acceptable offer from a capable and qualified buyer which requires you to accept or reject it within a nominal time frame, then the first contract has the obligation to perform financially ... obtain their money and a specifc performance committment to close on or before a date certain, or they (and you) have no deal together if they can't do it. At a minimum, require them to post a non-refundable earnest money deposit that's sizable enough to justify your deal with them ... which will have them thinking about whether or not they're serious about your house. That may motivate this buyer to seek a "wrap" loan or other avenues for their funds and buy your house when the time comes.
Otherwise, if you don't feel comfortable taking their contingency contract ... don't. You don't have to accept any offer that doesn't meet your contract listed terms and price, and the agents that bring that offer to you haven't earned a commission.
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.
So you don't have what you consider a serious offer. Treat it as such.
Perhaps you could accept their contingency offer on a "right of first refusal" basis; ie, you will continue to keep your house actively in the market for the duration of your acceptance time period (2? 3? 6? months).
If you receive an acceptable offer from a capable and qualified buyer which requires you to accept or reject it within a nominal time frame, then the first contract has the obligation to perform financially ... obtain their money and a specifc performance committment to close on or before a date certain, or they (and you) have no deal together if they can't do it. At a minimum, require them to post a non-refundable earnest money deposit that's sizable enough to justify your deal with them ... which will have them thinking about whether or not they're serious about your house. That may motivate this buyer to seek a "wrap" loan or other avenues for their funds and buy your house when the time comes.
Otherwise, if you don't feel comfortable taking their contingency contract ... don't. You don't have to accept any offer that doesn't meet your contract listed terms and price, and the agents that bring that offer to you haven't earned a commission.
We WOULD accept a contingency in this market, but our RELO package will not allow us
It's ashame that it can't work out for you! Hopefully something better will come your way!! It is a pain when they have to sell first, why are they looking!! I have to sell too, but I will not look until I have to, I don't see the reason for getting my hopes up or the sellers for that reason. Well anyway, good luck with the next buyers!!!
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