Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And what do you do now? Not extend? And what happens if October 15th comes and they still haven't finished their new house? This is why I RUN from things like this. Other people turn their problems into your problems. Whoa is me. It's called being an adult and dealing with your problems. Live in a short term apartment rental or hotel until your home is ready. Yes, moving sucks, but we all know that.
Exactly. As the saying goes, "Lack of planning on your part does not constitute an emergency on mine." My home inspector wife does tons of new construction inspections. She has to push back those inspections more often than not because the contractors haven't completed or installed this and that. Sure, they have an anticipated finish date, but that's always an optimistic estimate. There are other houses, OP. Buying a house is an emotional decision, but it shouldn't be. If you can distance yourself from this decision a bit, things will become more clear to you. Is it worth taking the risk or not? People get so hung on the amenities of a house that they lose sight of the big picture. A house is merely a physical structure; you make it a home with the people (and sometimes pets) you put in it.
This whole situation sounds like a hot mess waiting to happen.
Don't fool yourself thinking just because a piece of paper says they have to be out by that date means they will. Lots of tenants don't move out when they're supposed to, and I'm telling you this as a former property manager who worked for a property owner who failed to do the proper checks before renting so I spent a lot of time evicting tenants as a result.
I think we have worked for the same guy. Evictions SUCK! In my state, they can drag on for a freaking year! Everyone has a sob story and judges keep extending their free rental. Tenants have far more rights than the property owners in my state. Many states are like this. Being a landlord can be a complete nightmare. There's a few threads on here from some who've had to live horror stories.
-They came back and now want to know how much the mortgage will be and how much closing costs will be before they accept. (We offered asking price, they pay all closing). I don't so much mind the asking of closing costs, but them asking about mortgage I'm just like "what, you expected to live there for free for 2-3 months after we buy it?". But, that could just be me overreacting.
-I am with you guys with them listing it so soon and don't even plan to be out till November... I agree, I can only imagine they wanted it sold to use it to build the new house. Apparently though, there were 2 other offers on the house (both paying asking price) but when the buyers found out they couldn't move in till November, they backed out.
Also with EVERYONE why they cannot just go rent somewhere else if they tend to pay the mortgage anyways. It would make this A LOT smoother and convenient. I'm sure their reasoning is that they don't want to pack up twice, but they should have had that figured out on their own beforehand in my opinion.
I may be up for delaying the closing date, but I'd have questions about that. If we don't even close until November, does that mean the seller can back out whenever they want between now and then? I'd hate to be sitting on this closing date for that long just to have them back out for whatever reason.
And the chance of the interests rates going up isn't much fun either, but hey, it can go both ways.
The current owners are thinking about the situation in the wrong way and you are letting them. Two buyers have already indicated that a multiple-month rent-back commands a significant enough reduction that otherwise interested buyers have simply walked. If you think that the house is worth significantly more than the list price you could consider dealing with their issues, but if the asking price is reasonable for the house without tenancy issues, they will need to reduce the price accordingly with those issues.
As for a November close date, that's less of a concern as a buyer. In general, once you've contracted to buy the house they can't just weasel out of the deal if they don't feel like it. I'm sure the law varies by state, so engaging a good real estate attorney to help you with the process would limit the bad things that can happen to you.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
