Hit From Behind
Junior Member
What is the name of your state (only U.S. law)? WI
My husband and I accepted an offer on our home this week (and we also have an accepted offer of our own on another property that is contingent on us selling our home). The offer we just received states the other party has until 4/1/10 to sell/close on their property. We talked with our realtor about whether that was giving them too much time (because they also have an accepted offer on their property, and that person has a condo to sell, which was just listed on the market this week), so it's a string of contingencies. Apparently the condo IS priced way below market and has had one couple very interested just this week without a home sale contingency. Not an ideal offer, but it was for near our listing price. Our realtor told us that if we gave them "less time" they'd just come back and ask us for an extension if they hadn't sold yet, so we figured we'd "lock them in" to their price, in case we decide to lower the price in the next month or two, and that condo quickly sells.
Meanwhile, I happen to think, and ask our realtor, a "what if." What if we get another offer without a home sale contingency, and we give Party #1 the 72 hours written notice (we do have the first right of refusal written in the contract) and they DO remove their home sale contingency. Do they still have until April 1 to close with us, and his response was yes.
I freaked out. Because we would then not be able to accept another offer during this 3 month time frame. He said, well that never happens ... if they can't get a bridge loan (and he tells me the other realtor says they can't), that they would never take that risk. He basically said they'd just end the deal. Well I say, why wouldn't they, if they have any sense at all that the condo's going to sell. They can wait it out, for 3 months, in the HOPE the condo sells. If it doesn't all they have to do is have their lender say they didn't qualify for the loan and aren't they basically able to just "walk away"? Would they even get their earnest money back?
Meanwhile, we will have probably lost the property we have an offer on, and also potentially lost out on any other offers during that period.
Right now, we are priced "just right." If we drop another $10K in our market, which we are prepared to do, we will definitely have alot more interest, and we've had good interest in the 65 days on the market so far, considering it's winter in Wisconsin, the Packers play every Sunday we've had an Open House, it's deer hunting, Thanksgiving and Christmas shopping on the weekends we've had showings. Once that's all done, and come January, we plan to drop our price.
If anyone can comment as to what happens if we get another offer, our prospective buyer their 72 hours notice, and they DO remove their contingency ... is there any way we can bump them? Can we force them to "prove" they have the funds to close?
I hope I'm making sense ... we're new to this, obviously, and our realtor didn't give us great advice in locking us in until 4/2010.
Thanks!
My husband and I accepted an offer on our home this week (and we also have an accepted offer of our own on another property that is contingent on us selling our home). The offer we just received states the other party has until 4/1/10 to sell/close on their property. We talked with our realtor about whether that was giving them too much time (because they also have an accepted offer on their property, and that person has a condo to sell, which was just listed on the market this week), so it's a string of contingencies. Apparently the condo IS priced way below market and has had one couple very interested just this week without a home sale contingency. Not an ideal offer, but it was for near our listing price. Our realtor told us that if we gave them "less time" they'd just come back and ask us for an extension if they hadn't sold yet, so we figured we'd "lock them in" to their price, in case we decide to lower the price in the next month or two, and that condo quickly sells.
Meanwhile, I happen to think, and ask our realtor, a "what if." What if we get another offer without a home sale contingency, and we give Party #1 the 72 hours written notice (we do have the first right of refusal written in the contract) and they DO remove their home sale contingency. Do they still have until April 1 to close with us, and his response was yes.
I freaked out. Because we would then not be able to accept another offer during this 3 month time frame. He said, well that never happens ... if they can't get a bridge loan (and he tells me the other realtor says they can't), that they would never take that risk. He basically said they'd just end the deal. Well I say, why wouldn't they, if they have any sense at all that the condo's going to sell. They can wait it out, for 3 months, in the HOPE the condo sells. If it doesn't all they have to do is have their lender say they didn't qualify for the loan and aren't they basically able to just "walk away"? Would they even get their earnest money back?
Meanwhile, we will have probably lost the property we have an offer on, and also potentially lost out on any other offers during that period.
Right now, we are priced "just right." If we drop another $10K in our market, which we are prepared to do, we will definitely have alot more interest, and we've had good interest in the 65 days on the market so far, considering it's winter in Wisconsin, the Packers play every Sunday we've had an Open House, it's deer hunting, Thanksgiving and Christmas shopping on the weekends we've had showings. Once that's all done, and come January, we plan to drop our price.
If anyone can comment as to what happens if we get another offer, our prospective buyer their 72 hours notice, and they DO remove their contingency ... is there any way we can bump them? Can we force them to "prove" they have the funds to close?
I hope I'm making sense ... we're new to this, obviously, and our realtor didn't give us great advice in locking us in until 4/2010.
Thanks!