Renegotiating Home Sale Contingency

[AliceS]

(WI). Good evening. I accepted a home sale contingency back in July 2018. The Buyers are now renting my home due to educational & career matters; their home still has no offer. They are renting on the condition I take it off the market (I realise I may not have received a backup offer anyway). Although I am grateful they are caring for my home and paying the expenses, my home has increased in value.
My question: Can I renegotiate the terms of the original accepted offer? I.e., I want to ask for a higher price from said buyer. Should I also ask for more earnest money in order to keep them interested? What recourse do I have if they back out? Thank you!!

 

[FlyingRon]

Take everything to an attorney. First off, it is generally ill-advised to allow someone under contract to LIVE in your home prior to closing. It is fraught with perils. We can't read the existing contract so we can't possibly tell you what your options with regard to the contract and the contingencies within are, nor can we advise a negotiating strategy. If they back out, you can attempt to reclaim damages. How you do that again depends on your contract and what earnest money there may be escrowed.

 

[adjusterjack]

My question: Can I renegotiate the terms of the original accepted offer? I.e., I want to ask for a higher price from said buyer. Should I also ask for more earnest money in order to keep them interested? What recourse do I have if they back out?

Your options depend on how you got into this in the first place.

The purchase contract was contingent on the sale of their home. The appointed day to close escrow comes and they haven't sold their home.

What did you and your buyer agree to on that day? Was it in writing? I hope to heck that it was.

 

[Zigner]

You are free to attempt to renegotiate the contract...but you can't force the other side to do so. Assuming that your contract is a valid contract, and assuming that there has been no breach, then why do you think the other party would be willing to renegotiate?

 

[HighwayMan]

Hopefully the OP has been using the services of a real estate attorney. Anyone buying or selling something like a house would be foolish to go it alone.

 

[quincy]

The time within which a contingency must be satisfied is generally spelled out in a purchase agreement, this to prevent a house from being held captive for an unreasonable length of time (as apparently it has been here).