Contract Q

We are in attorney review currently. We added a clause to the contract to protect ourselves, which said something along the lines that we have until 6/15 for firm relocation. We are looking for jobs, sending resumes, etc down in NC. The buyers now want to add to that a clause that says that my DH and I will have to pay them $2500 if the deal falls through. We think this is an excessive amount. I can see $1000, but $2500?

Re: Contract Q

Just like you are protecting yourself... the buyer is doing the same. You can negotiate and see what they say.

Re: Contract Q

is that their current mortgage payment?

Re: Contract Q

My DH called the lawyer and said we will agree to $1000. We haven't heard back yet. I hope the deal doesn't fall through, just as we are picking up speed for the move down south

Re: Contract Q

Honestly, that is probably either what their mortgage payment will be or fair market rent for a house your size. It's very standard and honestly, if I was in their situation, not knowing when you will be out and with a contingency, I would do the exact same thing. If you stay past a certain date what is their recourse otherwise?

I had a similar concern with the woman we bought our house from so my lawyer put a much larger number (the equivalent of the mortgage payment if we were putting down 20%) to make sure she was out.

Re: Contract Q

I see your point, T...I understand their view. But I guess since I am on the other side of the fence, I do kinda feel "forced" out...

Re: Contract Q

I am stressing out here!!
I can't wait to hear back from them. If they don't take the $1000 I am willing to negotiate slightly higher. I mean, I know we are going down to NC etc, I don't really know what our fear is. I guess the $2500 just seemed really high! Took me by surprise.