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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Waiting to hear back
We rejected the contingency clause that the sellers put in our contract for the sale to be contingent on them purchasing a new house. They haven't gotten back to us and the waiting is killing us! I'm afraid they are going to come back and reject the whole thing.  We really want this house! What a stressful process! Sorry..just needed to let that out! Thanks for listening :)
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Posted 5/4/11 10:20 AM  |
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Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
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Re: Waiting to hear back
how long has it been? You never know so stay positive!
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| Posted 5/4/11 10:21 AM |
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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Re: Waiting to hear back
It was only this time yesterday that we sent it back...but in all the communications previous to this (ie: negotiating price, inspection appt, etc) they've responded right away. We are trying to think good thoughts - thank you!!!!!!!!!!
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| Posted 5/4/11 10:25 AM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
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Re: Waiting to hear back
I know waiting stinks but it is a big decision for them and they may be trying to work out the logistics i.e. find a place to live.
Hang in there.
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| Posted 5/4/11 11:06 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Waiting to hear back
Just curious why this wasn't discussed before getting to contracts?
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| Posted 5/4/11 11:51 AM |
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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Re: Waiting to hear back
We *think* it was an intentional slip-up on the part of the listing agent. From the conversations that unraveled since, we think she didn't want us (or any potential buyer) to know until it got this far because she knows most people won't agree off the bat but once it gets to this point we're more likely to agree. And she's right...we would have said no at day one but now we're so far in we're thinking of agreeing only because we've been on the market for a while and haven't seen anything even close to this house.
They got back to us a little while ago and they aren't budging.
They put a cap of 75 days on their contingency to find a house - so basically they find it in that time or we can walk away - so really the worst part is losing 2.5 months of our time. At least it will only be mid-July at that point and we'll be able to look aggressively over the summer.
eta  
Message edited 5/4/2011 12:27:32 PM.
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| Posted 5/4/11 12:26 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Waiting to hear back
Posted by JK61310
They put a cap of 75 days on their contingency to find a house - so basically they find it in that time or we can walk away - so really the worst part is losing 2.5 months of our time. At least it will only be mid-July at that point and we'll be able to look aggressively over the summer.
eta
And what happens if you should find something else within those 75 days? Can you walk away and get back any money you had to lay out?
That's probably the only way I would go for something like that.
Because something else can come along and now you have to wait 75 days to do anything. And that's enough time for that house to come off the market. You never know.
Sucky situation.
Message edited 5/4/2011 12:34:38 PM.
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| Posted 5/4/11 12:32 PM |
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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Re: Waiting to hear back
Posted by Mssissy
Posted by JK61310
They put a cap of 75 days on their contingency to find a house - so basically they find it in that time or we can walk away - so really the worst part is losing 2.5 months of our time. At least it will only be mid-July at that point and we'll be able to look aggressively over the summer.
eta
And what happens if you should find something else within those 75 days? Can you walk away and get back any money you had to lay out?
That's probably the only way I would go for something like that.
Sucky situation.
Nope. Basically, the contract is entirely in their favor and not in ours at all. BUT, given that, as our realtor and attorney have advised separately without consulting one another...
Given how long we've been looking and the fact that we love this house - it may be worth the risk because...
the money lost is already lost - nothing further to be lost from here (they have agreed that we won't begin the mortgage/title process until things are confirmed)
and we would need to feel confident that we're going to find something else we want to make an offer on in the next 60-75 days (which we don't based on our previous experience). If we don't think we will, then this time isn't actually wasted.
We are going to continue to go to open houses over the next two months...and see if our realtor will take us out (though I don't knw if he will be 'allowed' to since we'll actually be in contract). That way, if this falls through we're prepared to make an offer on something else IF we find something we like.
Ugh this is the worst!
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| Posted 5/4/11 12:37 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Waiting to hear back
Posted by JK61310
Posted by Mssissy
And what happens if you should find something else within those 75 days? Can you walk away and get back any money you had to lay out?
That's probably the only way I would go for something like that.
Sucky situation.
Nope. Basically, the contract is entirely in their favor and not in ours at all. BUT, given that, as our realtor and attorney have advised separately without consulting one another...
Given how long we've been looking and the fact that we love this house - it may be worth the risk because...
the money lost is already lost - nothing further to be lost from here (they have agreed that we won't begin the mortgage/title process until things are confirmed)
and we would need to feel confident that we're going to find something else we want to make an offer on in the next 60-75 days (which we don't based on our previous experience). If we don't think we will, then this time isn't actually wasted.
We are going to continue to go to open houses over the next two months...and see if our realtor will take us out (though I don't knw if he will be 'allowed' to since we'll actually be in contract). That way, if this falls through we're prepared to make an offer on something else IF we find something we like.
Ugh this is the worst!
How long has the house been on the market and how long have they been looking? Just curious to see if they're having a hard time finding something they like also.
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| Posted 5/4/11 12:45 PM |
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bea559
LIF Toddler
Member since 11/10 457 total posts
Name:
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Re: Waiting to hear back
I wish you lots of luck!! This sounds like a pretty sticky situation - I hope everything works out for you! Try to stay patient but also keep you eyes peeled. You never know what could pop up unexpectedly.
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| Posted 5/4/11 12:46 PM |
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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Re: Waiting to hear back
Posted by Mssissy
Posted by JK61310
Posted by Mssissy
And what happens if you should find something else within those 75 days? Can you walk away and get back any money you had to lay out?
That's probably the only way I would go for something like that.
Sucky situation.
Nope. Basically, the contract is entirely in their favor and not in ours at all. BUT, given that, as our realtor and attorney have advised separately without consulting one another...
Given how long we've been looking and the fact that we love this house - it may be worth the risk because...
the money lost is already lost - nothing further to be lost from here (they have agreed that we won't begin the mortgage/title process until things are confirmed)
and we would need to feel confident that we're going to find something else we want to make an offer on in the next 60-75 days (which we don't based on our previous experience). If we don't think we will, then this time isn't actually wasted.
We are going to continue to go to open houses over the next two months...and see if our realtor will take us out (though I don't knw if he will be 'allowed' to since we'll actually be in contract). That way, if this falls through we're prepared to make an offer on something else IF we find something we like.
Ugh this is the worst!
How long has the house been on the market and how long have they been looking? Just curious to see if they're having a hard time finding something they like also.
They put their house on the market first week of Feb. Last week of March they dropped the price 20k - so with only 2 months having passed it appeared that they were anxious to sell. They very well may be, they just want their comfort knowing the won't have no where to go if they can't find something. Last we spoke to them they were looking at a couple of houses every weekend.
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| Posted 5/4/11 12:47 PM |
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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Re: Waiting to hear back
Posted by amL220
I wish you lots of luck!! This sounds like a pretty sticky situation - I hope everything works out for you! Try to stay patient but also keep you eyes peeled. You never know what could pop up unexpectedly.
Thank you for your encouraging words! I know that everything happens for a reason...but it's hard not to be frustrated in the mean time. I am trying to look at the positives...this buys us more time to save more $, and well, so far that's all I've come up with  !
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| Posted 5/4/11 12:48 PM |
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bea559
LIF Toddler
Member since 11/10 457 total posts
Name:
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Re: Waiting to hear back
Posted by JK61310
Posted by amL220
I wish you lots of luck!! This sounds like a pretty sticky situation - I hope everything works out for you! Try to stay patient but also keep you eyes peeled. You never know what could pop up unexpectedly.
Thank you for your encouraging words! I know that everything happens for a reason...but it's hard not to be frustrated in the mean time. I am trying to look at the positives...this buys us more time to save more $, and well, so far that's all I've come up with !
You're welcome! I agree and know from our house hunting experience...delays are so annoying but...on the bright side, they help save a little extra $$ 
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| Posted 5/4/11 12:53 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Waiting to hear back
Posted by JK61310
They put their house on the market first week of Feb. Last week of March they dropped the price 20k - so with only 2 months having passed it appeared that they were anxious to sell. They very well may be, they just want their comfort knowing the won't have no where to go if they can't find something. Last we spoke to them they were looking at a couple of houses every weekend.
I guess only you know what's best for your situation. It's really tough one to be in.
This would cause a big issue for me and DH. He probably would wait it out...and I would just want to move on.
When we sold our house we didn't have another one lined up. BUT I wasn't going to pass on the sale in this market. We figured if we didn't find something we would move into an apt till we did.
Good Luck
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| Posted 5/4/11 12:55 PM |
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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Re: Waiting to hear back
Posted by Mssissy
Posted by JK61310
They put their house on the market first week of Feb. Last week of March they dropped the price 20k - so with only 2 months having passed it appeared that they were anxious to sell. They very well may be, they just want their comfort knowing the won't have no where to go if they can't find something. Last we spoke to them they were looking at a couple of houses every weekend.
I guess only you know what's best for your situation. It's really tough one to be in.
This would cause a big issue for me and DH. He probably would wait it out...and I would just want to move on.
When we sold our house we didn't have another one lined up. BUT I wasn't going to pass on the sale in this market. We figured if we didn't find something we would move into an apt till we did.
Good Luck
You're right...it does depend on the situation. LUCKILY we're not in a rush to move...we just WANT to! :) If you ask me, the sellers are very lucky to have come across DH and I because there aren't many people who would be in a situation that would allow for this. But, I don't think they'll be thanking us any time soon lol. As for it being an issue for you and DH, I'm in the same boat. I'm very impatient and DH is super patient. Luckily we balance one another and I've learned to try to listen to him more often because his patience has proven to work out for us in many past situations. I just won't admit that out loud 
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| Posted 5/4/11 12:58 PM |
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Re: Waiting to hear back
I think the sellers are asking a lot, and that 75 days is a long time. If you are ok with the contingency, because you like the house and are not in a rush to move, I would ask your attorney to try to negotiate the length of time down to 45 days or something.
There are a LOT of homes on the market right now, and a motivated buyer can definitely find a home quickly. I think 45 days is generous. (And I am an attorney as well as a realtor).
Also, what about negotiating a closing date to a later point, if you don't need to move right away? That's what we did when we bought our house. We were renters in the city and wanted to close before our baby was born, but we had months to play around with. The seller wanted time to find a home in N. Carolina. So we just negotiated a far out closing date rather than the usual 60-75 days. A closing date that is in the future would give them time to find a house without putting the whole deal in jeopardy.
They would be accommodated in terms of the extra time they need, and there's less risk to you.
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| Posted 5/4/11 1:06 PM |
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bea559
LIF Toddler
Member since 11/10 457 total posts
Name:
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Re: Waiting to hear back
Posted by JK61310
Luckily we balance one another and I've learned to try to listen to him more often because his patience has proven to work out for us in many past situations. I just won't admit that out loud
You can say that again!! Same exact scenario with me and DH! This whole experience, for us, is proving not only to be about a house but also about our relationship about how we can compromise and work together.
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| Posted 5/4/11 1:10 PM |
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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Re: Waiting to hear back
We tried for the extended closing - they were 100% against it. They had two offers - accept the contingency or don't. Basically, they are too worried about the uncertainty of selling without finding something new. They have two small children and no family in NY to depend on. Sure, they could rent, but they're not willing too.
Our attorney has proposed 45 days exactly! Glad to hear that info confirmed. We've also asked for them to pay the inspection fee if this falls through. Waiting to hear back...again...
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| Posted 5/4/11 1:11 PM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
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Re: Waiting to hear back
what if they rent back from you? We rented to the lady we bought from for several months. She covered our mortgage payments and paid her utilities like she had been. This way she didn't have to move all her stuff till she was ready. May be a solution for you. And it will allow you to save money in th emeantime.
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| Posted 5/4/11 1:53 PM |
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JK61310
LIF Infant
Member since 8/10 91 total posts
Name:
Me
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Re: Waiting to hear back
Posted by Jenhos
what if they rent back from you? We rented to the lady we bought from for several months. She covered our mortgage payments and paid her utilities like she had been. This way she didn't have to move all her stuff till she was ready. May be a solution for you. And it will allow you to save money in th emeantime.
Tried that too - they said no. They aren't the least bit flexible in any way that is what is making this worse. So much for it being a buyers market!
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| Posted 5/4/11 1:54 PM |
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