We now know what NOT to do! We signed a contract w/a couple that was contingent upon the sale of their home closing 60 days from date of contract. We "verbally" said 30 days to get a contract on their house and then added 30 days to close the loan. (All this was info from her real estate agent sister) We don't even get the earnest money back if they don't sell their home. I definately didn't know what I was doing as if you couldn't tell by now. I have taken the contract to 3 people and they say that the contract was totally written for the potential buyers, not in our best interest at all. Which I take full responsibility. UGHH! Their 30 days to sell their house is up this week and we now have 2 "verbal" backup offers waiting this thing out. I am really quite bitter about the contingent contract we have and would like to get out-but, of course I know we're stuck.

I was just wondering, can I delay such things as inspections and even the close date to insure we wouldn't be closing on the close date?

The sole purpose of this would be we are terrified of losing these other 2 buyers as real estate isn't so hot in our state. Thanks for any advice!

Do you actually have a Contingency Addendum signed by both parties?

If you do, you as the seller can still entertain any and all offers and if a better offer comes in, all you need to do is to bring a completed "Request to Remove Contingency" form to the buyers brokerage company for them to sign off as received. The buyer then would either have to remove the contingency (must prove they sold their home or prove they can finance without sale) or cancel the purchase agreement.

I am not an attorney and am not giving you legal advice.



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If you are honest, you don't have to remember anything ... Mark Twain

Thanks for responding so quickly! No, we do not have the form you speak of. We just used a generic contract form and it has written: "This offer is contingent upon Buyers home located at____ successful closing on or before Sept. 13, 2004." The contract was dated July 11, 2004. We have 2 buyers willing to wait to CLOSE on Sept 30, 2004, and are both cash buyers. The people we have a contingency contract with are only putting down $20,000.00 on our $250,000.00 home, which makes us uncomfortable also. They do, however, have excellent credit. But, even if they sold their house this week, we are looking at 3-4 weeks to close this loan, which puts us after the close date. See what I mean?

We will be accepting a backup offer this Thursday, which we and the backup offer people are taking a chance that the people we have contingent contract with will not sale their house in time.

I was just wondering about delaying inspection, etc. to go past the close date. Is this possible or okay to do? Have you heard of people doing this to get out of a pending contract such as this one? Thanks for your advice!!

P.S. The backup buyers and us are using a Realtor-like we should have done in the first place!!

From your last post, it would appear that if they do not close on the sale of their home on or before 9/13/2004 the contract between you and the buyers will become null and void. Be sure that all parties sign a cancellation of purchase agreement after 9/13/2004.
If this party does close on their home on or before 9/13/2004, then it sounds from your earlier post that they can close on your home 30 days later.

If you do sign a purchase agreement with the second buying party, it must be subject to cancellation of the previously written purchase agreement.

I am not an attorney and am not giving legal advice. You should seek the advice of a real estate attorney.