I signed a contract to purchase a house in PA, contingent on selling my home in NJ. It's been two months, and I my house is still not under contract. I have already had the house in PA inspected and the sellers have agreed to make repairs based on what inspector found. If I do not receive a contract by the time I am supposed to have financing for the house I am purchasing, can I get out of the contract and get my deposit back? Am I obligated to ask for an extension, or give the sellers money since they made repairs to the house based on my inspection?

Lgar - Suggest that you read your agreement of sale. That should answer your questions. Contingent contracts could have various stipulations. If I were your agent on the buying side, I would have worded your offer, "All inspections to be delayed until 10 days after Buyer removes contingency." Can't imagine that a home in NJ is on the market for more than a few weeks. Are you listed with a Realtor? Is your list price based on what you need to purchase your next home, or is it based on current market value? Assuming your home is in the MLS, what other marketing is being done for you?
Also, I assume that your contingent agreement to purchase has a 48-hr. right of 1st refusal. If so, haven't those Sellers receive other offers? If they haven't, maybe the PA home isn't worth the contract price?!
Hope this helps. Look forward to hearing from you.

Yes, the house is listed with a realtor and is on the MLS. Our house has been in the Asbury Park Press four times and some local newspapers a handful of times. To be honset, we are not terribly pleased withour realtor. We wrote most of the ads. She originally stated our ads were great. Then all of a sudden she stated we needed to let her "do her job". Which to me, seems like just calling realtors for feedback once a week. The realtors call me to set up showings and we have a lockbox. Over the last two weeks there has been no marketing. The realtor came up with the list price based on what similar homes were selling for at the time. The list price was good because it left us room to negotiate. After five weeks we lowered the price $9000 (again our idea). The only two offers we received were so low-ball we would not be able to purchase another house. We have painted, staged, repaired and improved as much as possible. We keep the blinds open, the lights on, use liquid potpourri, removed clutter and personal items, and I keep the house immaculate. The majority of the time we are not here for the showings so buyers are free to really inspect the house. We have new landscaping so there is curb appeal. The neighborhood is good a "Jersey Shore" township , great schools, close to the GSP. Our realtor states she is baffled why no offers have come through. She states the majority of feedback has been positive and only one realtor thought the house was too high (and this was prior to the 9K reduction).
Our realtor refers to our house as a speciality house as it is a mother/daughter with two kitchens and two separate entrances. However, we are the cheapest mother/daughter house around (under 325K) so we get a ton of traffic. In just two months we have had over 65 potential buyers.

There is a 72hr right of 1st refusal. But once we had the home inspected, they took the home off the MLS. We got the house inspected because our buyer's agent told us we'd be in breach of contract if we did not have the house inspected within 25 days (PA contract) Our buyer's agent states there is a notation for realtors to view, a "kickout" clause that would allow the sellers to still show their house, but we do not know if they have. We came in at their listing price, so someone would have to be willing to go above it. But your point is valid, because we found out during inspection the house is not a legal 6 bedroom as marketed because the lower level rooms do not have proper windows to be legal bedrooms.
Is it considered bad form if I do not ask for an extension, if they have already agreed to make repairs based on my inspection? Thanks!

Ok, now I think I've got all the facts. Regarding the wording in the PA contract: A contract can be drawn up that does not have all of the "standard" wording. So, the contract could have been worded that the Home Inspection would be delayed until you remove your contingency. But, that's history; so, you've got to go with the wording in the contract.
If there is a 72 hr right of first refusal, a non-contingent buyer could purchase the PA home (even for a lower price than your contract)if you can't remove your contingency within the 72hrs. Then, those buyers would have their own inspection, and the same repairs would be requested of the Seller.
It is foolish for a home to be removed from the market until all contingencies are removed. Don't worry about asking for an extension. If you don't want to sell now, you are not obligated to buy if you can't remove your contingency. No, you don't owe the Sellers $$$ for the repairs to their real estate; they don't owe you $$$ for your home inspection.

If the Realtors are calling you for appts. (vs. a full service listing office recording the agents for each appt. and calling you), sounds like you are listed with a discount brokerage. If you aren't offering the "going rate" commission, lots of agents overlook your listing---not the ethical thing to do, but it's done.
However, 2 months + 65 potential buyers = something's wrong. And, it doesn't appear that it's the fault of the agent marketing your home, since they are generating a lot of traffic.

If your listing says 6 bedrooms, that may be out of the potential buyers' search criteria of 3-4 bedrooms. I'd change that number of BR's, but put in the description that there is a possibility of add'l BR's in the basement. If the home has the MIL in the basement, that normally wouldn't be conducive for elderly folks who can't manage steps. I'd promote it as a fantastic spot for teens' bedrooms or potential in-law!
I wish you the best in this situation.

consult a lawyer. If you don't have a contract there is no deal

I don't see the need for consulting an attorney in this regard.

The NJ house is listed with Coldwell Banker with a 5% commission for the agents. Is that considered a discount brokerage? I did not think it was, but maybe I am mistaken.
I am sorry if I was not clear previously. The home in PA that I have a contract to purchase is a 6 bedroom house. My house in NJ is a 4BR/2BA. The "teens bedroom" or "in-law suite" is a good idea on how to market the lower level.
I received an offer today, which is again substantially lower than my asking price. I am feeling like the offers are so low because that
is how much the home is worth to buyers. Is it possible my agent could be so off in pricing my house? The only three offers (out of 65 showings) are all 30-35K lower than my asking price. I could not afford to accept them.
I do have a real estate attorney; two actually, one for NJ transaction and one for the PA transaction. I was just trying to get my bearing before approaching them. I also have a contract, and it has written contingencies and dates. I have a five percent downpayment in escrow.
Thanks for your help. It is a load off my mind that I do not have to reimburse the sellers for repairs made based on the inspection I had done.

You're welcome! Regarding your price - if your agent showed you comparables, was she using 4BR's 2 bath homes with the same amenities? If 3 buyers offered approximately the same, then they are comparing your home to others that have sold recently with the same amenities. Have you seen a current market analysis? Carefully analize the homes that are sold close to your list price. Do you measure up? Think you have been mislead in your pricing? According to the Realtors' Code of Ethics, agents are not permitted to mislead or inflate market value to procure a listing.
Concerning the commission, if the listing agreement has a fee of 5%, then the Listing Agency normally splits that in half with the Selling Agency. (This is known as the agency co-op commission--probably 2.5%.) Is that what other homes are offering to the Buyers' Agents? However, the commission split doesn't seem to bother the 65 agents that have shown your home. Don't you agree that your list price has to be the reason? Obviously, buyers don't care how much profit you need to buy your PA home.
I sincerely feel badly for the situation you are facing. Perhaps this has been one of life's lessons worth learning.

Have your agent do a fresh CMA on your house. One you get the CMA have your agent go over it with you. If you are unsure that the comparibles truely reflect your houses value then ask if the agent will show you the active listings that she has used as comps. This will give you a better idea and feel if the listing price is too high.

You can also hire an appraiser to do a full appraisal of your house. Make sure you tell the appraiser that it is a sale appraisal and not a refi appraisal.

Another option is to offer a cash bonus to the agent that bring you a buyer.

It also sounds like your agent needs to a better job of communicating the showing feedback to you. Find out why those that liked your house did not make an offer. Did they find a home they liked better? Was it lower priced? If your agent is baffled as to why your home has yet to get a decent offer then perhaps she needs to ask her brokers opinion or other agents in her office.

The Realtor set the list price on her own. We had no idea what we should list the house for. We should have done our homework prior to meeting with her; we assumed she was correct with price. Comps she showed us were for what 4br's were currently selling for. Realtor stated our house did not have comps that had recently sold,as we have a specialty house: raised ranch mother/daughter with two kitchens. But for the other 4br's that had recently sold, the price was comparable to our original listing price.
We were told everyone stated the house was nice, but some of the feedback as to why no takers:
1. Decided not to move to our town
2. Shed needed "work" (we had it repaired)
3.Didn't like style of kitchen cabinets
4.Too small
5. No central air
6. Not handicapped accessible
7. No door separating upper and lower floor
8. Only one laundry room
9. Found another house liked more
10. Table wouldn't fit in kitchen
We assumed the listing price left room for negotiating, but had no idea of the difference between list price and offers would be so wide (original list $319K, reduced to $310K, highest offer, 290K)
I concur, the price is too high. Hindsight is 20/20, huh?

And I will ask for new CMA, Thanks

Oh, and our realtor stated other agents in her office were baffled as well. Most of them did a walk-through of our house; many of them have brought potential buyers here as well. There have also been buyers who stated they liked it a lot, but never made an offer. We have had at least three buyers come 2-3 times, with different family members.
And we always do a counter offer, (were not unreasonable) but it has never been accepted.
Did I mention were on the Jersey Shore?

I have a suggestion - do not use liquid potpourri or anything "smelly". It makes buyers literally wonder what you are covering up with.

Many sellers light candles, burn potpourri, and when I walk in, my chest siezes up and I have to leave, and I am the buyer's agent!! Many people have allergies and asthma and if they can't breathe, they can't bond with the home.

If the smell if offensive to them in any way (some people hate potpourri of any scent), they won't bond with the home)..

And if they think you are covering up odors, then they wonder what else they don't see.

Try sprinkling cinnamon on a baking sheet, put oven on 200 degrees and crack the oven. Your home will smell like you are baking cookies and people will have 'homey' thoughts as they walk in the door.

Also, you mention you had it staged - was this by a licensed stager? I am an agent who, instead of getting the ASP Realtor designation, bot the ASP stager designation. I had additional training as a result.

With 65 showings and 3 low offers, price is definitely your issue. But, is something about your home lowering the price? For example, could paneling be painted lighter, newer carpeting be put in somewhere (to be paid at closing) that would allow you to pull a higher price? Yes, you would have outlay of cash, but if the price went significantly up, it would be worth it.

Do buyers walk though and make a mental checklist of everything they would have to change or update? If not, then think smell. Within 60 seconds, buyers have decided if they are buying your home - what do they see in the first 60 seconds?

Are they coming in through the front door? Always do this!! Some people put the keysafe on a side or back door.

Have you removed all personal pictures, all religious items, if any, anything possible items that could be offensive to someone?

What about light fixtures? Sometimes, a $100 investment in a light fixture can mean the difference to a buyer.

If a woman likes the kitchen and baths, she will vote for the house. Do yours need updating?

Back to your agent - where did you find her? Why does she have the other agents call you? That is done frequently, but I am sorry - by lazy agents. When another agent calls me (the listing agent) to set up a showing, that is MY opportunity to sell the house to the agent. I don't stay on the phone but for a minute, but I make sure I point out amenities or interesting notes.

As a buyer's agent, I HATE when I have to call the owners to set up a showing. No offense, but I may have questions and I can't talk to you or it is a violation of agency.

I would seriously consider either changing agents or changing protocol. She is doing PLENTY of marketing if you have had 65 showings, so it is not her ads or marketing. It is something with the house, most likely price.

There is a great saying - there is nothing about a house that a lower price won't fix. Have you ever watched "Designed to Sell" on HGTV? It is surprising sometimes what is changed in the home, but then it makes a ton of difference.

What is the first thing the buyer sees when they walk in. Start there. Remove anything outdated, etc.

Good luck!

Thank you, every thing you mentioned has been done already. I have seen every episonde of Desined to Sell and Sell this House on A&E channel. There is only one potpourri jar at the entrance of the house, I wont use it anymore.
Our agent suggested potential buyers call us for the appointments, I had no idea some buyer's agents did not like to call the owner.
The agent we have sold us our house two years ago. She seemed okay as a buyer's agent, but then when we bought the house, we loved it; she really did not have to do any bargaining for us. We paid full price, and did not ask the sellers to make any repairs found during our inspection.
Thnaks again for your advice.

ask the listing agent