Hi there,
Recently the home my husband grew up in came up for sale. We submitted an offer with the condition that we sell our current home within 30 days. This was accepted. It has been only 2 weeks and the house is still being shown and others are still able to make offers. From what I'm being told by the realtor is that should another offer be put forth, we would have 72 hours to act, either let the house go, or take on 2 mortgages.

Some people that I've spoken to seem to think that since our offer, with our contigencies was accepted that technically we cannot 'lose' the house until we haven't met the contingencies (sold our home within the time frame). Can someone clarify? We need to relieve some of the stress over here!
Thanks in advance

It is going to depend on whether or not you have an escape clause in your agreement. Since your offer was conditional on the sale of your home I would guess that there is likely an escape clause in the agreement which will allow the seller to continue to try to sell the property and if they accept another offer you would be given notice (the time period would be stated in the escape clause) in which to either waive your conditions or walk away. I can not see a listing agent allowing their sellers to have their home taken off the market for 30 days. If there is no escape clause then you do have it tied up for the 30 days regardless.

MHT is correct. Typically you have 48 or 72 hours to waive all remaining conditions that were on the offer.

What's the likelihood of your selling the existing house within the remaining 16 days?

Worrying about what's happening on the home you want to buy is moot if you haven't made any progress in obtaining a solid Contract for the sale of the existing home.

If you can swing it; go get that Mortgage on the birthplace; and then price your current home low enough to make it disappear from the market as soon as it's listed.

Has YOUR listing agent made any mention about reducing your price?


Without reading your contract, I would guess that you are Cont/Cntg w/ 72Hr KO. Under contract, but contingent on the sale of your home with a 72 hour kick out clause. From what you wrote, there does not seem anything out of the norm in regards to the seller letting buyers preview his home.

Seller on your home can give you a notice to either remove the condition or accept a back up offer for a given period in the contract. It is very common in Real estate market place since seller does not want to waste any time if you cannot sell your home. May be have your Realtor say in touch with the listing agent and share the progress of your home sale. Good Luck

Are these People Realtors?

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