The seller isn't accepting offers with a home sale contingency clause. We've been approved by our lender to proceed without the contingency, but the payment is really ugly. Would you proceed without the contingency or let the house go? I just don't know what to expect in this market.
2006-11-16 10:28:12 · 3 answers · asked by Brooke22365 4 in Business & Finance ➔ Renting & Real Estate
If this is the house of your dreams and it is a great deal then go for it. This will motivate you to price your house properly with the market. If you wait till the market turns around then other homes will cost you more when the time comes.
2006-11-16 11:45:46 · answer #1 · answered by tianaramal 4 · 0⤊ 0⤋
Let this house go! I have experience with having and not having one. I bought a house when my current home was under contract, and did not have the clause on the new house. The people that were buying my house (I later found out) had really bad credit and it ended up closing 3 months later--that is 3 months with 2 mortgage payments that I could have avoided with the clause. While this was going on I put a contract on an investment property that was subject to the previously mentioned home closing. It was a great deal that I couldnt pass up. They excepted the contract with the contingency, and though the sellers of the investment property were very upset that I closed on it 2 months late, it saved me. Bottom line--not having the clause could cost you thousands!
2006-11-16 11:12:00 · answer #2 · answered by Scott B 3 · 1⤊ 0⤋
Tough call but I would let it go if it makes you uncomfortable. The current market won't turn around so quickly that you will be left without an option...and it may play into your favor when you let the seller know you are prepared to walk.
I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
2006-11-16 13:03:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋