I'm still confused with that term, since we like the home we want them to build on a lot we select, but if the new home is already built and is ready for us to move in while my current home hasn't been sold yet. How long will it take for them to wait until my current house is being sold and will that new built home still belong to us and no other buyer can close on the new home?
Thanks!
2007-09-26 01:50:29 · 2 answers · asked by Magnix2k 3 in Business & Finance ➔ Renting & Real Estate
Any extra cost to do contingency clause??
2007-09-26 01:53:40 · update #1
Whatever your agreement says. If it's for 90 days and you still haven't sold, your purchase offer is void and unless you agree to proceed forthwith they may sell to another buyer.
Whether or not there's a fee for that is up to you and the seller to negotiate.
2007-09-26 01:56:44 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
No extra cost but getting a seller to accept your offer is kinda "iffy." The realtor usually has a "kick-out clause" in your offer so the seller can accept a better offer during the time you are trying to sell yours. The kick-out usually gives you 72 hrs or so to drop your contingency and try to get a loan without selling yours. If you are not comfortable with that, the seller drops your contract and moves on.
2007-09-26 08:57:14 · answer #2 · answered by dreamgirl 5 · 0⤊ 0⤋