Home Buying in Sarasota>Question Details

Gg, Home Buyer in Sarasota County, FL

I was told that a FAR/BAR contract default financing contingency is 30 calendar day and a FAR contract is 30 business days.

Asked by Gg, Sarasota County, FL Sat Jul 2, 2011

I reviewed copies of both and see no mention of business days anywhere on either contract. This would indicate to me that it is calendar days. I ask as it is crucial to being strategic in withdrawing a back up contract that is $10K higher than the one in place by the current buyer. I believe the current buyers financing contingency will expire on July 11th with a closing date of July 30th. My back up offer will expire on July 27th. I feel that I should give notice of intent to withdraw my offer on or about the 11th so as to not give the current buyers more time to secure financing and "persuade" the sellers withdraw from the current contract and put mine in primary position. I beg anyone with experience in this realm to let me know what they think. This is not a short sale, but is an inheritance that was on the market for over 6 months. We placed our offer in one day after the other was accepted and then submitted the higher "as is" with right to inspect contract and $10K in escrow.

Help the community by answering this question:


Check out the Time Calculations Section Explanation in here, scroll down as its in alphabetical order: http://www.barneswalker.com/FAR-BAR%20AS%20IS%20Contract%20H…

That link will show you all the differences between the FAR/BAR and the FAR. Hope this helps you!
2 votes Thank Flag Link Sat Jul 2, 2011
also, view Item 18 F: TIME on your FAR/BAR contract, and item 11 B TIME on your FAR. It is expressly written in both contracts.
2 votes Thank Flag Link Sat Jul 2, 2011
Hi Gg,
That is something I dont feel I can answer without knowing all the facts of your offer. Your Realtor should be able to find out if there are any backups that you may not know about, I would hate to see you lose your offer by taking such a risk. Other backups offers may have been submitted since you placed your offer.
1 vote Thank Flag Link Sun Jul 3, 2011
Since you are working with this contract, you are likely working with a Realtor. Your best option is to address your questions to your agent. If not, then you need to consult an attorney. In my experience, trying to guess about what the other side is doing is most often fruitless.

Just so you know, Realtors work for buyers for free. The commission is paid by the seller. People who don't use an agent have no way to know if they are paying too much, or having their rights protected. We can be your very best ally in this endeavor.

Louise Hamel, Realtor, GRI
Michael Saunders & Co.
61 S. Blvd of the Presidents, Sarasota
1 vote Thank Flag Link Sun Jul 3, 2011
Hi, GG - how did this work out for you? I love real estate intrigue!

Alex Krumm
Re/Max Alliance Group
Broker Associate
GRI, Certified Distressed Property Expert
Winner, Five Star® Best In Customer Satisfaction: 2010, 2011

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0 votes Thank Flag Link Thu Sep 22, 2011
It is calender days however it does say in the contract that if the last day lands on a weekend or a holiday than it is the next business day, so if the last day is a Sat or sun it is monday, if monday is a holiday than it is Tuesday

are you working with an agent? if so what are they telling you.?
if you are not working with one, this is why you should to help you walk through the process for this is what we do and do well
0 votes Thank Flag Link Wed Jul 20, 2011
Hello Gg,
If you are working with an Agent who is familiar with Short Sales and back-up contracts, the agent would have clearly defined if you are "Back-up Buyer Number 1" or Back-up Buyer Number Two" or so on down the line. You should know exactly where you are and all contract dates.

These date are very important to you in moving forward.

Faye Doyle, LLC
0 votes Thank Flag Link Sun Jul 3, 2011
You raise many good questions which are best answered by the agent who worked with you to secure the contract. If you are not working with an agent already, then you should seek out an agent to assist you. Contracts are specific to the sale and there is simply no way to know what your contract includes or does not include unless it it reviewed by an experienced agent.

2007, 2008, 2009, 2010 & 2011 Best in Client Satisfaction
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Sarasota Home Realty
2100 Constitution Boulevard
Sarasota, FL 34231

Website: http://www.SarasotaHomeRealty.com
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Phone: (941) 544-6763 FAX: (941) 866-7588
0 votes Thank Flag Link Sun Jul 3, 2011
Thank you Radinka!

The bottom line is if it is a FAR contract, I have a good expiration date in place, but if it is a FAR/BAR, I might do what I stated in my question to move the process along and force the sellers hand. After all, if the deal falls through after I withdraw the back up offer, the listing agent who is not representing the current buyer will immediately contact me. I am very confident that there are no there back up offers in place. What do you think?
0 votes Thank Flag Link Sat Jul 2, 2011
You can put anything you need to in a contract to clarify.
You should have had an agent on your side. It's what we are schooled on and practice.
Not trying to be mean, but it's how we earn our living.
0 votes Thank Flag Link Sat Jul 2, 2011
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