Home Buying in 16201>Question Details

Brosky001, Home Buyer in 16201

If a house went into contingency on 5/15 after an accepted offer, what is the likelihood that the sale will not go through? How long before i know?

Asked by Brosky001, 16201 Wed May 23, 2012

It is a 4 BR brick that needs a lot of updating, and the price was lowered at the end of March from $55,000 (put on market in January) to $34,900. My husband and I were interested in the house to fix up...Just wondering what the odds are that the sale won't close and why? Maybe how long we can expect to wait before giving up hope.

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A typical closing will take around 6 weeks. The actual date of closing can be affected by a plethora of factors. An example would be an offer that is contingent on the buyer's home selling. If this is a home that you have already viewed and want to purchase, you can always have your agent make a backup offer. If your offer is accepted, you would be next in line to purchase the property if the transaction falls through. In some situations, having a backup offer on a property can persuade the current buyers to work through any issues that arise during the contingency period and close the transaction.
0 votes Thank Flag Link Thu May 31, 2012
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