Home Buying in Caballo>Question Details

Margaret, Home Buyer in 92870

Made a full price offer, with the normal contingencies, on a condo. Seller wants us to remove all our contingencies at 14 days after acceptance.

Asked by Margaret, 92870 Tue Mar 22, 2011

Does that sound a bit aggressive? We offered 30 day for close of escrow.

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If you have a finance contingency, you would need to make sure your lender is able to underwrite the loan in that 14 day period. If you remove the finance contingency prematurely and then find out your lender won't give you the money, you would be obligated to purchase the condo or risk losing your earnest money plus potentially any sellers damages.

I'm not familiar with New Mexico law, but in MN condo buyers have a 10 day right of rescission which allows you 10 days to review the condo documents and basically bail out if the HOA and/or documents look shaky. If New Mexico has such a law, this could potentially delay the 'final acceptance' date of your contract. You would need to talk to your agent on this issue.

Do the sellers give a reason why they are providing such a limited window?
0 votes Thank Flag Link Tue Mar 22, 2011
You don't need to talk to an agent. Talk to your inspectors (pest/structure), the title company and your lender. They will tell you how long it will take for them to complete enough of their work so that you can remove each respective contingency.

None is more important and any other because each carries with it significant effects that could be adverse to you if things don't work right.

There is no such thing as normal contingencies. You might have those that many others do but treating them as "normal" reduces their importance.

If your contingencies are satisfied, why not remove them? If you think they can't be cleared, then simply require more time, you are the buyer. Never forget that it is YOUR money and everyone else wants it. If someone doesn't want to go along with your program, go elsewhere. Money once spent belongs to another. There are always more houses or condos. Always.
0 votes Thank Flag Link Wed Nov 14, 2012
Hello Margaret,
These days when it comes to selling sellers tend to be a bit aggressive. Michael answer was right one. If you are financing you may not want to remove all contingencies after 14 days. If you are paying cash and can inspect the unit itself and all the condo documents including the financials of the association and the reserves. The 14 day removal may not be a big deal. Talk with your agent and see what they think. They know your market and can help you make the best decision.

Best of luck,

Nancy Doyle
0 votes Thank Flag Link Wed Mar 23, 2011
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