Home Buying in Albany>Question Details

1st Time Home…, Home Buyer in Albany, NY

Placed a bid on a home, contingent on current owner's finding a new home... how long does this offer stand if accepted?

Asked by 1st Time Home Buyer, Albany, NY Wed Feb 16, 2011

i feel a little jipped, because this information came to me AFTER the signing of the contract. so basically this is what i'm worried about. if the owners of the home accept my offer, how long do i have to wait for them to find another home? from the very little information i have received, they are "actively" looking. i love the home, but i cannot wait 2 years. i have nothing contingent regarding time frame in my offer, as i had no prior information on this... waiting too long could change my mortgage rate and cause me undo financial stress. does anyone have any light they can shed for me? my real estate agent is an absolute idiot so any information from him is suspect to begin with. thank you.

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Wayne Newcomb’s answer
You have to put the cut off point in the contract. Normally I tell clients to give the seller 30 days max. I also try to include an escape clause in case my client finds another home that he likes better. If you have any other questions feel free to call me at 452-3450. Good luck. Wayne Newcomb
0 votes Thank Flag Link Sat Feb 19, 2011
You have to put the cut off point in the contract. Normally I tell clients to give the seller 30 days max. I also try to include an escape clause in case my client finds another home that he likes better. If you have any other questions feel free to call me at 452-3450. Good luck. Wayne Newcomb
0 votes Thank Flag Link Sat Feb 19, 2011
Typically, the listing agent should have disclosed that fact via the advertising or when you placed the offer. In addition, there is usually a kick out clause for the buyer if it were the other way around. I understand how it would feel being told after the fact. Your attorney should be able to come up with some caveat for you in a rider to the contract to stipulate a deadline that the sellers need to find a house or the contract is void so that you can get your money back and move on. Good luck.
0 votes Thank Flag Link Sat Feb 19, 2011
Sorry to hear that you are so confused about this process, might I say shamful and not on your part....If you are still within the 3 days, and prior to your attorneys approval you can pull the offer. Are you sure there is not a date indicating the time the seller has to find a new home? If they are truley motivated to purchase and sell their current home (I would only except clients that are truley motivated) then hopefully they will follow through in a timely manner.
If not I would contact your attorney and ask them to re-review the contract and explain your options. If you have no attorney I have several local (to Albany) Attorneys that I work with that specialize in residential real estate, I would be more than happy to recommend.
Feel free and reach out

Amy Morgan
Licensed Salesperson
Keller Williams Realty
Capital District
(518) 470-5524
http://www.amymorganhomes.com
asm2260@kw.com
0 votes Thank Flag Link Thu Feb 17, 2011
1st Timer...
If this is a new, recent contract, and the attorney approval period has not passed...attorneys are given at minimum 3 days once both the seller and buyer sign a contract...then you can have the attorney modify the contract to add an escape clause (30 days for example and any other terms you like such as being able to pursue looking until the seller's home is under contract) or you can have the attorney cancel the contract for any reason whatsoever during this attorney approval period. Was the sellers contingency put into the contract that you put together with your agent??? Was it added by the sellers agent??? Was it verbally expressed? Usually this type of contingency is added to paragraph 8, other terms on the 2nd page of the standard contract. I hope that helps a bit; feel free to contact me at any point if you should stop working with your current agent. Best of luck
Sincerely,
Jason Bustelos; LREB
New York Realtor Group, LLC
518-330-2230
http://www.nyhomes4sale.com
0 votes Thank Flag Link Wed Feb 16, 2011
If you are not in an executed contract , signed by both parties, and no deposit money was exchanged, you don't yet have a vaild contract and can move on--however, since none of us are directly involved in the transaction, for an accurate answer as it relates to your specific situation, do consult with your attorney, or one who specializes in real estate--he/she can best advise--accurate advice prevents any future problems.
0 votes Thank Flag Link Wed Feb 16, 2011
You can cancel the contract before it is signed and agreed upon by the seller. Do it today thru your attorney. Then call me at 518-859-2002. Albany is one of my main areas. I would be more then happy to help you with all of your real estate needs. Your Realtor should be the 1st person you trust. I look forward to hearing from you.
0 votes Thank Flag Link Wed Feb 16, 2011
I hope you had an attorney represent you regarding the contract and that is who you should be talking to. Tha contract should clearly state the limits of the agreement. BTW here in my market I have only heard of a buyer trying to buy contingent on the sale of their home. Most (experienced) agents would not consider this a strong offer. I never heard of a seller saying the sale is contingent on a purchase of a new home. Did your attorney explain this to you before you signed?
0 votes Thank Flag Link Wed Feb 16, 2011
Unfortunately, if the offer has been accepted by the seller, you will have to abide by the terms and conditions of the contract. I do know that in NY, things are done differently than in VA. Agents write the offers here in VA, but in NY I believe, from my limited experience with a seller in Richmond purchasing a home in NY, that attorneys write the offers. Agents only write the letters of intent. You need representation from a real estate attorney, right away, to give you advice on what you can do at this point.

Good luck. I know how stressful this must be for you.
0 votes Thank Flag Link Wed Feb 16, 2011
Marge is right. If the owners haven't signed and returned the contract to you, it's not a valid contract. You have time to take back the offer and put in a time frame of acceptace that is comfortable to you. Good luck!
0 votes Thank Flag Link Wed Feb 16, 2011
Do the same as you would if a buyer makes the offer with a contingency to sell their home. Put in a kck out clause. If the seller hasn't found a home in the kick out time frame, you can get out of the contract and your earnest money returned. To be absolutely sure about this, contact your attorney for clarification. Each offer to purchase varies from state to state.
0 votes Thank Flag Link Wed Feb 16, 2011
This would be written into the purchase agreement. In most cases you should have made an offer in wroting, the seller could have counter offered in writing adding this clause, you would have needed to sign it to make it official, hopfully you read what you signed..... You need to check your purchase agreement, the contingincy of teh seller finding a home needs to have a date on it such as find a new house by march 1, 2011 or this agreement becomes null and void, it can not or should not be open ende dthat they have forever. Reread your agrement, look for dates, if your agent isnt helping ask for tehir managing broker or seek the advice of an attorney to review your contract.

good luck in working things out
0 votes Thank Flag Link Wed Feb 16, 2011
There should always be a cutoff point when a seller has a contingency that protects him about finding another home. I would never let my client sign anything that gave a seller more than 30 days to find a home of his choice. I would always look to add an escape clause that if you found a home you liked better during the 30 day period you could escape the contract. You should have an attorney approval for at least 3 days. Hopefully you can contact your attorney and have him make those changes. Good luck.
0 votes Thank Flag Link Wed Feb 16, 2011
You say IF the owners accept your offer. it isn't a contract until they do. So get with your agent's broker (kwho hopefully is not an idiot) and get your offer modified to what is acceptable to you.
Good luck.
0 votes Thank Flag Link Wed Feb 16, 2011
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