Question Details

sybilgrace, Home Buyer in Potter, NE

We want to buy a house currently under contract, until the 03/23, they just now (3/13) got the appraisal ordered, will it likely be done by then?

Asked by sybilgrace, Potter, NE Tue Mar 13, 2012

Let me be a bit more clear, we want to purchase a house currently under contract with different buyers. These buyers are high risk, and have already switched lenders from Wells Fargo to Churchill Mortgage Brokers in TN, odd because the house is in western Nebraska. Anyway, their first contract expired on the 3rd. Then they guilted the seller into an extension until the 23rd. They just ordered the appraisal today. They got an inspection when going with Wells Fargo but I am not sure if they have to get one again or not. Is it likely that they will make it to closing on the 23rd?

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Answers

3
Hello Sybilgrace and thanks for your post.

Unfortunately, since you are not a direct party of the first contract with the other buyers, you'll never know exactly what is happening or the likelihood of the first set of buyers closing on this deal. Truth is, I've seen some pretty strange transactions, and depending on the situation, even the craziest buyers do seem to be able to close from time to time. Then again, there are those that might never be able to get it the financing, but that's a lot rarer than you know.

The best thing to do is to submit your backup offer to the listing agent. If the current buyers create any additional problems or fail to meet their deadline for completion of specific contractual milestones, then your backup offer will be a consoling alternative to the apparent chaos of these first buyers. Again, however, you will only know what happens AFTER your offer is put into play with the seller. Until then, sit tight, and keep looking at other homes.

Good luck!!

Sincerely,
Grace Morioka
Area Pro Realty-People's Choice
San Jose CA
0 votes Thank Flag Link Tue Mar 13, 2012
We have already, I am just wondering how likely it is that they will meet the closing date of the 23rd? It turns out the appraiser hasn't made the appt. as of yet, but the bank has called for one.
0 votes Thank Flag Link Tue Mar 13, 2012
You need to get a REALTOR® to help you submit a backup contract in the event the home doesn't close with the first buyer. Good luck!
0 votes Thank Flag Link Tue Mar 13, 2012
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