Asen -

Work with your agent to help you manage the contract. My suggestion, if you are ok with the physical part of the house and the appraisal came in at value then release these two major contingencies and then ask for an extension on just the loan contingency. I assume that if anything happens to the job, you may not qualify for the loan and therefore will cancel the contract.

As others mention below, strategy will depend on whether you have active for passive contingency release. REO/foreclosures many times have passive contingency. (They release automatically on the 17 day.) Remember if you are going to write and extension, you will need a couple of days for response. So don't wait until day 17.

Your agent can help you find the best possible solution that does not risk your deposit.

Good luck!
CJ

Asen,
If you submitted the offer on standard CAR contract, then the contingencies will remain in affect till you remove them. A lot of REO's these days have an addendum which removes the contingencies passively on expiry of contingency period. Either way it is in your best interest to get an extension of time.

Harpal Harika

Asen,

It is reasonable to ask the seller for an extension. It is impossible know what will happen to your deposit without reading the contract. You would need to read your contract and talk it over with your realtor.

If your wife loses her job, then electing not to remove your loan contingency, except in very rare circumstances, would mean completing a cancellation of escrow and release of deposit would be signed by all parties stipulating that your deposit be returned, less any outstanding charges that may have accrued (like reports, etc)

Good luck
Steve Curtis

Asen ... while your inspection period is up at the end of the 17 days the standard phrasing in the CAR purchase agreement requires that you remove all contingencies in writing and UNTIL YOU DO SO those contingencies remain in force. The seller will probably be advised to send you a 24 hr notice to perform (that is remove the contingies) and after that period is up the seller can then elect to cancel the escrow. You are also free to request an extension (also in writing) and I would suggest that you do so. I always prefer transparency in these circumstances. The seller does not have to grant the extension but will likely grant it for a reasonable period of time. Assuming you in fact still want to purchase after your wife knows she still has a job, you can remove the contingency, and buy your home in confidence.

Steve Curtis
Broker / Owner
Windermere
Walnut Creek
925-408-0037
Steve@SteveCurtisHomes.com

You have all 17 days to withdraw your offer with no consequences assuming all disclosures have been signed. If not all disclosures have been signed by the 17 day period then you have an extra 5 day grace period. I would have your agent talk with the seller and inform them of your situation so that neither party is in the dark about the sale and you may even come to an agreement that works out for you. The key thing is communication.

John & Sarena Villaescusa
Cell- 562-818-2671
Email- Johnv@kw.com
Website- http://www.VGroupHomes.com