Summer

the reason I asked this question is because I just came across that question I asked the realtor and the answer I jotted down was 45 days. So what happens then if the contingency is removed? I'm in a special situation and can't close on the house until I sell my current home. It's almost 45 days now since I signed the purchase contract and I don't want that contingency removed. My contract contingency is in getting financed. It says nothing about having to sell my house first. Am I screwed? - Mon Dec 3 2007, 21:43

Here's what I did. I went online and filled out a financial form from one of the online mortgage companies to see if I was eligible to get a mortgage from them for 100% It was followed up with a phone call where I was told that I could get a mortgage. When I found out what the payments would be I knew I couldn't afford them and iff my current house didn't sell right away, I would go under. He also told me I needed to come up with about 5000 dollars for closing, and should have enough money in the bank to cover a few months mortgage payments . That's not possible because we are still paying for a new roof, and a new leechfield, and other costly stuff. Plus my husband and I are retired and living on a fixed income. The only reason we signed the contract was because I was under the impression that we would have no problem selling our current house The house we want is in another state, so when I came back home and talked to a realtor here about selling our house and found out how slow the market is, my heart sank. Just today I saw an ad in the paper for one of the many new subdivisions in this area where home prices were slashed by 100,000 dollars. What a shocker that was. The ad had pictures of the houses too, and they were really nice homes. How can my 25 year old house compete with beautiful brand new ones.
We signed the contract about 30 days ago. I never finalized the loan with the online co. I also talked to our bank here, but they don't handle out of state mortgages, so I can't get a loan denial from them.
Meanwhile the listing agent for the new house reached kind of a compromise to extend the contract for a little while longer under the condition that they can continue to show the house and if they get another offer, we would have first right of refusal. But there is nothing in writing so far.
So that's how things stand for the moment. - Fri Nov 30 2007, 21:48

No, we haven't removed any contingencies. Is that good or bad? - Fri Nov 30 2007, 17:51