Home Buying in Clinton>Question Details

Pixiy, Home Buyer in Clinton, NJ

Help!!! Purchase contingent on Seller successfully finding a home! What to do!?

Asked by Pixiy, Clinton, NJ Mon Apr 18, 2011

We have put in an offer on a home which has been "accepted" by the seller. Buyer has signed the contract and submitted it to the seller, who has not yet signed it. We learn that the purchase of their new home is contingent on the sale of this home, but they refuse to sign the contract until they are locked into their new home. Apparently its a private sale and they are doing a rush title search. So I'm guessing either a short sale or foreclosure on that end of the deal. They are not using a realtor for that transaction so we only know what their selling agent and our agent is telling us. Their attorney told them to keep showing the house... How long before they get the title? What is their process? Can we in anyway have them sign some sort of agreement? We really love and can afford this house and are willing to wait, but is it going to be weeks? Months? HELP!!!!

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In New Jersey a verbal agreement is considered valid in the state of New Jersey I would have your Attorney push some buttons to get them to sign the agreement or addendum stating that they are going to sell the home to you. TItile only reall takes a day or two to get the complete search down. Make your attorney earn their keep and push for an executed agreement
0 votes Thank Flag Link Mon Apr 18, 2011
You do not have an accepted offer if the seller hasn't signed anything. I would also let the sellers know you have another house in mind, and if they don't sign off on this sale, you will buy another house.
..... If you really want this house, make your agent put pressure on the seller to signed the offer and remove the contignecy. The seller is misguided if they put that kind of contingency in a market place with so many houses for sale.

David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. Call +1-7024997037
not a real estate agent
0 votes Thank Flag Link Mon Apr 18, 2011
Speak to your attorney to find out if some kind of addendum can be added to the contract. You attorney and the seller's attorney should be able to come up with something.

Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Mon Apr 18, 2011
Hi Pixiy - Maybe it would be possible to add some type of language to the offer regarding the seller putting this specific property "under contract" by a certain day? This way if they didn't get this specific house then they can get out of the deal. At least may be this would be enough to get them to sign? How does your agent feel about it?

The Marie Souza Team - Top Selling on Cape Cod
Phone: 508-790-2000 Fax: 508-790-4005
Web Reference: http://www.mariesouza.com/
0 votes Thank Flag Link Mon Apr 18, 2011
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