We found our dream house but there is another offer that has been accepted & now 3 extensions to get financing

Asked by Jen, Ohio Fri Feb 13, 2009

My Husband and I found a house that we absolutely love but there is another offer that has been already been accepted and set up for closing, however they have yet to secure financing, for over a month now. We went ahead and put in a back up offer with money down and the sellers accepted it. Our Realtor is also the other parties realtor and has told us 3 times that the sellers have given the other people an extension to get financing and close on the house. A month has gone by since our offer was accepted. It just doesnt seem right that we are preapproved on our mortgage, we put money down and the other couple cant even get financing. Yet our realtor just tells us to wait it out each time.
Is this legal? Dont we have rights? If we go with another Realtor will we fall behind the other 3 offers in line?
Please Help!

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tom roberts, Agent, powell, OH
Fri Feb 13, 2009
jen,so you are the accepted backup,primary didnt get financed,your realtor drew up an exstension,now he has opened up a contigent on primary buyers,and you say 3x? something isnt right,even if your offer is lower.You can call the seller and ask him whats going on.your in a sticky situation huh,I would be getting some answers.Hope it works out for you guys.

Web Reference:  http://tjroberts.remax.com
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OhioLand4U, Other Pro, cambridge, OH
Sat Jul 3, 2010
where are you looking for a home..I am the owner of The Ohio Land Company... see my web site below... feel free to contact me at 330-283-2834 Mick

listings may not be on web site... call for information..
Web Reference:  http://www.ohioland4u.com
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Dallas Texas, Agent, Dallas, TN
Fri Feb 13, 2009
FYI some lenders may not close on timely manner longer close dates with push back . The contract you have is a back up I would recommend for you keep looking more than likely odds purchase this home is slim. If you locate another home seller would need refund your earnest money.
Web Reference:  http://www.lynn911.com
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Julie Cleland, , South San Francisco, CA
Fri Feb 13, 2009
Because the sellers are already in contract it is up to them to pressure the current buyers to complete the transaction. They may decide that, despite having to give 3 extensions, it is still in their best interest to try and close that deal and there are probably details about that offer your agent is not privy to. As long as the seller has agreed to the extensions then the first buyers are still in contract. There is nothing you can do to force the sellers to move your back up offer into first position. I would suggest that while you are waiting it out to see if this deal will go forward, continue to look for other homes that may be just as suitable and are still available.
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