We just called our agent and told him if we didnt have signed contract back by Monday the 21st, then we will be backing out. This is 17 days after we submitted purchase and sale and feel this is fair. Question being, does anyone think this will work, or should we assume we have lost the house regardless and start looking at other homes? We just cannot figure out if this is normal and we just are not being patient enough, or if this deal is shady and we should see the writing on the wall. Any thoughts, comments would be greatly appreciated!
All that being said, I have no idea why you are spending money on inspections without a fully ratified contract. I do understand deadlines, turnaround time, etc. and even address those in my REO posts - see below. But, as I said earlier - even though I have confidence after verbal acceptance, there are enough opportunities for something to go amiss that I would not ever have my clients betting their money (i.e. paying for inspections) until it is fully ratified.
Hopefully everything will work out. If you don't have a return call by Monday, perhaps your agent can contact the broker (listing office), and get some response.