(Closed) Have 2 weeks to sell our house or we lose the new house…

posted 6 years ago in Home
Post # 3
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

@NurseMandie:  “Everything at this point is just verbal, but by the end of the night the owners accepted our offer under the condition that we have 2 weeks to sell our house.”

So there was no official paperwork signed?! If you are not officially under contract with them, there is absolutely nothing stopping them from negotiating with other potential buyers behind your back and giving the house to someone else. How are you going to feel if you are under contract to sell your own home within two weeks and lo and behold, they have a backup buyer?! Do you have a plan for what to do in that case?

 

Post # 4
Member
693 posts
Busy bee
  • Wedding: July 2012

Sending GOOD LUCK vibes your way! I truly hope this works out for you and your family!

While I’m not in exactly the same situation as you, I can absolutely relate to the ticking time bomb feeling as well as wanting a house so badly you can taste it. My husband and I are in the process of purchasing a home that we origially thought we would have closed on by now. One proposed closing date would come and go, and then we’d fly past another and another, not to mention completely blowing past the period of time our mortgage rate was locked for – all because of crazy things that kept coming up on the seller’s and his attorney’s ends that would delay things. Then just this past Thursday our attorney advised us to pull out of the contract altogether (LONG story!), so we did. But by this point we’re so emotionally invested in this house. We started planning rooms and picturing our lives there! So naturally I was heartbroken, AND I was freaking out because I thought our landlord rented out our current apartment already. BUT turns out we can stay in our current place through the end of July if need be, and the BEST part is that we may not have lost the house after all. The seller’s attorney refuses to allow us to cancel the contract, and in my mind, that is fantastic. Apparently there is a clause in our contract that allows them 30 days to fix the issue (it’s an issue with the title/deed from the last time the house was bought and sold), so it’s looking like we’re going to give them that 30 days and then try to close again after that. We will know more today!

Post # 6
Member
693 posts
Busy bee
  • Wedding: July 2012

@NurseMandie:  Thank you!! This is our first time buying also. Definitely a learning experience! 

Post # 7
Member
1144 posts
Bumble bee
  • Wedding: December 2011

Regardless of your realtors if you and they haven’t signed anything then you don’t have contract.

Most people just make their house offers contingent on selling. Two weeks is very short for someone else to pick your house, gets loan and have all the inspections and close.

Post # 8
Member
5400 posts
Bee Keeper

@Captain013:  I agree. 

Also, OP, my parents are selling their house right now in Iowa and the market has been so slow. Their house has been on the market for a few months (1 offer, really low so they declined). Of course price point influences the market and there aren’t as many buyers in their price range. I don’t want to be negative, and I hope it works out for you, but don’t stress too much because you’re in near impossible circumstances. 2 weeks is such a short time. Good luck!

Post # 9
Member
886 posts
Busy bee
  • Wedding: November 1999

@NurseMandie:  Did they tell you why they want to sell in 2 weeks? I mean, do they really think someone else is going to be able to fully buy their home in 2 weeks? Is it that hot of a commodity? Maybe if you figure out why they must sell in 2 weeks, you can come up with another arrangement somehow in the actual contract?

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