Post by CC on Jan 30, 2003 8:47:05 GMT -5
OK, let me know if DH and I are totally out of line. Warning! This may get long!
My family's horse farm (ownded by my mom and my 3 sisters and I-yes, we are all on the deed!) sits behind a row of residential homes on 1+ acre lots. (I don't live on the farm, there is only one house and no building rights) So there are 2 houses that are on either side of the driveway. I had told the one neighbor (J) to let us know if he ever wanted to sell his house. Well, the neighbor (D) on the other side of the drive is selling so J told him to call us.
This was before Christmas and at that time, I told him we couldn't do anything. My DH has commercial property for sale but the group interested in buying it had not signed a contract yet. 2 weeks later they signed a contract so we contacted D and told him we were now intetested in buying since there was a signed contract.
He had no how to price the house so he had the house appraised. He priced it for $10,000 above appraisal and DH and I made an offer for a bit less than appraisal. We made the offer in writing ans included a contingency on the settlement of the commercial property. He called back and said he wanted a large deposit and more money. We negotiated the deposit amount, agreed on a price and told him we would be in touch with our lawyer who would draw up an official contract.
So that was where we stood until last night. My DH called him (he is retired and frets if we don't call him at least 1x/week to let him know what we are doing!) to say the lawyer is now working on the contract. All of a sudden he says that he does not want the contingency of the property sale in the contract. So my DH and I agreed to resind (sp?) the offer. We have been completely up front about that contingency and he had previously told me that it was "not a problem". Now, apparentely it is.
I told him that it is rare to get a contract on a house without some form on contingency in it. Usually it is on financing which is dependant on the sale of the buyer's present house. If their seller does not come through, they will not get financing and the contract becomes null.
Would any of you take a contract on your house contingent on the sale of another property? (of which said property is under contract by a reputable development group who have never backed out of a contract). Or are we not a good buyer? BTW, once DH settles on this property, we will be cash buyers-we won't need to go to a bank.
Thoughts? (that is if you are still reading!
My family's horse farm (ownded by my mom and my 3 sisters and I-yes, we are all on the deed!) sits behind a row of residential homes on 1+ acre lots. (I don't live on the farm, there is only one house and no building rights) So there are 2 houses that are on either side of the driveway. I had told the one neighbor (J) to let us know if he ever wanted to sell his house. Well, the neighbor (D) on the other side of the drive is selling so J told him to call us.
This was before Christmas and at that time, I told him we couldn't do anything. My DH has commercial property for sale but the group interested in buying it had not signed a contract yet. 2 weeks later they signed a contract so we contacted D and told him we were now intetested in buying since there was a signed contract.
He had no how to price the house so he had the house appraised. He priced it for $10,000 above appraisal and DH and I made an offer for a bit less than appraisal. We made the offer in writing ans included a contingency on the settlement of the commercial property. He called back and said he wanted a large deposit and more money. We negotiated the deposit amount, agreed on a price and told him we would be in touch with our lawyer who would draw up an official contract.
So that was where we stood until last night. My DH called him (he is retired and frets if we don't call him at least 1x/week to let him know what we are doing!) to say the lawyer is now working on the contract. All of a sudden he says that he does not want the contingency of the property sale in the contract. So my DH and I agreed to resind (sp?) the offer. We have been completely up front about that contingency and he had previously told me that it was "not a problem". Now, apparentely it is.
I told him that it is rare to get a contract on a house without some form on contingency in it. Usually it is on financing which is dependant on the sale of the buyer's present house. If their seller does not come through, they will not get financing and the contract becomes null.
Would any of you take a contract on your house contingent on the sale of another property? (of which said property is under contract by a reputable development group who have never backed out of a contract). Or are we not a good buyer? BTW, once DH settles on this property, we will be cash buyers-we won't need to go to a bank.
Thoughts? (that is if you are still reading!