Jeanne in MN Posted September 17, 2009 Share Posted September 17, 2009 Three weeks ago we signed a purchase agreement to sell our acreage. The closing date was set for October 2nd. The appraiser came out two days later and stated that all the outbuildings needed to be reshingled, among other things, in order to qualify for a rural improvement loan. Neither we nor the buyers could do that, so the buyers started looking into a conventional loan. This was going to cause the buyers to need a larger down payment that they didn't think they could swing and desperately wanted to know what we could do to help. (as in bring down our price). We couldn't lower our price. We were told later that week there would be a different appraiser that could "work with" our realtor to try and make it work for these buyers. We waited two weeks to hear if and when an appraiser was coming. At 2.5 weeks we find out they are using the same appraisal, just adjusting it to fit their new loan. Same lending agency, so the closing date, we were informed, could stay the same, October 2nd. That was this Monday we heard that. We weren't even sure they could buy the place, so this news came as a big surprise! We were told the appriasal would be done Mon. or Tues. and today as of Wed. night, we have been told there is no news yet. IF this all goes through, we have two weeks to find a place to live and get moved out. The lender determines the closing date, so we can't adjust that. Can we give them a deadline or something, so that we aren't homeless in two weeks? Without knowing if all will go through or not, we can't make any plans for a place to live. There have been a number of other issues that have come up that have us concerned about working with this party, (like asking a week ago if we will professionally clean all the carpets before we go-should've been asked during negotiations, not now.) Any advice? BTW, we live in small ruralville. Realtors here represent the buyer and the seller, so I don't expect much help from our realtor. Jeanne Quote Link to comment Share on other sites More sharing options...
Impish Posted September 17, 2009 Share Posted September 17, 2009 Legally, your realtor MUST give you any and all information to assist you. If they refuse, they can lose their license. Ensure that they know YOU know your rights. Amazing what happens when folks realize that. Quote Link to comment Share on other sites More sharing options...
Janet in WA Posted September 17, 2009 Share Posted September 17, 2009 You're right that the buyers should have asked for things like having the carpets cleaned in the contract. You are under no obligation to do things the buyers ask for after the contract has been negotiated and signed. As far as getting out in two weeks: If the buyers don't need you out of the house immediately, you might considered asking them if you can rent from them for a short time after the sale. Usually, though, it's better not to clutter the sale with complications like that, especially if you have misgivings about the buyers. Quote Link to comment Share on other sites More sharing options...
Cammie Posted September 17, 2009 Share Posted September 17, 2009 I agree with Janet - it is fairly common to "rent back" for a short time in order to facilitate your moving out. You might even make an exchange - you will get the carpets cleaned when you leave in exchange for renting back the house for X weeks. Good luck. Quote Link to comment Share on other sites More sharing options...
RanchGirl Posted September 17, 2009 Share Posted September 17, 2009 seems weird... seems like they have a lot of options to allow them to back out at the last minute (i.e. say well the financing didn't work out), while you're supposed to assume everything is good to go until further notice and pretend you don't know things may or may not go through? I would be uncomfortable with it as well. The realtor really should be more helpful to you!! Hopefully it's not too late to add a 2 week rental in to give you time to move out? Quote Link to comment Share on other sites More sharing options...
KayT Posted September 17, 2009 Share Posted September 17, 2009 I just want to add that I hope you have read over the entire contract or had an attorney do that so that you are not stuck with something down the road like... if they find termites you have to pay to have it fixed or someother thing that's not in your best interest! Quote Link to comment Share on other sites More sharing options...
justamouse Posted September 17, 2009 Share Posted September 17, 2009 What does your attorney say? My real estate Attny would never allow that to happen. Quote Link to comment Share on other sites More sharing options...
In The Great White North Posted September 17, 2009 Share Posted September 17, 2009 I just want to add that I hope you have read over the entire contract or had an attorney do that so that you are not stuck with something down the road like... if they find termites you have to pay to have it fixed or someother thing that's not in your best interest! :iagree: Was the financing contingency met or not? If the financing contingency expired when the first appraisal happened, you may not even have a legal contract anymore. Get an attorney. Quote Link to comment Share on other sites More sharing options...
LauraGB Posted September 17, 2009 Share Posted September 17, 2009 When we sold our house, we had a 30 day contingency right in the contract, which, of course, allowed us 30 days after closing. Without that contingency. though, legally you need to leave unless you privately work something out with the buyers. Quote Link to comment Share on other sites More sharing options...
elfgivas Posted September 17, 2009 Share Posted September 17, 2009 hi jeanne - first, :grouphug: what a position to be in! yikes! :confused: what i'd do would depend on how badly i needed to/wanted to sell the house now. if i could afford to wait and see, i'd buy lots of chocolate and try to wait it out. if i really needed it to work sooner rather than later, then i guess i'd be packing my little heart out (all except for camping gear) and finding a storage unit i could rent at the very last moment (or friends with a Really Big Garage on call) and a moving van booked "tentatively" if possible, or with a small cancellation fee. then, if it all worked out, i'd drink champagne in our tent and hike with my babies 'til i found another place. are you moving far away or just changing or ??? seriously, maybe spend this week sorting through everything you haven't sorted through yet, getting rid of anything you don't love enough to pay to store, using up the food in the house, etc, etc, and then next week packing if it still isn't clear? let us know how it all works out! ann Quote Link to comment Share on other sites More sharing options...
Jeanne in MN Posted September 18, 2009 Author Share Posted September 18, 2009 He said we are all in the cave together without a candle or a flashlight waiting and wondering. The buyers have been calling him every other day to see if he's heard anything yet, so that makes me feel better knowing that they are giving it their all and are just as concerned as we are. Our realtor tried calling the lending agency again today to try and push this thing along, so he's trying. Thank you for all your input!! My dh and I read through all of them together and it really helped us to put this ordeal in the right perspective. I so appreciate the time you took to share. Quote Link to comment Share on other sites More sharing options...
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