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PO'd!! Asked to remove home sale contingency?

Our home is now under contract (I repeat, under contract) and with things going quite smoothly, no one is led to believe the sale will not happen. 

Now we're also currently in attorney review with the home we agreed to purchase, where the initial contract clearly stated there was a home sale contingency, meaning we can successfully close after closing on our home.  The close dates have been set for each home already, and there was never a mention about the contingency.

Yesterday, however, the seller's attorney shocks us in his return review letter with a paragraph suddenly stating that he basically would like the home sale contingency removed!  Note he also sent this letter admittedly saying he had not yet reviewed it with the sellers, and he still needs their consent.  For obvious reasons, our attorney said we could not accept that paragraph.  Well, already almost 2 days later, and their attorney still says he hasn't spoken to his clients about this, so we still don't know where this stands!

Can someone tell me why a seller's attorney would pull this in this market, and have any of you ever lost a house over something like this??  I thought we were in a good position, being that our house is under contract, and with buyers who are renting (so they have no contingencies) ... guess not...  I'm so upset and worried!

 

Re: PO'd!! Asked to remove home sale contingency?

  • I can't imagine having some type of clause about removing the contingency if I was selling my house.  If your buyer's financing falls through or you (or your buyer) get pissy about repairs on your own sale, your sellers are screwed.  The attorney is looking out for the best interests of his own client. 

    I think it's pretty standard to have a clause saying that the contingency will have to be removed within a certain amount of time if another offer comes in on the house. Is that what they are looking for?  An out if they get a buyer that doesn't have the contingency?

    As to making changes without talking to his client, I'd generally talk to my client before I proposed changes in contract terms.  There have been times in negotiations where I've told the other side that I expected my client to be willing to do X but needed their approval (I knew pretty much what was and wasn't acceptable to the client).

  • No, the "clause" pretty much states that there should be no contingency.  There was no mention about a kickout clause or anything where the seller could give us 48 hours or so to drop the contingency if they get a better offer which holds no contingency.

    I understand looking out for best interests, but these sellers knew our situation when they agreed to our offer and when they later signed the contract.  Now we're nearing the end of attorney review and this suddenly pops up??  If they were apprehensive about any sort of contingencies, they should've never accepted our offer, period.  They've wasted our time if this is how they felt all along.

  • If there was no bump clause I see no reason for it. Clearly there's no other offer, since he hasn't even spoken to his clients.

    Very odd.

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  • image squinty25:

     

    I understand looking out for best interests, but these sellers knew our situation when they agreed to our offer and when they later signed the contract.  Now we're nearing the end of attorney review and this suddenly pops up??  If they were apprehensive about any sort of contingencies, they should've never accepted our offer, period.  They've wasted our time if this is how they felt all along.

    Don't be mad at your sellers---you said yourself above that they don't even know about their attorney's request yet, so no need to make it more personal at this point.

  • NO contingencies?  What about acceptable home inspection?
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