Contingency in offer?

[ML_LovesDisney]

I didn't even mention the contingency for the offer yet, but they countered my offer at a price I'm not willing to pay. Back to the drawing board! I guess the good news is, by the time I find another contract, my contract being sold should be fairly close to closing.

 

[Massachusetts]

I agree with the board here in that the contingency could be included and it would be up to the seller to decide to accept or decline. Practically I do not think the ROFR process could even begin until the contingency sale finalizes - leaving the seller 120 days plus before the sale is finalized.

 

[gmi3804]

I agree with the board here in that the contingency could be included and it would be up to the seller to decide to accept or decline. Practically I do not think the ROFR process could even begin until the contingency sale finalizes - leaving the seller 120 days plus before the sale is finalized.

That's correct. It's not an executable contract until both parties have satisfied the agreed-upon contingencies. It would then enter the ROFR process.

 

[ML_LovesDisney]

I agree with the board here in that the contingency could be included and it would be up to the seller to decide to accept or decline. Practically I do not think the ROFR process could even begin until the contingency sale finalizes - leaving the seller 120 days plus before the sale is finalized.

Good to know, thanks!

 

[ML_LovesDisney]

If the contingency is no biggie - I would ask for it to be included. Closing later is not "exactly" the same. Once your 10 days are up, without that contingency, you WILL lose your deposit if you do not put in all your closing funds by the date shown on the contract (hint, that could still be in 30 days - you will not know until you read the fine print) even if the market changes and your first contract (the one in escrow) never closes.

A delayed closing means until you receive the points from Disney, you cannot Book anything and if a window you wanted is past for a trip, then you may only be able to waitlist dates you want. If over all those months, the resale market changes (goes up) the Seller might decide to cancel and just give you your deposit back - frankly, it's not easy to enforce a sale. But if the resale market goes down significantly, and you wanted to cancel, you already have your money in escrow for them to use to take your non refundable deposit. Lastly, note some brokers have a term in the contract which states you'll forfeit your deposit AND pay their commission if you cancel - again, if your funds are sitting there, it's not as hard for them to enforce those terms.

As long as you understand the terms fully it might still be perfect delayed closings Do work well for many people.

I did ask broker about when funds are due and it would not be until closing with exception of obviously the deposit due at 5 days, so I would have 6 mths due to their delayed closing date.