Got an offer...some questions
We received an offer last night on our house.
One question about the contract -- if there is a problem with the title and curative work is needed, then the act of sale can be delayed for not more than 45 days. The "45" days is a number the buyer's agent filled in. It seems like a very long time -- is this a customary number of days? Also, I do not foresee any title problems.
They want the sale contingent on the sale of their current house which is under contract. Their house would close on 7/21 and our closing would be 7/22.
We don't know where we will move yet and we will most likely be putting everything in storage after we close. So, I am trying to figure out how this will work. I haven't had to do this before:) So, we will most likely move our things out over the period of a week or two. This means that our house will be empty and the day before closing, if their current house does not sell then we are stuck with an empty house and all of our stuff in storage. This is a scary prospect! I don't see that we have a choice in the matter.
Also, according to the contract, they wouldn't need to get final loan approval until the day before closing. Is this customary? So, same as above, it is possible to not get loan approval the day before closing and we have an empty house.
The buyer's are applying for 96.5% of sales price of the house (~300k), they will give us a check for $2000 in earnest money and want us to pay all closing costs. It sounds like they cannot afford this house or are stretching it thin. If they can't afford it, I don't want to find that out after we move everything into storage.
Sorry so long...nervous seller here! Thanks.