Terminating a contingent offer

elinrich

We had an offer that we accepted.  It was contingent on the sale of their home which was in a contract to close Dec 20.  Our was set to close Jan 19.  We got another offer, same numbers except without the contingency.  We gave the 1st people the required 3 days to decide if they were going to walk away or waive the contingency.  They also had already done their inspection of our home.  Anyway, they decide they can't waive the contingency which makes us realize that if they're being cautious then we need to be too since our home sale is riding on whether or not theirs sells.  So after much back and forth we go with the new offer.  It's been a week later and we still don't have a contract with the new people!!  We are getting frustrated that we walked away from our contingent offer under the impression that the new offer was ready and waiting.  Prior to making our decision we asked and were told repeatedly that these were serious buyers.  The past two days all I've been told is they're waiting on the new new buyer's agent to send over a revised offer.  Plus the listing manager we have been dealing with this entire time either quit or was fired Friday!  Has anyone ever gone through walking away from a contingent  offer to a new one?  Does it take days to get the new contract?  I thought it'd be right there ready to go.  We feel blind sided.  I'm worried we let the 1st offer go for nothing.  Any advice?  Insight?  Thanks.

winminpin08

Did you accept the new offer?  Or did you counter it?  If you sent a counter offer to the new offer then that's a new ball game, so to speak.  They are not obligated to accept your counter and can walk away.  However, if you accepted the new offer then you should be under contract and if the new buyers walk away (which they could still do) they will lose their earnest money.