Buying A Home
HomeNomad
newb
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Offered on a Foreclosure, the bank came back with this...
So we put in an offer on a house. We heard back on our offer, they accepted the price, they want the inspection done within 10 days (which we would want asap as well), they want to move the closing date closer (ok fine) but they want to be able to take and accept other offers until closing day. Is that...weird? I mean, that isn't really accepting the offer now, is it?
I'm sort of nonchalant on the house, its a nice house, but if it doesn't work out that is fine with me. But I can't MAYBE pack up and move my family...not if they could potentially accept someone else offer the day before we were to close. I have never heard of this before, but then again, I've never tried to buy a foreclosure before. Is this something people do?
Re: Offered on a Foreclosure, the bank came back with this...
Yeah. I personally would not accept a purchase and sales agreement with the kind of language. If you're flexible with your situation and wanted to take a chance with it, at a minimum I would require a provision that allows for monetary compensation if the seller accepts another offer and cancels yours within x days of closing - but the bank likely wouldn't accept that. That's just me personally.
Ooohhh no! That is NOT normal language in a housing contract...even for a bank. I would see if the langauge can be changed...like AprilH81 suggested. But I would never agree to those kind of terms.
And, as a comparison, I bought a foreclosure from a bank 3 years ago. The bank insisted on writing the contract...it was pretty boiler plate...and it was many pages long. The contract had protections for them up the ying-yang, but nothing even in their own contract that had language like you are talking about.