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buying a house with selling contingency
We are in escrow on our dream home. But it's contingent on our house selling. It is in escrow as well but not going well. It's been 1 month since they signed the offer and they haven't secured a loan (denied one after preapproval) nor have they had an appraisal done yet. They have however left a 10k deposit and had the inspector out.
We passed our dates to remove contigencies on our new home. I feel so bad and I worry we will lose the house. Any advice in this situation? I imagine it's just a waiting game or us trying to move on to a new buyer, but I'm scared to start at point one again. I don't think our relator has told the sellers that we are having trouble closing on our sale yet. Should we be blunt and tell them? Should we ask for an extension? They've already made us sign a document that if another buyer comes into the picture they have the right to sell to someone else 
Re: buying a house with selling contingency
They've already made us sign a document that if another buyer comes into the picture they have the right to sell to someone else
This is your dream home sellers' out. If they get a new buyer, you're done. With that said, they may entertain an extension with the same contingency you signed above still in force. I'd probably be up front with them to show good faith and then hope that no other buyers come along until your current home sale progresses.
Ditto. I don't think they'll pull your offer until someone else comes along. What good would that do? The currently have your offer on standby and are just waiting on your buyers to get their act together or waiting on a new buyer to come. I would ask that your realtor discuss with them/their realtor an extension and be upfront. This isn't your fault and just keep them in the loop.
Well, I'd start with explaining the situation and seeing if they would give you an extension. Though if the deal is falling apart (rather than taking longer than expected to close), they may not be as willing. But at this point, and at this time of year, why not try for an extension?
Good luck, I hope it all works out
Lighthouse State Beach, Santa Cruz.