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When did you pack?
We are supposed to have a 30 day close with our buyers (they asked for it and their lender said he could close on time) and they said they could remove their financing contingency in 15 days. Well, the 15 day mark is here and they haven't yet removed the contingency because the appraiser hasn't been here yet (it's ordered but hasn't been scheduled yet). There lender still says he can close on time and that everything looks good with their financing but that the appraisers are backed up. We are at a loss for what to do. We haven't even started packing yet (we were advised to wait until contingencies were removed because we had another contract fall through when the buyers got cold feet). I have called several rentals nearby and there is not much available in the next few weeks. We have to put a deposit down very soon to hold a unit and I'm worried we will lose a lot of money if the buyers financing doesn't go through. We also have a big payment due soon for our new build and some of the upgrades really depend on whether or not we feel confident this sale is going through (since we have to give non refundable 20% down on all upgrades).
Our agents keep saying they are confident in everything (they are dual agent representing the buyers as well) but say they can't do anything about the financing contingency because of the appraisal. We had another buyer who didn't need to go through a bank since he had his own funding through family and I almost wish we had just gone with him if we had known these buyers wouldn't remove by their dates in the contract but our realtors thought these were better buyers (probably because they get double commission this way... but that's a whole other issue...)
So, when did you feel comfortable packing and moving? We are coming up quickly on closing and have nowhere to move to but didn't want to put a bunch of money down on a rental before contingencies are gone. Is there anything we can do if they are past the deadline for removing contingencies or do we just have to wait?
Re: When did you pack?
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I would start packing, but hold off as long as possible on putting anything down on a rental. The buyers could definitely run into financing issues. The seller of our house was supposed to move into a townhouse, but the HOA had three lawsuits against it. Her first lender said no and they found a second lender that said he could get her a mortgage despite the legal issues, but he was wrong. They found out that lender couldn't do it after the appraisal.
Are you using a real estate lawyer? If so I would ask them about the deadline issue and see if you have any recourse.