Buying A Home
m_bell09
member
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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.
Canceling contracts
We are selling our home and had a contract to close on June 30th, the buyer was unable to close on time, and at this point the appraisal had not even been ordered. We decided not to extend the contract and just stay in our current home.
Meanwhile, we had a contract to purchase another home contingent on our home closing on May 30th.
It is my understanding that we are free from both contracts since our home did not close on the date agreed upon, but our agent kind of threatened our earnest money on the other house saying, "I don't know what will happen with that" when I pressed further and reminded her of the contingency she said it shouldn't be a problem she was just letting me know...I think she was trying to pressure us in to continuing on with this whole fiasco...just wanted to verify that we are within our rights on this?
Re: Canceling contracts
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Yepp, the whole point of a contingency is to protect you in situations like this. Some people don't write a contingency which strengthens an offer. Sales falling through happens all the time.
If the sellers agreed to a contingency on your house selling then you are are out of the contact and are entitled to your earnest money.
Sometimes the wording will say something about your house selling my a set date. If this sale fell through you may still be obligated to make an effort to sell your house by a set date. If you don't make an effort or withdraw your home from the market, you could lose the earnest money. Talk to your Realtor or, better yet, the closing attorney.