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Post by playingcinderella on Jul 31, 2014 19:17:07 GMT
The peas always have the best advice . . .
We have had an offer accepted and are currently in the (twice extended) option period. We were waiting on a foundation repair estimate which we received yesterday. Our agent sent in an amendment yesterday asking for the buyers to contribute to closing costs based on repairs needed from the inspections. We are waiting on a response from the buyers agent.
Here's our dilema. We are on a month to month lease and in order to avoid a September rent payment, we need to give notice tonight. I'm nervous to give notice without an answer but I don't want to pay am extra month's rent.
What would you do?
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akathy
What's For Dinner?
Still peaing from Podunk!
Posts: 4,546
Location: North Dakota
Jun 25, 2014 22:56:55 GMT
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Post by akathy on Jul 31, 2014 19:19:29 GMT
I wouldn't take anything for granted. If your ammended offer is accepted it might take awhile to close. Could you ask to close the first of October if your offer is accepted?
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Post by alibama on Jul 31, 2014 19:21:29 GMT
I agree with Kathy. My daughter has had so much bad experience with closings and such. I would try and wait.
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Post by Basket1lady on Jul 31, 2014 19:24:04 GMT
Go for October 1. It will be a miracle to be out of the house by September 1. A miracle. I know it's expensive, but if you have a week or so overlap with the houses and they are local to each other, moving will be much easier. Sometimes your mental health is worth the price.
Eye on the prize!
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scrappammie
Junior Member
Posts: 78 
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Post by scrappammie on Jul 31, 2014 19:24:43 GMT
If you're still in the negotiating phase of your purchase agreement and are using a mortgage lender for funds I think you definitely have more than thirty days until closing.
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SweetieBsMom
Pearl Clutcher
Posts: 4,741
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Post by SweetieBsMom on Jul 31, 2014 19:33:32 GMT
I agree, go with October 1st. Even if everything went text book at this point, September 1st would be pushing it. Don't put that stress on yourselves.
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Post by cadoodlebug on Jul 31, 2014 19:55:07 GMT
The peas always have the best advice . . . We have had an offer accepted and are currently in the (twice extended) option period. We were waiting on a foundation repair estimate which we received yesterday. Our agent sent in an amendment yesterday asking for the buyers to contribute to closing costs based on repairs needed from the inspections. We are waiting on a response from the buyers agent. Here's our dilema. We are on a month to month lease and in order to avoid a September rent payment, we need to give notice tonight. I'm nervous to give notice without an answer but I don't want to pay am extra month's rent. What would you do? |
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Post by mandasue on Aug 1, 2014 0:41:28 GMT
Unless you are paying cash for the home you are buying,I would wait. Are you going to go forward with purchasing the home if the seller does not contribute towards closing costs because they don't have to agree to that at all. So in other words you have a some things that need to be a little more set in stone before you give you notice on your current housing.
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Post by playingcinderella on Aug 1, 2014 0:44:50 GMT
Too little sleep. . . . we are the buyers and we are (were) waiting on the sellers. Actually they accepted our offer this afternoon with no negotiations necessary. Our lender has assured me that we will be able to close before the end of the month and our Realtor and theirs are both hoping for a quick closing. So we went ahead and gave our official notice to our landlords today. We have to be out by August 31st.
I do appreciate the advice (even if we didn't take it).
Michelle
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quiltz
Drama Llama
Posts: 6,840
Location: CANADA
Jun 29, 2014 16:13:28 GMT
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Post by quiltz on Aug 1, 2014 0:51:07 GMT
We have had an offer accepted and are currently in the (twice extended) option period. We were waiting on a foundation repair estimate which we received yesterday. Our agent sent in an amendment yesterday asking for the buyers to contribute to closing costs based on repairs needed from the inspections. We are waiting on a response from the buyers agent.
Does this mean that you have purchased a house that has foundation problems that needs repairs?
How many estimates did you get? Hopefully at least 3 estimates. Are the sellers going to be paying all the costs?
Foundation problems are HUGE.
Wishing you all the best in this endeavour. |
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Post by playingcinderella on Aug 1, 2014 2:10:17 GMT
No, the house does not have foundation issues. We were concerned because we live in a drought prone area and clay soil. Many of the homes in the area do have issues, so we wanted the foundation checked separately from the typical inspection. The home does not need any foundation repairs.
We asked the sellers to contribute to closing costs due to an issue with the ac unit and a few other minor code violations that will require a visit from an electrician. All issues found by the independent home inspector and then we got estimates from 2-3 companies to determine the cost of repairs.
Thanks for asking though! Foundations issues are scary.
Michelle
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