We’ll see what happens Monday or Tuesday – whether the contingencies clear or not. I’m going to delay signing the lease until Tuesday evening but I’m not so worried about that now since the worst I’ll lose is one month’s rent (it’s a gamble but I’ve spent more in Vegas for a weekend). I really need the peace of mind knowing I have somewhere to stay should my mortgage journey turn tortuous.
However, if the buyer fails to perform by Tuesday, I will definately request I be compensated for all damages should the escrow close late (PITI especially). I’ll also request the earnest money release should the buyer drop out. I hope I don’t scare them off, but as was mentioned earlier, perhaps that’s a good thing.
As for the bidding war I mentioned earlier – I had three offers. Two buyers came in with 100% financing and one buyer’s offer was contingent on a house selling. That house fell out of escrow (loan didn’t fund) and they withdrew their offer. From the two one hundred percenters, one had a higher FICO score, was 15 k under asking price, and my agent didn’t know the broker. The one I went with had the lower FICO score, but the offer was full price, and my agent knew the broker. The escrow was only 25 days as well. So we went with the later. The former verbally agreed to be a back up, but they never signed the official back up offer.
I’ll post updates if anyone’s interested — or even if you aren’t 😉
