I called the property manager for the house I was hoping to rent and offered one month’s rent as a penalty should I have to bail out of the lease. She agreed.
Now that that’s taken care of, she wants to sign the lease on Monday (the day my contingencies are supposed to be met). I called my realtor and she told me that contingencies could clear Monday, or maybe Tuesday (“maybe”? WTF?). And if the contingencies don’t clear, my realtor is going to send the buyer a “notice to perform.” I asked her what would happen if they didn’t perform and everything got fuzzy (my realtor is older and a friend of the family – she’s nice but I can’t get a stright answer from her half the time — but that’s my problem).
Anyhow, as Rustico pointed out, a Notice to Perform seems like the time to add new items into the contract, so I was wondering what I should do. I could just sign the rental lease (with out-clause) now even without my buyer’s contingencies met, and then maybe stick the buyers with some more items advantgeous to me should they fail to perform. I don’t know what. If this thing drags out beyond the 31st then I’m out one months rent (as penalty for getting out of my rental lease) and my house is back on the market and I would struggle to get the buyer’s escrow deposit. Doesn’t seem so bad, unless I’m missing something.
Of course all this is moot should the contingencies be met, but still, I like to think worst case scenario to help get my mind around the process.
I feel like calling the lender directly myself on Monday to iron out where this loan is. I really hate dealing with so many middle men.
