Offer, counter-offer update

MyBrownEyedBoy wrote: Well, we put in an offer for $235K (list price was $237,700) contingent upon the sale of our current home. They came back with $237K (only $700 less than list) and they want to continue to show their house. If they get another offer before we sell our house, we have 48 hours to remove the contingency clause from our offer (leaving us with 2 possible mortgages) or withdraw our offer.
I don't want to be a backup plan for these people, which is pretty much what this feels like. What do you think?

redchief replied: I agree. If the house truly isn't worth what they're asking, then tell them they have five days to decide at your offer or you're withdrawing it.

gr33n3y3z replied: I'm like you I wouldnt want to be the back up either

redchief replied: Tell them you need to get moving on the sale of your home, so you need a commitment from them. It's really a buyer's market. If they don't agree then they really didn't want to sell, IMO.

MyBrownEyedBoy replied: Thanks, Ed. The house is worth $237K and we're willing to give them the price, but it's the continuing to show the house clause we're balking at. I don't like that at all.

redchief replied:
Agreed... An agreement to sell is a contract. Once that agreement is signed the house is off the market.

I missed your point in the initial post. I'm a little slow on the uptake today... Didn't get much sleep last night - work.

grapfruit replied: Totally wouldn't go for that "going to keep showing" clause.

I'd also be raising an eyebrow at the fact they don't want to go down $2,700 on a $237,700 house. That's like a little over 1%....sounds like they just want to sell their house to the highest bidder, not just sell their house. I'd walk away if it were me.

MyBrownEyedBoy replied: Their agent says that they have no money in their escrow account and need to sell at that price. We'll see. I don't think we're going for it. I'd rather build.

luvmykids replied: I'd go for their price if they would agree to stop showing it. The two mortgage thing scares me.

moped replied: Is this the new house you showed us before Kelly?

grapfruit replied:
hmm, sounds like they're on a slippery slope and need out of it fast.

MyBrownEyedBoy replied:
Yes it is. We thought long and hard over the weekend and decided to give it a go. But I will NOT deal with the possibility of 2 mortgages. That we could do financially for a few months, but not long term. And I don't want to do it at all. We'll probably walk.

moped replied: Well here that is normal practice - so really I don't know
I know it is a gorgeous house!!!!

Maddie&EthansMom replied: Yuck.

I wouldn't go w/their clause, either. I agree they are probably just wanting out of it really fast and trying to get the most they can out of it. Sounds like everyone else in America who is selling a house.

I bet they are building and they are going to be stuck w/2 mortgages.

CantWait replied: I think the fact that you're willing to buy at the counter offer they gave should show something. I wouldn't go for the "but we can continue to show the house" bit either. They're just looking for higher offers.

mysweetpeasWil&Wes replied:
Dito! GL with your decision.

lovemy2 replied: In my experience from the legal side as well as from the side of owning a house and buying another - you are almost always better off having a firm offer to sell on your house before you go to purchase another house not that there are any guarantees until all the papers are signed bbut - just as you wouldn't want to sell your house to someone who may or may not be able to sell their house....if you think about it - it is more risk to the seller than the buyer - you can NOT remove the contingency (and just back out of the deal so you aren't stuck with two mortgages) if they get another offer and force your hand at that contingency then you are back where you started with little invested (unless there is some string involved with backing out - which usually you don't see since they are usually happy to be able to still show the house) except MAYBE the engineer's inspection which you probably wouldn't invest in until you have a contract to sell your house...most good realtors here in my area won't even take you looking until you have an offer on the house you are selling....thats my experience anyway - FWIW

C&K*s Mommie replied: GL with any decision made, Kelly!
The house is gorgeous, I saw it when you posted it.