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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37017
Experience:  16 years real estate, Realtor. Landlord 26 years
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Do I as a Seller need to accept an Contigency not removing Loan? I was given a pre approva

Customer Question

Do I as a Seller need to accept an Contigency not removing Loan? I was given a pre approval for more than the price on the "Agreement" I think the buyer is trying to waste time. They are trying to sell their Condo. I do not want to wait for that. They have been giving me RR&RRRR every other day. I signed a cancellation but I did not give Notice to Perform. I signed the cancel. 1 day before the Appraisal and told the Appraiser(I did not let in). I asked to change the price to the listing price on my RRRR (06-09/15). Now I do not want to go back and forth with Contingency. What do I need to do? I want to either ask for listing price or cancel. They have their Condo up for Sale,and their Agent had asked me if I wanted to buy their property I told him, No. I do not want to wait for that transaction. I wondering?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
""Do I as a Seller need to accept an Contigency not removing Loan?""
No, this is entirely a matter of negotiation between the parties and if you don't feel comfortable accepting the contingency, then you are under no obligation to do so and the contract would continue until its set date for each party to perform.
But it sounds like you have not even formally agreed on a final price here with the RRs and RRRRs going back and forth... If not, then your recourse here is to send a firm and final offer on the RRRR stating your price and what repairs, if any, you are willing to perform. In that final offer you would want to set a "drop dead" date by giving them a fixed date to accept or the final offer expires. I would also suggest you put the words "Time Is Of The Essence" in the offer because that is a legal term that essentially means that if they don't accept your terms by your set date, the offer expires and the whole contract dissolves with you being free to continue marketing the property to other prospective purchasers.
As an aside, I completely agree with you that it sounds like the buyer is just trying to stall for time to sell their property so they will have the funds to purchase yours.

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