[TraceyMooreRN]

[QUOTE=Phanatic Luvr;706770]I'm sorry, I just don't understand why any seller, especially here in The Villages, would accept an offer with such a contingency.
First, the seller would be taking their home off the market for a sale that may never happen????

Actually--when there is a contingency; The Seller does not take the house off the market. That is where I believe the realtor representing the buyer failed to disclose (or make clear). Under no circumstances that I have ever seen (was Realtor in VA 14 years) does the seller obligate themselves for something that "might" happen.

[rubicon]

Selling a house based on a contingency to me is like getting married with a prenuptial agreement. If a prospective spouse said to me we can get married but I want a prenup...well to me that is a bad sign. Exceptions to my rule of course would include where it is a 2nd marriage and the couple agree that what they accumulated in asset prior to their marriage would go to children, etc and what they accumulated during their marriage was equally divided by all heirs. Exceptions to the exceptions some rich person who continues to turn over spouses .

[3puttharry]

Originally Posted by Sadie1313

We bought our pre-owned home in the Village of Amelia. We had airline tickets, for 5 days after we signed the contract, to go home to New York, where we were in Contract to sell our home there. Our contract here in The Villages, was "Contingent" on the sale of our home in New York. The morning after we got home, we got a call from our Real Estate person in The Villages. He informed us that the owners of the home in Amelia, had been showing the home we were "In Contract" with, during the 5 days we were still in The Villages....this being after we and they, signed the sontract. He stated that since our contract read "CONTINGENT UPON THE SALE OF OUR HOME IN NEW YORK", the owners here were legally allowed to show the home, without telling us, while we were there for the extra 5 days. They got an offer for a higher amount. We were told be had 72 hours to do two things....1st, meet the additional amount, and 2nd, take out the contingency from the contract. This is called a DROP OUT CLAUSE". The theory being if we kept in the contingency, and our sale in New York fell through, we'd be able to get our deposit back. So, the owners want to have a backup also, so if we get our deposit back, then they have the right to show the house, get someone else, and give us the choice to meet the higher price AND also take out the contingency. This was not told to us when we put the contingency in the contract, and had the owners of the home sign it. Needless to say, we DID NOT go through with the sale. We felt violated, and did not feel this was a good start for this sale. Please make sure to ask about this DROP OUT CLAUSE" BEFORE YOU GO AHEAD WITH ANY CONTRACT. We're happily living in Buttonwood now. I guess things do happen for a reason. Good luck with your new home. Trish

It is a good thing for the seller and it makes a lot of sense. The villages sold our house village house (in one hour). The buyer had a contingency, he had a contract on his northern house but was not closing for six weeks. We knew about the contingency and were surprised when the villages reps kept showing our house. We were told it is in the contract and if another good offer came in the buyer if he wanted our house would hv to drop his contingency. Totally fair. Why should the seller take their house off the market for two months and possibly lose their sale for something they have absolutely no control over.
Glad for you it all worked out and you are enjoying buttonwood

[livsea2]

You mean to tell me that people actually buy a house in the villages, or anywhere for that matter, without a contingency? How about contingent upon home inspection? A person would have to be out of their mind.

[ricthemic]

Originally Posted by livsea2

You mean to tell me that people actually buy a house in the villages, or anywhere for that matter, without a contingency? How about contingent upon home inspection? A person would have to be out of their mind.

home inspection and financing are obviously included and acceptable contingencies