Closing Dates & Unsure finances

**1stHome** · 02-05-2009, 04:44 PM

How long after an accepted offer is the closing date about??

We have a house we like and have been waiting on. The other people have an accepted offer but their finances are a little iffy. We are all set up in something doesn't happen with them for us to make an offer immediatly.

Today when we were getting the house showed to us again (the realtors talked and were told it was ok) the guy who got the accepted offer showed up with a water heater to put in!

I'm so confused with this whole process. Since its still iffy, his realtor let us see the house with ours.

Can someone explain this a little clearer to me?! Thanks!

**thomas12** · 02-05-2009, 10:14 PM

I think you must go for a counter offer because that might just compel the opposite party to take some kind of action.

**donrock** · 02-05-2009, 11:00 PM

First of all do you have an executed back up offer? It sounds like the first buyer is jumping the gun unless he was hired by the owner to put the W/H in. If you have a backup offer you can't do anything except wait until the other party does something.
Does your RE agent know how long the other party has to close the deal?

Good luck,
donrock

**Mike Taylor** · 02-06-2009, 03:54 AM

Every contract is different, but an average closing time is around 30 days or so. Most contracts will have a financing clause that allows the buyer x number of days to get loan approval.

**Greg** · 02-06-2009, 05:08 AM

While you are waiting keep looking at other houses. Try not to fall in love in one particular house, like you did with this one, because it only leads to disappointment. There are lots of houses for sale and new ones come on the market every day.

**1stHome** · 02-06-2009, 08:43 AM

Thanks!

We have been looking at other houses, but nothing has came up that we like! Were still looking though!

We have everything lined up to put in an offer the second his drops through if that happens.

It just confuses me that his realtor says that the finances are iffy and its a 50/50 chance, but than he comes in and puts in a water heater?! If he has access to the house, doesn't that mean it should be a pretty for sure thing?

**Lakeshore Lad** · 02-09-2009, 10:43 AM

It sounds like the seller is either really smart or really stupid. If the deal doesn't work out, the seller just got a new water heater installed in his home; on the other hand, letting a potential buyer start making repairs before closing can spell disaster, who knows what else he might be tinkering with in the home. It also sounds like someone isn't getting the entire story of the financing etc., I would just write the backup assuming you're not going to get the home unless some sort of a miracle happens, then get any work checked the las potential buyer may have done if it does end up your offer is accepted. Also know that there probably has to be a mutual release with the prior buyer before the seller can even sell you the house...it can get complicated and the seller can end up selling the home twice.