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Vendor unable to countersign contract for 4 more days

Discussion in 'The Buying & Selling Process' started by HappyCamper, 25th Jun, 2015.

  1. HappyCamper

    HappyCamper Active Member

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    I've made an unconditional offer on a property, and I'm not sure what to make of this. Haven't come across a situation like this before. The vendor is very keen to sign as they are happy with the offer but the agent is saying their broker has advised them not to sign the contract to sell until their contract to purchase their new house goes unconditional which is in another 4 days. Something about them using the equity from the house I'm trying to purchase for their new purchase and it might mess up the unconditional approval on their new loan.

    I'm obviously not happy that the property is going to sit on the market for another 4 days (including a weekend open), but I'm not sure what else I can do. Does anyone smell a rat? What would you do?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Not much you can do. Wait or withdraw. There is no contract until acceptance in writing.
     
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  3. HappyCamper

    HappyCamper Active Member

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    Thanks Terry. Does this seem like a legitimate reason to delay signing? I've never heard of that before.
     
  4. jaybean

    jaybean Well-Known Member

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    Maybe put in the contract the seller can pull out if their deal falls through.
     
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  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    It's probably legit - I doubt they'd bother to come up with such a story if they weren't keen on accepting your offer.

    Give your offer a deadline of 4 business days.

    Cheers

    Jamie
     
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  6. Big Will

    Big Will Well-Known Member

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    Seek legal advise on this but this is what I would do that way both people have confirmation. Although today being Friday it might just be better to wait..
     
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  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Hard to say, it could be true because it is unusual.
     
  8. HappyCamper

    HappyCamper Active Member

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    Thanks for the replies everyone! I extended my offer till the Monday. The vendor stayed with my offer and signed on the Monday. There was a hiccough or two after but it's all sorted now!
     
  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Awesome news - glad to hear it's all sorted :) This whole buying property thing can be a tad stressful at times.

    Cheers

    Jamie
     
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  10. jaybean

    jaybean Well-Known Member

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    That's awesome. I've been in similar situations and it's always the most nerve wracking wait.
     
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  11. Pistonbroke

    Pistonbroke Well-Known Member

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    I'm more concerned about the existing property being used for security over the new house for the vendor.

    Are they asking for the release of the deposit as well?
     
  12. clint05

    clint05 Well-Known Member

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    I've just gone unconditional on a PPOR in Brisbane. I made the offer in contract form, the agent called me the next day to say the offer had been accepted. I said awesome send me through a copy of the signed contract. He didn't send it through, so a day or 2 later I tried chasing him up for it, and he wasn't replying to phone calls or emails, on about day 5 or 6 I sent a pretty abrupt text asking wtf was going on, I then get a call from the chilled out agent saying he'd just been off work for a couple days and it was like he couldn't really understand why me having a signed copy was so important.
     
  13. Chilliblue

    Chilliblue Well-Known Member

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    Congratulations
     
  14. jins13

    jins13 Well-Known Member

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    Feels great when the deal is done! Congraz on the news!