Possibly the most terrible offer ever made!

[stevie_sloth]

Oh my GOD, that is something I did NOT know!

But yes, we had a subject to sale clause...the sale would've been required by 90 days following signing the contract. The $1,000 initial deposit WAS to be refunded in full should we not sell within those 90 days, and if we DID sell the remaining balance of the 5% deposit would become payable upon the sale. So if we had NOT sold, that remaining deposit would thus not be payable.

 

[vaughan]

Oh my GOD, that is something I did NOT know!

But yes, we had a subject to sale clause...the sale would've been required by 90 days following signing the contract. The $1,000 initial deposit WAS to be refunded in full should we not sell within those 90 days, and if we DID sell the remaining balance of the 5% deposit would become payable upon the sale. So if we had NOT sold, that remaining deposit would thus not be payable.

That sounds like a great deal for you: I have no idea what's in it for the vendor though. It's essentially a 90 day cooling-off period.

I'd check the contract with a solicitor to make sure that there really are no exit fees, because when I first read your description it sounded as though the agreement was that you had 90 days to sell and settle.

 

[wylie]

Yeah, thank you

That's what we'll do. If there's no interest, maybe they'll come back to us. Who knows. We can but wait.

Are you packing up and preparing to sell your own place?

Unless you do that, you will find another place you love, but will have the same problem.

With some luck, an investor could buy your place and you might not have to move, or someone may offer a long settlement so you can look around with confidence.

Of course, packing up, selling and renting is a PITA but it seems it is required for you to be able to make a low offer without having to include unattractive conditions.

 

[knightm]

Perhaps put yours on market with a note that the owner is willing to rent back from purchaser for 6 month lease at X$ like some builders do?

 

[Ed Barton]

That sounds like a great deal for you: I have no idea what's in it for the vendor though. It's essentially a 90 day cooling-off period.

the possiblity of a sale in a very tough market.

this is not common, but certainly not unheard of.