Hoping a WA State RE attorney can help me out with the following question:
I'm the seller of a property where the buyer and I went into contract with a contingency for them to sell their property first before moving forward with my house. On form 22A (financing contingency) on number 2 in the first sentence, the buyer's agent crossed out the language "after mutual acceptance" and replaced it with "after form 22B is removed" (the buyer's home sale contingency form). The thing is neither I nor the buyer initialed this specific change in line, however, we both initialed at the bottom of the page in the standard location.
The buyer's financing fell through because of credit issues that didn't come up in the pre-approval with Union Bank and they might drop the financing contingency and take the risk of finding money elsewhere, which scares me. My question is... is this amendment noted above that the buyer's agent added valid if we both (me and buyer) didn't initial in line? Ideally I would like to drop this buyer and move forward with another I have waiting.
Any help would be very much appreciated.
Contingent offer with shaky financing? In this market? I would certainly try to exit the contract. And that's a pretty sharp move by the agent, though problematic if contested. I always put a short right to terminate notice time in just so I have that option available.
Does the buyer have their house under contract? And did they do all the proper notices? If not you may be able to exercise the bump out under 22B (5).
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!