I recently bought a house with the condition that the seller would only finalize the sale once they find a new home. It’s been a bit of a waiting game, and I’m currently renting.
I’m starting to feel anxious about my situation because my rental lease is coming to an end soon, I still have 2 months. I want to give notice to my landlord, but I’m worried about being stuck if the seller doesn’t find a new place in time.
Has anyone been in a similar situation? What would you recommend I do? Should I wait it out a bit longer, or is it reasonable to give notice to my current landlord?
You need to weigh all possible outcomes and choose your poison. What’s the worst case scenario if you give notice and discover you can’t move out on time? Is month-to-month possible? Would you be forced to leave? What would the costs be either way? Etc.
@Dez
I haven’t asked about a month-to-month option yet. Definitely something to consider. The worst case is being stuck without a place to live for a while. That’s what worries me.
Can only imagine this was a for sale by owner and/or you were unrepresented, as it sounds like there’s no deadline or consequence if the seller doesn’t find a place. When you say you bought it, there’s a big difference between being under contract and having purchased it. If you’ve purchased it, it sounds like there’s no rent back or any kind of timeline in the contract. This is unimaginable.
It’s all a bit too mystifying and concerning for you as the buyer.
@Morgan
You’re right, it’s just under contract right now. And yeah, the agreement is pretty vague. Maybe I should try to push for a more concrete timeline or rethink things.
Agent - Conditions like this are not uncommon, but they should have protections built in. Timelines, contingencies… Do you have any sort of protections written in for you? Is there a deadline for having a home under contract or what terms the seller would be seeking when they do get one under contract? Giving them a blank check just leaves you waiting forever, potentially.
@Bailey
Not really, it’s pretty open-ended. I guess I didn’t think much of it at the time, but now it feels like a big risk. Would it make sense to add some kind of deadline or ask for a firm update?
Hadden said: @Bailey
Not really, it’s pretty open-ended. I guess I didn’t think much of it at the time, but now it feels like a big risk. Would it make sense to add some kind of deadline or ask for a firm update?
Absolutely. You need some certainty. I’d recommend talking to your agent or a lawyer about adding a contingency that protects you, like a deadline where if they haven’t found a place, you’re free to walk away with no penalties. It’s just about getting some peace of mind.