My husband and I were in that situation. When you ask "how long of a close would you accept?" Do you mean that you are deciding whether or not to walk away from the deal? Or do you think you have the leverage to make them change their plans - perhaps go to a rental themselves?

When we bought our house, we were ready to close and move on June first. The sellers wouldn't vacate until September first. We wanted the house. We knew there had been another offer. Our only choice was to accept the long closing or lose the house. We waited. It was a major pain, and we didn't even 'move twice' because we got a furnished place and left everything but our summer clothes in storage.

You have to take a look at it and decide if the house is worth it. We once offered on a house and the sellers couldn't get out before we needed to be out of our own home. Their answer was for us to stay in a hotel for two weeks (with 4 kids !!) and store our furniture for those two weeks. We walked over the matter of two weeks because it just wasn't worth the hassle to us. Some people might not think of it as much of a hassle, so it just depends on what you're willing to put up with.
If you don't think you're getting as much in return for your concessions as you'd like, then you have the option to walk on the deal.

I would ask them to move and get a rental house for themselves.

Having seen firsthand how long new builds can drag on, it's not fair to you to have your life put on hold so they can build their house.

And if life gets complicated and they have trouble with their new house or financial trouble-oh man, think of how hard it will be to get them out of YOUR house then!

If they're paying for the rental, why can't they live in it instead of you?

You're in a buyer's market currently and I think offering only $4000 below their price is a heck of a deal for the sellers. If they REALLY want to sell their house, they can go to the trouble of the double move and rental home.

Unless their home is the dream home of all dream homes for you, I can't see why you should be inconvenienced. If you go through with it, you better make sure every last detail is in writing. For example they're paying for a rental for you, but what are they paying to stay in your house?

I reread the post and still don't see when they want you to close on their house, will it be September?

IDK, I think that they should be the ones being put out for a few months not you. As was said, if something happens you may not close until Christmas. If they want to close in July & live in the house, that I would not do. I would never let someone stay in a house that I owned, too risky trying to get them out or what if someone damaged something?

Either they allow you to close the day of your house closing or I would forget it. Think of it this way, if they can't afford to pay the builder for the septic, how can they afford to rent you a house?

Thanks for all the input. I just received the fax of their sign back and there was more changes than the agent mentioned on the phone. Now all of the sudden the appliances are not included, but they want the same purchase price.

Its starting to seem to me like they don't want to sell their home very badly.

So frustrating.

They are unwilling to move to the rental themselves, period.

Its not our dream house, but it is nice, we do like it... enough to make an offer :)

roselvr, they would be looking at mid sept, for us to close on their house.. they assume their new one will be done by then.

I hate to walk away... but its looking more and more like that as this plays out.

poop.
GP

I'd try to rent in the new town and look some more. I don't believe we've seen the bottom of this RE market in most places. You could get more house later on. Or even THAT house for less money in a little while.

These sellers want unreasonable concessions, IMO.

I think I'd walk, knowing that I could come back in a couple of weeks if I wanted to.

You're not going to have any competition for this house.

And if it's a buyer's market, there are other nice houses out there; looking some more might give you a different house, or a firmer conviction that you want this one bad enough to wait.

And for them to not want to move, but make the buyer do so? I don't think I'd want to be the one in a rental because a house wasn't finished--not if it's not MY house being built.

And are you going to have to be the one to FIND a short-term rental of a house or apartment? CAN you find a rental that's not a full year?

If you REALLY want the house...

You need to know that if they pick out the rental home, it might be crappy.

Also, chances are very, very likely that the builder will not be ready with the new home by September. Then what?

You have to put something in the contract that gives you double the rent amt after that date or sme kind of payment for you.

Also - do THEY pay the rent to the landlord, or do they pay it to you? What if they don't pay on time or stop paying. Then what? Put it in the contract.

Also - what if you rent a place through Sept, then their new home is delayed, but the landlord already has new tenants for October. Then you have to move again.

Sept will likely turn into November or December with the current situation.

If you are thinking of walking away, just do a final counter offer of closing in mid July and you take possetion then and THEY worry about renting or whatever for themselves. I have a feeling that they will take this offer if they know that you are serious and will walk away if it doesn't work out.

** I don't know wha state you are in, but if you walk away and a new buyer doesnt materialize pronto, they are going to get stuck with finishing up the new home in winter/cold weather (if it is in an area that gets cold winters.). this could make them want to make a deal with you too...the clock is ticking.

I like sweet tea's idea - final counter offer:
1. Close on or before July 5
2. Appliances stay
3. They rent for themselves
4. Sale and closing depend on satisfactory building inspection
5. Any problems that the building inspection turns up must be fixed to code or satisfactory re-inspection.

If this is not acceptable - WALK.

Enjoy the journey.

eal51 in western CT

it makes more sense for the sellers to go to the rental. The builder is estimating 4 months but there is no guarantee. In my opinion if they are getting an acceptable amount for their home they are crazy if they don't take it and be inconvienced with the rental.

if they don't close w/ you in July, they pay your rental, AND their mortgage.
And they pay whatever escalation clause.

if they DO close w/ you in July, they pay their own rental. And they don't have anybody calling them every couple of days to ask how the build is going.

I think that you started with a very, very generous offer and I'm shocked they are so unmotivated to take it. If there is anything else available, I'd walk!

We didn't walk... yet. They have conceded the door installation and the fridge and stove... at least verbally... tomorrow the paper work will get exchanged and we'll see what that says.

We do have all the details hammered out about the rental and them paying, etc, so that part seems pretty straightforward, at this point.

Oh and we're in Ontario Canada.
GP

After consulting with our lawyer this morning, I think we'll ask for the earlier close, they can rent in the meantime and if they won't agree, we'll walk. There's always more houses for sale. *sigh*

Thanks for all the input! Without the input, I might not have bothered to chat with the lawyer and then in 3 to 6 months I could've been posting about our nightmare. Its appreciated!!
GP

Whew! Glad I was able to read the second part, where you've decided to walk if they won't agree to earlier close.

It's all very well to have a contract that says someone must do thus and so -- like pay your rent. But what if they don't/can't? Lawsuit? (Big mess!)

Chisue,
Exactly. As the lawyer said, we can write legal documents all day, but in the end, people still have the option to not follow them. Yes, you have legal recourse, but it can take months and lots of money to resolve something that should've just been simple and straightforward.

Buying a house should not be this difficult! It feels like to me that they listed their house for sale, but never really "decided" to sell it, if that makes any sense.

The agent is going to tell them now that we want the shorter close... we'll see what they say.Big fun.
GP

These people want to have their cake and eat it too. You can't blame them for negotiating for the easiest option for them. But, you don't have to agree.

How long has their house been on the market?

Has there been any discussion about what happens if their house isn't finished by the closing date? Go over to the building a home forum and read a few posts. I would venture to say that 95% of custom homes are not finished on the anticipated date.

Dee,
They listed at the end of March / beginning of April. Great idea about going to the building a home forum, I'm heading over there now to read through some threads!

As for what happens if their home isn't finished by the closing date? My lawyer described the verbage as "loose and open to interpretation". Their agent gave me the song and dance about their word being better than any legal agreement.

That part creeped me out.
GP

I have to take the sellers side --it's their house. When we were building our new home, I absolutely would not have moved twice or put my things in storage. We did not need the money from the sale of my old home to complete the new home, so we were willing to wait for the right buyer. Anyone interested in buying my old home would have had to agree to wait. However, in our case we chose not to put our home on the market until we were compltely moved out of our home. I have a cousin selling a home right now in the same position. He has a severely handicapped child and cannot live in a rental. Anyone wishing to buy his home will have to wait until his new home is complete to move in. He put his home on the market several months ago and has found buyers that are willing to accommodate him. I think it all depends on how badly they need to sell and how much you really want that house.

We sold a home in Colorado several years ago but wanted to wait til the end of the school year to move. This was noted in the listing up front that possession would be 3 months out. We sold the home in 5 days with 3 offers and accepted 105% of the listing price. We were told that we would have had more offers except for the length of time to possession. Those three buyers that offered on our home were willing to wait, others were not. But we have walked on homes that we could not get possession at the time we wanted or needed it. Some people are willing to put up with the inconvenience for the right price, others put a higher value to the inconvenience. Ultimately you have to do what feels right for you.

If they don't want to move until the house is built, I don't see why the house is on the market.

If they need the sale money to complete the build, well...they'll have to hope someone REALLY loves the house and doesn't have a lot of stuff to store between moves. I wouldn't bother w/ such a situation myself.

I agree that the sellers don't have to move twice--but were I the buyer, I wouldn't want to move twice either. That doesn't mean one side or the other is wrong, but it may mean that this is not the deal.

We saw our place on Super Bowl Sunday, made a bid about a week and a half later, and closed on August 1st (w/ a rent-back for 3 days). The sellers needed time to find a buy a house; we weren't getting married until September anyway but could have moved sooner if we'd wanted or needed to.

There may be a buyer out there for this house who is willing to wait for the closing. The sellers may decide that this offer is good enough, and they'll change their mind about the closing date.

As deee wrote: "You can't blame them for negotiating for the easiest option for them. But, you don't have to agree."

GP,
I would stay far away from anything that is not specified in the contract. The agent's comment about their word being better than any legal agremeent would make me run (not walk) far away from both the sellers AND that agent. Their word will mean absolutely nothing when it comes to a dispute or to a lawuit...I've learned that the hard way!

Sounds like they want you to bear the brunt of any delays that may occur with their construction. While it may very well be the case that they do not want to move twice and they made need the $$$ from the sale for building the new house, quite frankly, that is their problem and not yours. They made the choice to build - with bridge financing as an option for them.

Margaret

If the builder says 4 months that means 8 months

Thanks for the advice, after careful consideration, we're going to walk. Too many issues... too many complications.

There will be an easier place to buy, where the sellers WANT to sell and close on their property in a time frame that works for us.

We're seriously considering renting something short term at our destination and then starting the search again. Now if only we can find something that would allow our dogs!!

And yes, we'd have to move twice, but at least we'd be in control of what gets paid and where we would live, etc. Not someone else.

GP

You should print the post and have it faxed to their agent lol

I still don't understand how they think they can pay rent when it seems they are really low on funds.

Someone may buy the house, but it will be someone who has no clue what can happen to them. I can't believe they won't be put out by moving twice but they expect a buyer to. Is the house made of gold and that desirable?

Boy, did you ever make the RIGHT decision. Good luck to you. Perhaps the sellers will figure out this is NOT a sellers market. What do you think? :-)

Good for you GP. While this house was a nice one, it wasn't meant for you. There will be an even nicer home for you to consider later on. Just reading through your posts made me keep shouting, WALK! WALK! You didn't need the hassle this seller was creating and would continue to create. NancyLouise

Since we decided to walk, I've felt nothing but an overwhelming sense of relief :) Guess gut feelings are there for a reason!

Though, I'm not sure my gut would've spoken so loudly if I hadn't asked here. That was the turning point in realizing we may be walking into a potentially bad situation.

Thanks again!
GP

Someone may buy the house, but it will be someone who has no clue what can happen to them.

Or it might be someone like my DH and I, when we first bought, who doesn't need to move now and can wait quite cheerfully: One of us was renting and could sublet if needed to fill out the lease; the other was living at home. We could have closed at any time.

But that's not giantpony.