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Dutchess_III's avatar

Can you guys tell me what the 72 hour real estate clause means to us in this situation?

Asked by Dutchess_III (36375points) August 20th, 2011

First, I already looked it up on Wiki. It was awfully vague so please don’t send me there!

Same house we’ve been trying to get for a year, contingent on the sale of this house. The wife (whose name the house is actually in) really, really wants US to have the house.

Well, they moved to Az and they’ve been patiently waiting for something to happen at this end. I sympathize with them because they took a second mortgage on the house at some point, and are paying on that every month.

We have a 72 hour clause in the contract.

We’ve also been taking steps to refinance and rent the house, if nothing else.

On Monday we had showed the house again, not expecting anything to come of it because of our experience over the last year.

However, after they saw it our realtor said they were very interested, and had an appointment for the next Saturday (today) at 5:30 to discuss financing.

On Thursday he called, said somebody had put a contract on the other house. Said he had cash. The 72 hour clause kicked in which would take us to today, unless it’s valid only during business days, which we don’t know.

Needless to say that lit a fire under our butts. As of yesterday we got pre-approval for the financing to buy the other house.

Our last contract, signed last July, gave us until Oct 31st.

Well, the husband doesn’t want to wait the 60 days until Oct 31st. Well, hell. We could move in well before then. It was just a bit of wiggle room. Apparently he’s decided to be a hard-ass and Rick’s blood is starting to boil. Remember, the house isn’t even in the husband’s name, but after 30 some years of marriage….well…

So….can anyone tell me where we stand legally in this deal?

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3 Answers

Cruiser's avatar

From the time of notice of the other offer on that other house you have 72 hours to execute the offer you made on the other house that was accepted with this 72 hour contingency clause in your offer. If you fail to execute the terms of your offer in that time period the seller is free to accept this other offer if they choose to do so.

Dutchess_III's avatar

I know what it means @Cruiser. My question is, we are pre-approved for the financing We’ll be ready to finish it up on Monday, and jump through all the hoops and be in at the end of the next 30 days. So have we executed the terms of the offer or not?

Dutchess_III's avatar

OK…on the contingency contract it reads: “It is understood between the parties hereto, that the Seller will continue to show said property, and in the event of another accptabl3 offer, the seller or seller’s agent will contact Buyer or Buyer’s agent by written notice providing 72 hours t remove the contingency, (excluding Saurdays, Sundays, and legal holidays) from the Contract. Failure of the Buyer to remove the contingency will cause thie Contract ot be canceled and of no further force and effect. Should the Buyer successfully remove this contingency, Buyer agrees to close within 25 days of removal.

Buyer shall be allowed to remove the contingency only if he furnishes written evidence to satisfy Seller that he has funds available, independent of the sale of his home, or that his home is presently under contract with a pre-qualified buyer….

We’re talking to a real estate lawyer on Monday, but the way we, and our realtor, read that, we removed the contingency by becoming pre-qualified to buy the home independent of the sale of the house. We also may have a contract this evening and we can get the buyers of our house pre-qualified (I hope.) Even if they don’t get pre-qualified, we only needed to satisfy one of the conditions.

We also read that we have 25 days to finalize the sale and close.

Would you say the law in on our side in this?

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