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Updated over 2 years ago,
Contract- All cash purchase with a home sale contingency
Situation- I represent the buyer- We've been under contract for the purchase of a home, but with a home sale contingency. 45 day close. The buyer was going to pay cash from the home sale for the purchase, so I added the All Cash Purchase Exhibit. ( I called the agent when I submitted the offer and informed her that the cash to purchase would be funds from the sale of her home.) My buyer hasn't got an offer on her home yet, 3 weeks into contract, and the seller is wanting out. On my All Cash Sale Exhibit, I had put 30 days for #2 verification of funds. Since the purchase was contingent on the sale of her home, we have no fund verification to provide. The sellers have given notice to terminate and keep the earnest money. I am a new agent and I thought for sure the Sale of Home contingency save my buyer her earnest money . Even the closing attorney said he wasn't sure, so the dispute will now go to a judge.
Has anyone been in this situation? Should I not have added the All Cash Purchase exhibit in the first place? Or did putting 30 days for fund verification instead of 45 give them the out.