Purchase Contingency Dilemma and How To Deal With It

[Andrew Karpman]

Hello All,

We've entered escrow on a property just yesterday that has been on and off the market for a few years, and according to the selling agent multiple potential buyers have been in escrow on the property but eventually ended up walking due to the sellers not being able to find a replacement home. This raised red flags for me so I decided to ask you guys.

The seller had 3 contingencies in the counter which we had accepted and signed without fully understanding the 2nd one. They are as follows:

1. Escrow to be a specific escrow company (They specified the company)

2. Contingent upon Sellers purchase of replacement home with concurrent close plus 2 days

3. All other terms to remain the same

Once we signed, we submitted our earnest money deposit into this specific escrow company. My fear is that we conclude our due diligence period and pay for all inspections at which point we will forfeit our earnest money and the sellers take forever to find a home or never find one.

What are our options?

Andrew