Managing time expectations on cash purchase of property

Property & Home
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1

Hi,

I wonder if I’m worried for good reason or not. I’m concerned that I may need to manage or patch up the process for purchasing my primary residence, given the time that has passed.

I made an offer on a property, and the offer was accepted in early December 2017.

Since then I’ve been in contact several times, keeping the realtor who facilitated the offers, up-to-date on the progress for securing the funding for cash payment but in our last correspondence he mentioned that there has been a lot of time between that date and now, so if another better offer came up then the owners could accept it.

That was how we left it, last week. That was then, and this is now, and a big hurdle has just been overcome as of today. I’ve confirmed that I’m getting the money; but the funds won’t come through until mid-March earliest.

Before I let the realtor know that this has happened, I wanted to run this by SF folks, first, for advice.

Am I imagining a problem I have to manage? Is the delay not such a big deal? I am thinking that it might be a big deal.

By the way: I live overseas, so not in France where I can pop over and have a chat with the realtor (though I plan to visit in the next 4 weeks). This is my first property purchase in France, though I’ve owned property in the past so I have some experience with how this is done in the US.

Does anyone have experience with this kind of delay between the offer and the availability of cash payment for property? If so, can you let me know if I should offer to pay ‘earnest money’ would that help to make sure the owner doesn’t accept another offer? Any advice on managing expectations, would be great.

2

Have you not signed a contract yet? Normally the “compromis de vente” is signed within a few weeks of the offer, and you then pay a deposit. Once the compromis has been signed the contract is binding on both sides. Then there can be quite a delay between the compromis and the acte, while you get the money together. If you’re dependent on a sale or a loan to be able to purchase, the compromis contains a “get-out” clause to this effect, so that if you don’t get the funds you can withdraw without penalty. It would be odd if there has been no mention of a compromis or a promesse. Or is that what you meant when you say “the offer was accepted”? Basically if you haven’t signed a contract yet then the owners can accept a better offer, if you have then they can’t.

3

Thanks Anna.

I had not, so will articulate my message to the realtor with that in mind.

Mary