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Contingency Offer Expiration?
I had entered into an agreement (in Nebraska) to buy a house contingent on selling my current house. The contract was entered into in April and stated a closing date of 8/1/2011. I didn't get my house sold, so I would assume that the contract expired on 8/1. In the meantime, I have since figured out that the house is way overpriced and that I don't want to move to that town anyway. So, I figured with the contract expired, I would just not extend it and get my "good faith money" back. I asked my agent what the next steps were since the date had passed (without mentioning that I wanted out), expecting him to say that we can do a new contract or we could get our money back. Well, he said he would ask the sellers if they wanted to do an extension (again, sounding like the date means the contract is expired). I didn't hear back so I called him again and he said the seller would like to just extend it. I told him that I didn't want to because of it being so overpriced. He then responds with "well, I don't think there's actually an expiration date on the contract." So, I got a little mad. Everything he had said so far sounded to me like the contract was expired. Also, why would that NOT be the expiration date? It would be stupid to not have some kind of a date where both parties can walk away. I really need my $1000 back, so, what are my options? Is that actually an expiration date? Or is he just jerking me around trying to get his commission? Its just a basic real estate offer contract that in the "other" section (or whatever it's called) says handwritten "contingent on buyer selling the property located at...".
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