Newsflash: Removing a contingency (long, I’m verbose)

My husband’s mother moved in with us 6 months ago, and my husband’s granddad will be moving in just as soon as we have a place to put him. As such, we’re selling our current (not enough bedrooms) house, to buy a bigger one. Things were going surprisingly well up until an hour ago. We put in an offer on a new place with the contingency to sell our current place on the same day our current place was listed. We negotiated some, sellers at the new place accept our offer. Our current house goes under contract yesterday, after 7 days on the market. I found out just a couple of hours ago that the sellers at our new place got an offer without a contingency and we now have 48 hours to remove our contingency and risk our $5k in earnest money, or walk. We knew it was a possibility, but the house has been on the market since January, and even after a big price reduction, they had no takers before we made our offer so we thought another offer was of course possible, but unlikely. The buyers for our current place have scheduled their inspection for tomorrow morning, they accepted our counter offer for more than they initially wanted to pay, and for those reasons, I think they’re very serious and will close on time. But I’m not $5k worth of sure about it. I know the safest thing to do, most likely, is walk (with our $5k) from the place we put the contingent offer in on, and find something else. The only reason I’m not completely sold on doing just that is that our requirement list for a new place is a damned mile long, and finding something with all the space we need (5 bedrooms, it’s a tall ask) in our budget is daunting. And so is the idea that if we don’t find what we’re looking for in the right time frame, we’ll need temporary housing for 3 adults, one 10 month old baby, and 2 dogs. Would you remove the contingency? Have you ever been in a situation where you removed your contingency and it worked out ok? We have until Sunday morning to decide, and I know what the safe bet is, and I probably just need to be told to do the sensible thing here.

Read more at https://www.reddit.com/r/RealEstate/comments/6c51xp/removing_a_contingency_long_im_verbose/?utm_source=ifttt

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