Best of luck, please update us as to how it all works out!
Also if buyer wish to ask for escrow closing date extension you may ask buyer to pay per deem. Per deem can be dollar amount that is similar to your expences or more as you see fit - this is what you charge daily untill your escrow closes and it is to be paid by the buyer.
Hope this info will help you!Â
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It depends on exactly where you are at in the process or the likelihood of still closing whether your broker will recommend this or help you continue with the current buyer. If the buyer has already signed loan docs and is just working out some issues, the broker might recommend giving the buyer a few extra days. If the buyer cannot get a loan, then the Notice to perform would give them a few days to provide proof of a firm loan committment or you can cancel.
The Giving Tree Realty
The bottomline is the buyer is in "breach of contract", so you don't have to sell your house to that buyer anymore no matter what your broker says.
If this buyer still wants your house & of course it sounds like your broker would still like to sell & to this buyer, you have the opportunity at this point to Amend the purchase contract or redo it altogether. Tell this buyer, they can still close, but now the purchase price is $3,000 more or something like that, which covers your unnecessary expense. You should define what that is because you would have moved out anyway, therefore the buyer shouldn't be paying for your moving costs.
Working it like this may require a new appraisal, however depending on what type of financing the buyer is getting, like NOT FHA, the buyer Could pay monies towards Your closing costs VS actually increasing the purchase price which would require a new $450 appraisal. It's possible, if the buyer is using the same lender the existing appraisal could be amended for less.
These are all possibilities you can explore if you're going to continue to allow the current buyer to close. Normally an additional 'asset' doesn't kill a deal, unless that additional asset has now Thrown Off the buyer's Debt Ratio calculation, which may be the case.
I don't look back on this same Trulia posting for answers after mine. Shoot me an email directly if you would like to talk about this further.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
100% short sale success ratio
& I can Prove it