Home Buying in 91767>Question Details

Totalof9, Home Buyer in 91767

Can seller refuse an extension and cancel escrow? Does the buyer have any rights?

Asked by Totalof9, 91767 Sun Jun 27, 2010

we requested a ten day extension of escrow closing. The sellers agent feels she can get a better offer by not granting extension and cancelling escrow. Escrow is stil in contract and she has put the property back on the market. Does the buyer have any rights?

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Answers

7
This Question is older but a very good question to ask your agent upon interviewing them. Not many can answer this question on how to properly represent the client through this issue with a successful closing enforcing the rights of the buyer as stated in the purchase contract.

Should a buyer who is looking for a agent who has knowledge in maintaining the fiduciary duty to the buyer i would appreciate the opportunity to perform for you. The ability to confidently close on this situation is what makes certain agents standout from the rest.

"Every goal must start with a plan and a Realtor is a great source of information to offer the guidance you need to meet your goal of buying a home." David Rodriguez, Realtor.
0 votes Thank Flag Link Sun Mar 3, 2013
Both the buyers and sellers rights are clearly outlined in the "purchase agreement." Beyond this, any adjustments in the terms of the agreement would have to be agreed to by BOTH parties.

Our recommendation is to review this document with your agent and/or attorney to be certain your best interests are protected.

Best wishes,

Bill
0 votes Thank Flag Link Mon Jun 28, 2010
Totalof9,

The issue is that you are not performing as stipulated in the contract. You should be receiving a notice to perform giving you 24 to 48 hours to get it done. At this stage I am going to assume it is the loan, you should be calling your lender and seeing what is the hold up. It is not up to the seller's agent to not grant the extension but the sellers themselves. You can bet that the seller's agent would rather get the transaction closed in the next 10 days and not put the property back on the market and wait another 30+ days to get it done. If you can not accomplish what needs to be done as you agreed then sign the cancellation notice and get your deposit back and start searching again. With very few homes for sale in your Zip code it behooves you to start making phone calls.
0 votes Thank Flag Link Sun Jun 27, 2010
What is your agent advising at this point--what does your contract state as far as extensions, the answer will be in the document--or you may wish to consult with an attorney who specializes in real estate and have all related paperwork reviewed-- see exactly what options you may have.
0 votes Thank Flag Link Sun Jun 27, 2010
Hello Totalof9,

I'm not a real estate agent, just an observer. I inspected a home for a first-time homebuyer last week who procrastinated about hiring a home inspector and then trying to find a bargain home inspection. First-timer finally scheduled the home inspection 2 days before he has to remove his contingencies. Among other defects, the sewer backed-up on the lawn while running water in this vacant house. Now he has a scant 48 hours (or less) to get estimates and further inspections. Listing agent refuses to grant an extension and he will probably walk away from a decent house and the money spent on the inspection and the appraisal.

I'm not saying this is your situation, just a recent example.
0 votes Thank Flag Link Sun Jun 27, 2010
The Seller does not have to do anything that they did not agree to in the contract. Why do you need the 10 days? Have you removed your contingencies?

Usually these things can be worked out and often times are a result of poor communication between agents. You may want to offer the Seller something in exchange for granting you the additional 10 days.

Good luck.
0 votes Thank Flag Link Sun Jun 27, 2010
Look to your contract. The answer lies there. What does your agent say?

All the best,
Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty Corp.
0 votes Thank Flag Link Sun Jun 27, 2010
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