Home Buying in Sarasota>Question Details

Gg, Home Buyer in Sarasota County, FL

Is a typical financing contingency 30 business days or calendar days? I have a back up offer in place and want to be strategic in extending the offer.

Asked by Gg, Sarasota County, FL Fri Jul 1, 2011

I know that the current buyer's contract was accepted on the 10th of June. Will their 30-day financing contingency expire on or about the 10th of July, 30 days after the inspection, or 30 business days past one of the two mentioned dates? I would appreciate any assistance, as I would like to be strategic when extending or withdrawing my offer so as not to give the current buyer more time. If they do not get financing I will be in the primary position. Any and all input is appreciated!!

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Oh and the current buyers, if they've already paid for their inspections and appraisal may get some sympathy from the Sellers if they only have a small delay in getting their Lender Committment letter. The Sellers may offer them an extension of time to close. Your Realtor can lookup the expected closing date on the MLS.

If this is a Short Sale where the Seller and price have not yet been approved, it could be many many months before the time period would even begin for the current buyer to get a lender committment. Normally on a short sale the time periods start once the short sale is approved. That could be 2 to 6 months from now!

Hope this helps.
Alma
0 votes Thank Flag Link Sat Jul 2, 2011
Depends on whether they wrote their offer on a FAR/BAR or FAR contract. FAR is "business days" for computing time periods and FAR/BAR is calendar days.
0 votes Thank Flag Link Sat Jul 2, 2011
30 calendar days... But the 10th falls on a Sunday, so they date would be pushed to the 11th. Good luck to you!
0 votes Thank Flag Link Fri Jul 1, 2011
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