Home Buying in 08226>Question Details

ruthmarie2, Home Seller in Ocean City, NJ

Is it advisable to accept a buyers offer that they do not want settlement for four months?

Asked by ruthmarie2, Ocean City, NJ Sat Nov 10, 2012

Help the community by answering this question:

Answers

11
Its fine. Need to to just make sure that the terms and conditions are clear. We are happy to assist you with other questions, please feel free to send an email or call us.

Hope to see you at the beach,

Jill


Jill Perry-Zaborowski
Jack W. Zaborowski
Keller Williams Realty
Direct 609-398-SOLD (7653)
cell 609-892-0512
http://www.TEAMOCJACK.com
http://www.jackandjillattheshore.com

Follow us on Twitter @TeamOCJack
facebook page: OC Jack
pinterest: http://pinterest.com/teamocjack/
linked in: Jill Perry-Zaborowski
0 votes Thank Flag Link Sun Nov 11, 2012
Depends upon many factors like what works for you and why the delay. (may be contingent upon them selling ?) As pointed out mortgage commitments arent typically good that far in future. If they are giving you enough down and willing to do inspections etc sooner than later (so you can know of any problems well in advance) It may work out for you. I suggest you speak with both your agent and your attorney to get a feel for the sincerity of buyers and how best to protect your self when it comes to the contract terms.
0 votes Thank Flag Link Sun Nov 11, 2012
Have you considered that if they are going to get a mortgage their loan commitment may expire before you can close? No mortgage means they are out of the contract with a full refund of their deposit money and you have just wasted four months of precious time to sell your home. They are asking a lot of a seller to pull their home off the market for that long. Is this a full price offer? Are they paying cash? If the answer to those questions are both "No", what is the advantage to you as the seller?

If they really want your home they should set a realistic settlement date.
0 votes Thank Flag Link Sun Nov 11, 2012
Only if you can wait that long. Most closings are within 45 days, some as little as 30 and usually no more than 60. If you want to give them 4 months make sure all their contibgincies are met up front, you get a large deposit and make it non refundable.
0 votes Thank Flag Link Sun Nov 11, 2012
At this time of year in our season market in Ocean City, NJ it is common that buyers will push the clsogin date out into the new year. A closign farther out will alow the buyer to delay and defer there frist mortage payment to be closer to the rental monies that will be coming in starting in June. A March closing, will give a buyer a May 1st mortgage payment. I would look at the numbers for you.. and see if you can negotiate the deal knowing you have to carry the property for the next 4 months. The challenge is, you dont wont to give a Fall discount with a Spring closing. Shoot to get a Spring price in the Fall. Either way, work the deal, as the inventory will rise 20% to 30% in the Spring with more competition. Yes the demand will rise also, however the inventory and supply will be greater. The buyer you have now is more serious at this time of year, versus the buyers in the Spring which do a lot of "looking". Jeff Quintin
0 votes Thank Flag Link Sun Nov 11, 2012
Does four months work for you? You may want to consider making it a contingency, offering them first right of refusal in the event you get another offer. Another thing to consider is, how long have you been on the market? How many showings have you had? How many offers have you had? Do all other terms work well for you? Do they have a solid mortgage financing And require a sizable good faith deposit. All things to consider. I'm curious as to what your agent advises and why?
Leni
0 votes Thank Flag Link Sun Nov 11, 2012
Hi Ruth.....

The choice is yours.....

Four months of having your property off the market and having the deal fall through will not make for a pleasant experience. I would advise making sure the deal is "rock solid" without contingencies allowing the buyer to walk without consequences and insist on a sizable deposit. Minimal contingencies and maximum financial commitment from the buyer should help greatly.

Good luck,

Bill
0 votes Thank Flag Link Sun Nov 11, 2012
It's really your call if you want to wait this long. You should discuss with your attorney how best to handle the contract with a longer period until a closing date. Four months is usually needed to close on a short sale.

Good luck to you!
0 votes Thank Flag Link Sat Nov 10, 2012
Well........If you're ok with waiting 4 months, and you like the price and terms of the contract - what's the problem?

Besides, if no one else is making an offer...........then who knows how long you might have to wait for another offer.

Best wishes......
0 votes Thank Flag Link Sat Nov 10, 2012
It is a good idea to find out why they want a four month settlement prior to accepting the offer.

I had buyers who wanted a long settlement because they were renting and wanted to finish out their lease term first. Other times, some buyers will ask for a long settlement based on the fact that the house is a short sale or other type of distressed property to avoid signing extensions over and over.

I would think that most of the time it would work out fine but it's always good to know their reasons to settle your own uneasiness. Good luck!
0 votes Thank Flag Link Sat Nov 10, 2012
What's the reason for such a long settlement date? Is it because they have to sell a home before buying? Do they have a lease they must honor? If I was in your position, I would remind myself to remain level-leaded and find out why. Also, ask for a sizeable amount be held in escrow do that you have some reassurances that they will follow through with their commitment to buy.

I once had a buyer ask for 6 months and it worked out just fine.
0 votes Thank Flag Link Sat Nov 10, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer