Home Buying in 02302>Question Details

Aly Kieu, Home Buyer in Foxboro, MA

The sellers just asked for an extension to execute P&S. Should I have them reschedule the appraisal?

Asked by Aly Kieu, Foxboro, MA Sun Apr 19, 2009

Appraisal and Purchase and Sales

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Well find out the reason for the delay, if it's reasonable (out of town, etc.) then you may not need/want to. If it's simply cold feet on the part of the sellers then there may be other issues you need to look into. Often times a buyers agent or listing agent will have to extend out and offer ideas outside the box to remedy a situation. How to proceed next really depends on the reason for the extension. If they're having trouble locating a property to move to you might find them a top agent in the area where they're looking.

From the sound of what you have provided, the purchase and sales agreement is a fairly standard document, the attorney's both work to add individual addendums or a mutually agreeable addendum. This can take several days if either client isn't readily available to approve any changes in a timely fashion. Weekends don't help. They might just be looking for an extension to sign the P&S for contractual reasons, offers to purchase usually have a time & date for the P&S to be signed, the attorney's would want each client to sign for an extension if the dates were getting close, to keep both parties protected and extend the offer to purchase terms. It's a common occurance if that's the reason.

Hope that helps,
1 vote Thank Flag Link Sun Apr 19, 2009
If your working with agents and/or attorney's then you should find out the reason for the extension. If you are going it alone you should question the sellers directly and find out the reason. You might hold off on the appraisal, talk with your mortgage professional to seek their opinion, would you get charged anyway for the appraisal or a reschedule fee?
1 vote Thank Flag Link Sun Apr 19, 2009
I am working with a buyers attorney and a real estate lawyer. My Lawyer sent a Rider A with the P&S and the sellers attorney made changes. Im trying to close by May 29 and I dont want this to keep going back and forth between attorneys. I know the deal will get done, so I dont know if I should keep the apprasial date before we fully execute the P&S to speed up the process or not. Im just looking for opinions cause at the end of the day the decision is mines.
0 votes Thank Flag Link Sun Apr 19, 2009
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