Home Buying in 60504>Question Details

Jo Narug, Home Seller in Wheatfield, IN

1st thank all for answers, now 4th closing extension, is time to get out?

Asked by Jo Narug, Wheatfield, IN Sun Dec 9, 2012

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5
Closing extension to 1/13/13 (wow, next year now). They supposedly, applied for a loan from a reputable mortgage company. We are told by real estate agent, they are to get an answer by end of December (now 12/27/12). Have not heard anything yet from anybody. Guess it is the 3 day workday holiday thing again.
0 votes Thank Flag Link Thu Dec 27, 2012
Please feel free to provide us with any updates as per the status of the sale. Have you re-extended?
0 votes Thank Flag Link Wed Dec 26, 2012
Jo,

It sounds as if you have been very patient with this process. One never wants to lose a truly motivated seller but extending the closing as many times as you have is generally a good indicator of significant problems. Have you signed the most recent contract extention?

I would consider telling this buyer that you want to sell the property to them but can't afford to keep it off the market any longer and will be moving toward putting it back on the market. In the event they do resolve their credit issues, you will be more than happy to resume their purchase process, honoring the previously agreed to terms. However, in the event you find another motivated buyer you will be moving toward closing.

It may be time to protect your interests by moving forward but not closing the door....

Good luck,

Bill
0 votes Thank Flag Link Fri Dec 21, 2012
On 5th closing extension. Buyer seeking Mortgage company now. told whichever is first to give loan. 1/13/13 deadline?
0 votes Thank Flag Link Fri Dec 21, 2012
the answers are the same as you were given before because the situation is the same. just because they asked for another extension does not mean there is "new" information. again....what is your professional team telling you? you must rely on them, not on-line responses, they know the details/situation better than we do. I will say that if the buyer's team thought there was no hope they wouldn't still be trying.
0 votes Thank Flag Link Sun Dec 9, 2012
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