Home Selling in Cincinnati>Question Details

Jen Allen, Both Buyer and Seller in Ohio

Should I grant a second extension or cut my losses and re-list.?

Asked by Jen Allen, Ohio Tue Nov 13, 2012

We have a contract on our house from early Sept with a closing date of Oct 29. The buyer's loan was not approved and required additional documentation. We granted an extension until Nov 16. We are quickly approaching that date and still do not know if the loan is approved. I'm hesitant to keep granting these buyers time. I know that Coldwell Mortgage is the hold up and not the buyer but how much do I need to put up with? I'm also not sure if my seller is going to grant an extension for my new house and my loan rate lock expires on the 26th. What would you do?

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Your first offer is most times your best
Find out as much as you can about the existing buyer before jumping ship
1 vote Thank Flag Link Fri Dec 28, 2012
I would put my foot down on extensions and "cut your losses". Once the Buyers see the potential that they could lose this home that they have invested time and money in, they will find a way to make it work or stop wasting everyone's time. Its a tough decision. I would think of it this way: you are not saying they can't buy it, they just need to get their act together, when they do, hopefully the house will still be on the market. In the meantime you are watiching out for your family and investmennt.
Good Luck!
Alissa Spears
0 votes Thank Flag Link Fri Dec 28, 2012
It's very unlikely that you would get a new buyer in January! You may as well give an extension and hope. What makes you think that Coldwell Banker is the problem? If you have a complaint against an agency you can take it to our Board of Realtors.
0 votes Thank Flag Link Fri Dec 28, 2012
Call the problem bank and ask for a senior manager and find out whether the time line will be met, then make your decisions from there. Get proactive. And go to the person who can make things happen
0 votes Thank Flag Link Wed Nov 14, 2012
There is always a risk until closing that a buyer will not get their loan. Unless you have a good reason the buyer will not get the loan, I would grant the extension. I would have your agent find out what documentation is being requested and find out if the buyer can provide it quickly. This will help determine the extent of the delay.

Although you rate lock may expire, you can check with your lender to see how much the rates have changes from your locked rate, it may not change at all.

Your agent can also ask the sellers agent on the home you are buying if they can grant an extension.

None of this is unusual, but can be frustrating. Starting from the beginning finding a new buyer can be more frustrating and could also cost you if the new buyer is for less money. Good luck, I hope it all works out for you.
0 votes Thank Flag Link Tue Nov 13, 2012
Hi Jen,

I would give the buyer the extension. The bank is asking for more additional documents. It does happen, if you feel the buyer is committed to buying your home, than stick with them. Having to start all over finding another buyer, could even further delay the process. Have your Real Estate Agent, talk to the buyer's agent. Maybe he or she can get you some additional information from the lender.
0 votes Thank Flag Link Tue Nov 13, 2012
My advice would be to give the extension. Who knows how long it could be before you could get another potential buyer & then you could be in the same boat again. There's no harm in giving them another 2 weeks. I would also ask to see their "conditional approval" this will give a glimpse into what is being requested of them & if it is realistic or not.


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0 votes Thank Flag Link Tue Nov 13, 2012
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