Home Selling in 19330>Question Details

Chuck, Home Seller in 19330

selling my house need another week to close buyer wont do it

Asked by Chuck, 19330 Thu Dec 2, 2010

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In most contracts, time is of the essence. Therefore without a compromise, you don't have many options. At this point it's a negotiation. You are asking for one week. The buyer is telling you no they will not give you one. So as with any good negotiation, you need to pose the question to the buyer. Why exactly can they not afford you one extra week. Listen closely to the answer and think of a solution that will solve the problem they will face if they give you an extra week. This is the best way of negotiating and the surest way to finding a solution to your own dilema. My guess is it will cost them extra in some way, either with rent, movers, or forcing them to move their date on the sale of their property. So a monetary gift of a few hundred dollars might cover the expenses and frustration they might get from helping you. Most people are cordial and want to help as long as the aggravation is either outwieghted by the reward or in the case of a tough negotiator the reward outweighs the frustration. Hope this helps Chuck!
1 vote Thank Flag Link Thu Dec 2, 2010
Have to agree with Anna - if the buyer refuses, and it puts your transaction at risk, proceed with your closing even if it means the expense of a hotel.

Talk to your agent and attorney and see if they can help with a compromise but if not, don't risk losing you deal.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Dec 2, 2010
What is your agent suggesting...unfortunately, if the buyers refuse to negotiate the additional week of stay, not much can be done--what does your contract state with respect to such an issue....if all else fails, rather than risking losing your buyers in this current market, consider a hotel stay--again your agent and or attorney can best advise.
0 votes Thank Flag Link Thu Dec 2, 2010
Good Afternoon Chuck;

If by you needing another week means that you will be past the closing date of the contract, there's not much you can do unless the buyer agrees to extend the contract.
I would ascertain the reason why and see if there's a way you can negotiate for the extra week.
I'm not a lawyer; but if things do not work out, you may want to seek an opionion from a Real Estate attorney regarding contractual obligations.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu Dec 2, 2010
Unless there is wording in the contract like Time is of the Essence then closing can be delayed for a week. Your buyers loan lock could expire or it could be something else but I would have your agent contact the other agent and maybe contact the closing attorney(s) to get them involved. What are the reasons for the delay and why won't the buyer just wait a week? Unless the buyer wants to walk away I am not sure there is anything they can do if the house can't close.
0 votes Thank Flag Link Thu Dec 2, 2010
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