What can I do when the buyer keeps postponing the closing date?

Asked by Bartdemuynck, Village of Woodland Springs, Fort Worth, TX Wed May 15, 2013

I keep incurring holding costs for the property. Can I charge a per diem? WHat can I do?

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7
myhouse385, Home Owner, 33161
Tue Apr 12, 2016
I have the same problem. Yes I have an agent.
0 votes
Bruce Lynn, Agent, Coppell, TX
Thu May 16, 2013
You need to get your realtor or their broker working on your transaction.
There are a lot of different options, but they are the best to advise you.

We've walked our clients through a number of different cases like this.

You don't want their assistants working on it, you want the experienced person taking action.

Otherwise you could be tying up your house for a long time with people who play games.
0 votes
Rick DeVoss, Agent, Ft Worth, TX
Wed May 15, 2013
To Mr. Bart...and any other FSBO's out there:

We have to assume that you would not be asking this kind of question on Trulia's website if you had an Agent who was representing you. So, forgive me, but I am assuming you are a "FSBO"... For Sale By Owner. Your question points out a good example of how people get themselves into a mess when they think they know how to sell Real Estate without an Agent. (Where DID you go to school to get your real estate education??)

We realize you didn't anticipate having this problem when you signed the contract with the buyer. But that is why a Realtor is SO worth the commission that you pay them, because they know what to anticipate, and what to do in scenarios like this one, even if you DIDN'T anticipate it!

Do you even know if the buyer is qualified for the loan? You didn't tell us why he is asking for an extension, so we really don't have enough information to answer your question. But if you have approved ONE extension, then you have made a serious commitment to the contract, and you may have to agree to a second one. You can't charge the buyer anything that was not specified in your original contract. If you wanted to do that kind of thing, you should have asked your Agent to write that in and negotiate it from the very beginning. You could threaten to terminate the contract if he doesn't pay an extra fee, but now you are getting into a gray area that will require an Attorney. (Think they are going to be cheaper than hiring an Agent to begin with??)

And here's a glitch the other respondents have left out: The buyer has certain equitable rights since you signed a contract with him. It does not matter that the "closing date" has come and gone. Yes, we say it has "expired", but please check with an attorney before you do ANYTHING else, because the buyer could come back and sue you if you try to sell the house to someone else. [Were you planning to release his earnest money?? What if he refuses? What will you do then??]

Bottom Line: Always hire a Realtor to sell your property. ...And now you need an Attorney.

Good luck to you! It was a good lesson learned by all.

Rick DeVoss

ULTRA Real Estate Services

817-300-6121

RickDeVoss@Realtor.com
====================
0 votes
I have an agent and the same thing is happening... going to school to get a real estate license... most people take the online test and my experience is the agent is concerned for their commission... so extend away
Flag Thu Dec 8, 2016
Rick,
My husband and I find ourselves in this same predicament. We have a buyer who was to close on 10/14/13...we received notification that they needed to extend the closing date to 10/22/13 (due to underwriting needing documentation from the buyer's employer stating that the buyer has guaranteed overtime). We agreed and signed an agreement to extend the closing date. On 10/21/13 (1 day prior to the closing), were notified by their rep that they needed to, once again, change the closing date to an unspecified date due to "The underwriting manager has requested additional documentation on this file and I am waiting to receive from the borrower". Just to provide further information, yes, we are represented by a realtor who went to realtor school to get an education. When we speak with her (only through text message and/or email) we get no advise, only lectures and excuses. How do WE get out of this mess?
Flag Wed Oct 23, 2013
Amy Steele, Agent, Southlake, TX
Wed May 15, 2013
Hi Bart,
You should be asking your Realtor this question. Read through your contract also and then consult an attorney. Good luck!
Amy Steele
Cities Realtor
citiesrealestate.com
0 votes
Guy Gimenez, Agent, Austin, TX
Wed May 15, 2013
Do you have a contract? If so, one party to the contract can not unilaterally change the terms of the contract without the other party's authorization. So, are you continuing to allow the changing closing dates? Are you getting additional non-refundable earnest money for each extension? There are too many unanswered questions to give you a proper response, so refer to your contract for the answer.
0 votes
John Straub, Agent, Fort Worth, TX
Wed May 15, 2013
Good morning!
First things first, what is your agent saying to you? If you have an agent they should be advising you. If you do not have an agent this is an example of why you should have one and when and if this contract falls through you should reconsider you situation. Your contract and subsequent extensions are keeping the contract alive. This means that if you do not to extend the contract via an amendment at 11:59:59 on the closing date listed the contract is dead. You are re-negotiating with the buyer on every extension, how you handle those is up to you based on your situation.
0 votes
I do have an agent. He just says to extend or put the property back on the market. I am pushing to increase the non refundable deposit as they have now extended 4 times.
Flag Wed May 15, 2013
Dallas Texas, Agent, Dallas, TN
Wed May 15, 2013
All is governed by the executed sales agreement. Refer all your questions to your Realtor.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

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