On the 18th, two days before you are scheduled to close on your Spring Texas house, your Realtor calls and says “I have some bad news. We won’t be closing on the 20th. The lender is waiting on underwriting to issue a final approval.” What?!? Doesn’t the lender know that you need the funds from the sale of this house to purchase your next house.
Then your Realtor says “The buyers want you to extend the contract’s closing date until the 26th.” What?!? The 26th?
But do you have to grant the buyers an extension just because they want one? No, you do not. If you decide not to grant the buyers an extension, the contract will terminate at midnight on the 20th. On the 21st, your house would go back on the Spring Texas real estate market putting you in search of a buyer once again.
Since the buyers were unable to close by the agreed upon closing date, they would be in default of the contract. You could then sue the buyers for specific performance of the contract or receive the buyers earnest money as liquidated damages. A small consolation for what you really wanted to occur which was to sell and close on your Spring Texas house.
Should you or shouldn’t you grant the buyers an extension?
Grant an extension if:
Don’t grant an extension if:
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less