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 used Jill to buy our house in 2010. We then needed to sell it in the fall of 2013,... read moreWe used Jill to buy our house in 2010. We then needed to sell it in the fall of 2013, and knew we would call Jill again. She was so professional when we worked with her (both times). She was prompt to answer or respond to calls, always had a correct answer for any questions, and was great at navigating the bumps in the process. We had several issues in selling out house, but Jill always kept us calm, assuring us that everything would work out. She was absolutely right! Now I want to recommend her to all of my friends, and wish I could use her again--unfortunately, we won't be moving for a while! read less