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:
With out a doubt the best Realtor we have ever dealt with. Easy to work with, very knowledgeable and I... read moreWith out a doubt the best Realtor we have ever dealt with. Easy to work with, very knowledgeable and I believe saved us quite a bit of money on the purchase of our current house.
During construction Jill was very helpful during the various walk-through stages, knew how to work with the builder and gave great advice in choosing design elements.
She was well organized and always available when needed.
For these reasons and more I highly recommend Jill and have recommended her to friends.
Eric- read less