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Old 07-16-2012, 04:53 PM
 
Location: Texas.
340 posts, read 1,276,599 times
Reputation: 125

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Due to close escrow on the 23rd. Buyer has been slow during the process but progress being made. Just got call for inspection on Thursday and appraisal on Friday. Obviously contract needs to be amended to new closing date. Is this a 2 party agreement? Also in what order should I respond if 1) repairs need to be made or a concession towards them 2) appraisal comes in lets say 5k low and we need to renegotiate. How long would be a safe extension for closing? Is their a benefit for anyone in this scenario?
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Old 07-16-2012, 05:33 PM
 
Location: The Triad (NC)
26,875 posts, read 57,924,091 times
Reputation: 29302
Quote:
Originally Posted by turnerfamily View Post
Due to close escrow on the 23rd. Buyer has been slow during the process but progress being made. Just got call for inspection on Thursday and appraisal on Friday. Obviously contract needs to be amended to new closing date. Is this a 2 party agreement? Also in what order should I respond if 1) repairs need to be made or a concession towards them 2) appraisal comes in lets say 5k low and we need to renegotiate. How long would be a safe extension for closing? Is their a benefit for anyone in this scenario?
why isn't your agent answering, resolving or at least involved in these questions and issues?
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Old 07-16-2012, 05:49 PM
 
Location: Lexington, SC
4,281 posts, read 10,294,366 times
Reputation: 3700
Quote:
Originally Posted by turnerfamily View Post
Due to close escrow on the 23rd. Buyer has been slow during the process but progress being made. Just got call for inspection on Thursday and appraisal on Friday. Obviously contract needs to be amended to new closing date. Is this a 2 party agreement? Also in what order should I respond if 1) repairs need to be made or a concession towards them 2) appraisal comes in lets say 5k low and we need to renegotiate. How long would be a safe extension for closing? Is their a benefit for anyone in this scenario?

Is escrow close the same as final closing? If not, what is escrow closing? If yes, my experience says you are at least 30-45 days from closing.

Repairs needed to be made and/or concessions made will be between you and the buyer only but inspection on the 20th, get the report, both review, and work it out before the 23rd is not realistic in my mind.

Appraisal brings others into the picture that neither of you can control. Thus the question is what are peoples experiences in the time between appraisal and escrow close, assuming the appraisal goes well?

Maybe not hopeful, but at least I hope this helps.
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Old 07-16-2012, 06:08 PM
 
Location: NJ
17,579 posts, read 38,320,873 times
Reputation: 16099
Did you not have a time frame for getting an inspection?
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Old 07-16-2012, 07:08 PM
 
Location: Texas.
340 posts, read 1,276,599 times
Reputation: 125
No time frame set in contract on getting inspection. Escrow was set for 30 days. Third party financing addendum deadline set at 15 days from signing. Figured buyer would get the lender in gear about the inspection and appraisal since they wanted quick closing due to the fact that their are 2 back up offers waiting. This is FSBO and I have an attorney.
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Old 07-16-2012, 08:03 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,561,956 times
Reputation: 2180
Your attorney didn't recommend an inspection deadline? And lenders don't manage inspections - that's up to the buyer.
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Old 07-16-2012, 08:22 PM
 
Location: NJ
17,579 posts, read 38,320,873 times
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Quote:
Originally Posted by turnerfamily View Post
No time frame set in contract on getting inspection. Escrow was set for 30 days. Third party financing addendum deadline set at 15 days from signing. Figured buyer would get the lender in gear about the inspection and appraisal since they wanted quick closing due to the fact that their are 2 back up offers waiting. This is FSBO and I have an attorney.
Personally if I had two back-up offers I wouldn't be extending any deadlines. And I certainly would have set specific dates for getting stuff done.
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Old 07-16-2012, 09:03 PM
 
Location: Texas.
340 posts, read 1,276,599 times
Reputation: 125
I agree and I'm concidering that also, but 1-2 weeks might be better than starting over (4+ weeks) plus leverage on my side for concessions I think with back up offers. Attorney says remember your goal and don't reject based on having the back up offers. Actually extending it 2 weeks would help me with transition move. Just wondering what should be negotiated first for sellers advantage, inspection, appraisal, or wait for closing date renegotiation.
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