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I who am the seller went to the title company and sign the closing paper however the buyers extended the closing date for one week which I found out 2 hours after I sign the closing papers but I sign the papers saying it was OK for them to extend for another week because I was trying hard to be a nice guy. If they want to extend it again I shouldn't have to? Otherwise this could go on forever. They need me to sign for the extensions otherwise they can't buy the house? I'm 68 and my nerves are shot and I just as soon live in the nice house I have until I'm dead because I have to drive 1400 mile which I hope I make. Why? I have a wife.
Last edited by lostsoul62; 07-19-2015 at 10:34 AM..
What was their reason? Did you ask your agent what was going on?
Why do you have to drive 1400 miles to sign? Everyone else FedEx's closing packets to out of town parties and schedules a signing with a notary, then Fed Ex the documents back.
You need to find out the reason they need it extended. If it has to do with their loan qualification then you need to only authorize an extension after you've had a chance to talk directly with their loan officer. Other than that, they need to just get it closed even if there's a matter in their life that inconveniences them.
The reason was something to do with the appraisal of the house and I lowered my price $14000 so their getting it cheap and I'm losing about $25,000 selling the house. After the sell of the house I'm driving 1400 to my new location. Yes 2 hours later my agent calls me for a week extension. What I want to do is if they extend it even one more day I won't sign the extension, and my real estate contract has been up for 3 weeks so I don't need to take it off the market because it's been off the market for 3 week. I don't have any good faith money and if another extension came up I could ask for $3000 good faith money or just not sell it which I believe I can do?
I'm confused. We have bought and sold a few houses. When we sign the closing documents, the title company gives us a check coming from the buyer. Something seems off.
Considering the time of year, I wouldn't continue to allow extensions since this is the buying season which is going to come to an end, more or less, in the next 6 weeks. There should have been earnest money. If I had to bet, having been in a somewhat similar situation, the buyers can't get a loan and didn't have a dime to their name to put down an earnest deposit. If they can't come up with earnest money, they shouldn't be trying to buy a house.
There are so many customary practices in real estate and when I see problems mentioned in these forums, many times it's a result of the basics not being followed.
Why wouldn't you have required earnest money of the sale of your house? You've lost a lot of leverage by doing so, and now the buyers can take as long as they want without any fear of losing anything. And someone should have been more closely following the progress of loan approval as you got closer to your loan contingency date so that it wouldn't have been a surprised that they needed more time. You don't sit around and wait for them to ask for an extension as if though it was some sort of unexpected event.
I have a VA loan so I had to pay $3,000 to close. My real estate agent said "Oh no earnest money is needed" My question is when Thursday comes and they haven't close. I can just not sell the house and just keep it, end of story? After 9 months and 53 people looking at it I'm not that excited about selling the house anyway.
I'm confused. We have bought and sold a few houses. When we sign the closing documents, the title company gives us a check coming from the buyer. Something seems off.
Considering the time of year, I wouldn't continue to allow extensions since this is the buying season which is going to come to an end, more or less, in the next 6 weeks. There should have been earnest money. If I had to bet, having been in a somewhat similar situation, the buyers can't get a loan and didn't have a dime to their name to put down an earnest deposit. If they can't come up with earnest money, they shouldn't be trying to buy a house.
Same here. Every closing we've been part of as a seller, we walked out of the room with a check and left the keys for the new owner.
No earnest money seems strange as well.
You may want to get in touch with the broker and ask what is going on.
I would also insist the house go back on the market and in the MLS immediately. Sounds like this deal is falling through.
I've just OK'd a 3rd extension.
Banks often can be slower than molasses in January and/or require things not previously mentioned.
In fact, today I have to find a notary so I can mail up an affidavit I haven't seen in any previous sale.
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