I'm like a kid in mid-December, waiting for Christmas … CAN'T WAIT TO MOVE APRIL 28!!!!! (for sale, condo)

[macrodome2]

Most contracts also specify closing "on or about" so I don't think Mr. Grumpy Seller can back out without breaking the contract.

[jmqueen]

Originally Posted by beninfl

Mr Grumpy Seller wont back out for you extending the contract 9 days. He wouldnt be able to get the cash from another buyer in 9 days even if his life depended on it. He'll have no choice, and will submit.

Good point -- I was thinking something like that, though I hadn't gotten as far as calculating the days.

[jmqueen]

Originally Posted by macrodome2

Most contracts also specify closing "on or about" so I don't think Mr. Grumpy Seller can back out without breaking the contract.

Hm, never saw that on my contracts in MA and CT, and it's not in this one either. There's something about allowing the date to be pushed back by up to 7 days if "funds aren't available due to the Truth in Lending Act," whatever that means, but that's it.

[Cardiff by the Sea]

^^^^

FL doesn't require insurance??? In CA you have to show proof of insurance to get your car registered and renewed.

[jmqueen]

Originally Posted by Cardiff by the Sea

^^^^

FL doesn't require insurance??? In CA you have to show proof of insurance to get your car registered and renewed.

Oops!

[Obrero]

Originally Posted by beninfl

Mr Grumpy Seller wont back out for you extending the contract 9 days. He wouldnt be able to get the cash from another buyer in 9 days even if his life depended on it. He'll have no choice, and will submit.

Unless he thinks he can sell it for more now. Then it's the perfect out.

[jmqueen]

Originally Posted by Obrero

Unless he thinks he can sell it for more now. Then it's the perfect out.

Dude got an extra $4000 the last time a buyer couldn't come through -- raised his price and I came along and paid it, because I was advised to do so based on his track record -- though I think that was much earlier in the process.

[Cardiff by the Sea]

He can't just cancel you. He has to file a "notice to perform". That will eat up a few days.

Communication is important in this period. He will be trying to figure out if you are never going to be able to close, or if your deal really will close in a week. The more comfort he has that it is just a delay and not the early warning of the death of his sale to you, the more likely he will be to hang in there with you. Having been on the selling end, I can tell you that sellers often don't know what is going on. It loses something in the chain of communication from your agent to his agent to him.

If I were Mr. Grumpy seller, I would ask you to pay a penalty for granting an extension--like maybe $1,000. The delay does cost him additional carrying costs.

Do you have a clause that the purchase is contingent on your sale? If not, and if he doesn't grant an extension, will you have to forfeit your deposit? We backed out of a purchase at the 11th hour over insurance issues. I was expecting to forfeit the whole deposit, but our attorney negotiated that it be split between us and the sellers.

good luck.

[jmqueen]

Originally Posted by Cardiff by the Sea

He can't just cancel you. He has to file a "notice to perform". That will eat up a few days.

Communication is important in this period. He will be trying to figure out if you are never going to be able to close, or if your deal really will close in a week. The more comfort he has that it is just a delay and not the early warning of the death of his sale to you, the more likely he will be to hang in there with you. Having been on the selling end, I can tell you that sellers often don't know what is going on. It loses something in the chain of communication from your agent to his agent to him.

If I were Mr. Grumpy seller, I would ask you to pay a penalty for granting an extension--like maybe $1,000. The delay does cost him additional carrying costs.

Do you have a clause that the purchase is contingent on your sale? If not, and if he doesn't grant an extension, will you have to forfeit your deposit? We backed out of a purchase at the 11th hour over insurance issues. I was expecting to forfeit the whole deposit, but our attorney negotiated that it be split between us and the sellers.

good luck.

No, no such clause, which I realize now was a mistake. I thought it was in there but not. So I could lose $1000.

And it's funny in real estate -- As a buyer, I'm always told I can't do X, Y or Z without paying some kind of penalty to the seller. At the exact same time, I'm always told that as the seller, there's nothing I can do when the buyer screws me over.

In MA, they always lecture you about how important the earnest money is. Then when a buyer walked away, the realtor said oh, no, they get it back anyway.

And my current realtor says there are no penalties for what's going on right now. Too bad, I could use the $7000 deposit to make up for MY carrying costs.

[Cardiff by the Sea]

Totally get where you are coming from. The only people who can negotiate in a hardball way is people who don't care or who are crazy in their expectations. The worst to deal with a flippers. They really don't care and are slightly crazy.