So we’re in this tricky situation. We asked for the same amount he paid in due diligence again to extend the closing by 30 days. Otherwise, the contract allows him 7 days past the 30th to settle, or it becomes void. We’re under contract for the second time with this buyer. The first time, he had financing issues just a week before closing, and we ended up relisting it. Now he’s come back with a slightly lower offer, which we accepted just to move on. The closing is set for this Monday, the 30th, but our realtor just told us they’re requesting a 30-day extension. His agent mentioned something about underwriting throwing a monkey wrench into the mix at the last minute. It’s super frustrating, to say the least. Our realtor thinks we should grant the extension instead of starting over, but I can’t help but wonder if the same thing will happen again in 30 days. It seems like a loan issue, but how can it still be a problem this late? What would you all recommend?
I’d want details in writing about this monkey wrench before I’d agree to an extension. If they can’t provide that info, then I’d relist the house. If the buyer gets approved later, you can accept a new offer and close quickly.
Exactly! It’s time to stop accepting vague excuses like ‘monkey wrench.’ They need to disclose the issues, or you should just move on.
Don’t extend. There’s an old saying that rings true here — fool me once, shame on you. Fool me twice, and you can’t get fooled again.
Now watch this drive…
Lol, I actually told my realtor fool me once, but I’m regretting not just sending that clip.
Lmao! Gotta love George W.
Ask what their downpayment is and get that as a non-refundable deposit if you extend.
Did you get any offers between the first and second time the buyer went under contract? If it was a couple of months with few showings, you might be hurting yourself by denying the extension. But I’d want to know the actual issues for sure.
I feel the same way. This guy could be your only option, so it might be wise not to let him go.
Your realtor is either not doing their job or is clueless. You need to find out exactly what’s holding up the financing, and if it’s the same issue as last time or something new.
This buyer probably doesn’t qualify. The lender wants more time to resolve whatever’s causing the hold-up. If you do extend, I’d suggest requiring another earnest money deposit as part of that extension.
Yep, I bet the buyer is on lender number two now. They could be trying to work out the financing gymnastics to get approved. I see this all the time.
Ask for a bit of money if they don’t close in a certain number of days.
Don’t extend unless absolutely necessary. This buyer isn’t qualified. I think he didn’t disclose the first issue and now it’s showing up again.
If you do grant the extension, it’s reasonable to ask them to cover your carrying costs. Get that in cash now, non-refundable if things fall through.
No extension — you’ll be in the same situation again. Maybe it’s time to find another agent too.
This!
What kind of monkey wrench needs 30 days to fix? I’d ask for details before deciding.
Extend, but consider talking to your agent about making their offer bumpable, or have them release their earnest money to you now.