Only if they increase their earnest money, maybe double it. They could be trying to get you to terminate the deal, which usually means they get their earnest money back.
Neither of you are in a good position. The buyer struggles with financing, but you accepted a lower offer from someone who couldn’t close before. Non-refundable earnest money is likely the best option.
A ‘monkey wrench’ is a terrible reason to ask for 30 extra days. I’d find out what they really need that time for and possibly charge a daily fee for each day over.
Considering the time of year, you might have time on your side. If you’re okay holding onto the house a bit longer, maybe let it ride. But I’d ask for non-refundable earnest money.
Thank you! That’s really thoughtful. My realtor says they haven’t been easy to work with. I’m guessing he’s a young business owner buying to flip or resell, but who knows.
That sounds like a good plan. If he has his own business, there could be obstacles. But you generally have time on your side, unless you need a quick sale.
The lender won’t share anything with sellers, but buyers can share notifications. I agree they don’t qualify. An addendum to release earnest money to you now as non-refundable could help.
A lender just needs the buyer’s permission to share information. I often ask my lender to communicate with the seller’s agent to provide helpful info.
I’d ask them to release their earnest money deposit. If they refuse, that’s your answer to move on and relist.
Send them terms: another $X,000 down now, plus make all existing earnest money non-refundable in exchange for the extension.
I’d want a statement from the lender on the problem and what they plan to do about it. But I’d be tempted to walk unless they put earnest money at risk.
I’d do it for a non-refundable $7,500 payment in cash. It’ll be subtracted at closing, but if it doesn’t close, you keep it as liquidated damages.
Relist. He’s probably not going to pay.
Seems long!
Do NOT give them an extension! You shouldn’t have accepted a second offer without confirming if they were pre-approved through Desktop Underwriting.
Thank you!
You’re welcome! As a Realtor of 26 years, this is standard for me to ask the other side when I get an offer.
Take their earnest money, make them put down more, and charge $150 per day if they don’t close.
Find out what the problem is. Have your realtor talk to the lender directly and then ask for additional earnest money, maybe even non-refundable.
This buyer doesn’t qualify. They didn’t qualify last time and switched to a new lender. Whatever caused the last issue hasn’t gone away. I wouldn’t extend; you’d just waste another month.