"Is there anything I can do to force the buyers of my home to get their financing? There are no contingencies and it is a straight forward, solid contract. They had 30 days to obtain financing, it is now 60 days since the signing of the contract, they have asked for extensions, which I gave them, but they still have done nothing. They keep saying they want it and just need one more week. But I hear that EVERY week. I'm tired of being walked on, yet I really need my house to sell. Its in a hard to sell town (country area, no city). I also have a contract on a house for myself contingent upon the closing of this contract. I'm afraid I will lose the house I wanted to move into if this contract falls through. Any help or advise would be greatly appreciated. Also, my real estate agent is from a well known national agency and has never came across this before. She has also asked other agents and they are all dumbfounded as to why the buyers would still be dragging their feet."
2007-06-15 03:28:32 · 5 answers · asked by tiffany m 1 in Business & Finance ➔ Renting & Real Estate
I would suggest getting a real estate attorney if you don't have one already (even if your state doesn't require one).
I just went through this with a client in GA. The seller and builder wanted to know why the deal was taking so long but the client did not want me talk to them and if I did talk to them, not to give them the pertinent information they needed.
With an attorney, they can act as a buffer and find out the reasons why and advise you what to do in regards to putting it back on the market or giving an extension. They can ask to see a committment approval from their Lender, etc.... get it?
If they have an attorney then your attorney and thier attorney can talk.... it just makes purchase transactions much easier for both parties.
Most likely, they cannot get their deal financed and are desperately seeking a solution (credit challenge, income challenge, down payment amount challenge, etc).
You don't have to give another extension though from the sounds of it.
2007-06-15 04:45:32 · answer #1 · answered by Deme21 2 · 0⤊ 0⤋
You are dealing with a buyer who is not pre-qualified for a loan and is obviously struggling to get financed. I am a real estate investment consultant and coach who also happens to be a Mortagage Planner and I could help your buyer if they truly want your property and have reasoinable credit and financial resources.
Unfortunately, some people truly want to buy property but can't pull together the necessary resources to make it happen. If that's the case for your buyer, it would quickly become clear if I evaluate their situation and your realtor could back them out of a contract with you so you could move forward with another buyer...but if the market you are in is slow, I wouldn't worry too much about losing the other property. It will probably still be there when you are ready, and the seller knew this was a contingent deal afterall, so they have no recourse with you except to drop you out of that contract.
If you wish to put me in touch with your buyer, send the info in your e-mail reply and I'll contact them directly and get to the bottom of it. Id be happy to chat with you as well, so don't hesitate calling me.
Regards,
Robert Noakes
Reals Estate Investment Consultant
Sr. Mortgage Planner
415.652.8112
2007-06-15 07:31:12 · answer #2 · answered by Robert N 1 · 0⤊ 0⤋
The old adage applies here. You can drag a horse to the water trough, but you can't make him drink the water. Stop giving the extensions and put the house back on the market.
There is no reason that these folks need this much time to obtain financing, unless they are so poor in credit that they have to keep looking. That being the case, the chances of them EVER finding financing grows slimmer by the day. They have had more than ample time to obtain financing.
2007-06-15 03:39:08 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
It seems like it's time to tell them "Look, I'll keep giving you extensions for as long as you'd like but as a part of these extensions, you need to know this house is going back on the market!" You should read your contract over and make sure you're not breaking any part of it but it sounds to me like they already have. Put that house back on the market.
2007-06-15 03:33:25 · answer #4 · answered by Joan F 2 · 0⤊ 0⤋
Well, if I was once the vendor, I could wish it to be performed as speedily as viable. It can performed in a million day. Whenever, every body is in a position to take a seat and signal. If I was once the customer, I could wish to have a name seek and an atty gift to appear over all my pursuits within the documentation the vendor offers.
2016-09-05 17:21:37 · answer #5 · answered by ? 4 · 0⤊ 0⤋