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Open House Concerns

Q -  Recently in the news there was a report about property being stolen at an Open House.  Is this a common occurrence and can anything ...

6/25/13

Time Extensions on Offer

Q - I have an offer on my home with conditions that are to be removed by a specific date.  The buyers are asking for an extension but I have another buyer who is also seriously interested.  What are my options?

A - It's a hard question to answer since there is missing information.

Regarding the first buyer - is financing the only condition left?  Have they tried to obtain financing and been refused?  If so, is it because their debt is too high? Have they had a bankruptcy in recent years?  Is it a question of job stability?  Is their request for an extension so that they can try to obtain financing elsewhere?  The criteria for financing varies from institution to institution.  If they don't have serious financing issues, trying another lender may be reasonable.

Try to obtain as much information as possible about your first buyer that would help you identify the risk of continuing with that sale.  If you don't extend the dates, then the contract becomes null and void and both parties have to sign a Mutual Release to return the buyer's deposit.  You are then in a position to entertain an offer from the potential second buyer.


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