Buying or Selling a Home/contract expiration date
I have a buyer purchasing a short sale home. The title co is requesting a new short sale approval letter from the Bank, as there is a shortage for taxes when they re-calculated for the final HUD. We will not be able to close until the bank issues another short sale approval letter, which they say will be another 3 weeks. The problem is this, the listing agent is threatening to wait until the close date on Monday passes and go on to the next offer. He does not like my buyer, but we do have an executed contract. We want to send an amendment to extend the close date, but am concerned he will advise his sellers not to sign it. Does our contract actually expire on the close date, even if the title co is requesting a new short sale approval letter? We are willing to extend and wait for a revised close date. Listing agent says our contract will expire on the close date and says he will move forward with another offer. Can he do that? Are we protected by the contract if title is not ready? My buyers want the house. Please advise
How much do your buyers really want the house, Robbie? If your buyers indicate they are willing to pay the taxes shortage, advise the title company you would like to close as per the contract terms and will they then approve the closing. The buyers' payment of the taxes would then be considered part of their down payment. Otherwise, your buyers are going to lose that house.
Check with your broker/manager to make sure that this maneuver is legit. If not what would he/she suggest? Advise the other agent the other buyer is going to drag their sale out for another six weeks or so and the bank behind the short sale is not going to be happy. Did the other agent disclose why he did not like your buyers?
This is what I would try. I do wish you well.