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House selling contract

I have a contract on a house I am selling. The 31st is the last day of the contract. The buyers aren't qualifying. The lender keeps delaying either closing or saying buyers can't qualify. Since the contract is up on Monday, can I relist the house to sell???
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September 23 2013 - Houston
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Answers (6)

Best Answer
Once the contract goes past the closing date and you haven't closed, you are not obligated to give them an extension. There should be no reason you cannot relist at that time. Best of luck!
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September 24 2013
31st of which month?  September only has 30 days.

If they did not have loan commitment already you are more than likely not getting closed on Monday.

If your agent has been less than helpful you may wish to reconsider using the same agent again.
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September 27 2013
In my area we have a few days built into the contract for delays. I have seen several of my deals lately have lender and /or title issues.  Pushing the closing date.  You have the right to not extend the contract since the buyers did not procure funds.  BUT what will be in your best interest? Waiting for it to close getting it done and moving on or relisting it and starting the process again.  I know your agent will tell you to wait it out.  This is your decision, you will have to make the choice.  I know it's frustrating I have had clients in tears with moving trucks ready to go to only find out that they are not closing.  My most recent issue with a lender I had to go above their head and demand that the file become priority and get it in underwriting ASAP.  Your realtor should be on the phone with the lender, buyers agent, title company and whoever else is involved every 30 minutes asking for an update.  I have had to do this many times, they hate me for it but I don't work them I work for my client.  GOOD LUCK!!!
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September 25 2013
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Thank you both for your reply. My agent has been less than helpful. The whole selling the house thing very frustrating. There was an unknown problem with title. I spent thousands getting it taken care of and months of time. Buyers renting house and barely qualified the first time. Because it took so long, buyers had to reapply. Now they don't seem to be able to qualify.  Lender, same as before, says we will close next few days or next week and then comes up with another delay. This has been happening for 2 months. At this point I just want to toss it in and start over. All very frustrating. Lender even said if I pitched in extra $$$ we WOULD close 9/13. I said I would ONLY IF we closed then. Then the lender sent all sorts of unprofessional emails when he found he couldn't close by that date. Now just more delays. All very frustrating.
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September 24 2013
If you are using the TREC contract, your closing date gives the buyer an additional 7 days from the closing date to cure things in the title.

If you have an agent, they really should be explaining all this to you as Mack suggested.

If there was a doubt about the buyers qualifications, the home should have stayed on the market so you can get a back-up contract.  Not knowing the terms of your contract, we're kind of giving you advice blindly.

Naima
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September 24 2013
What does your agent think, Debby?
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September 23 2013
 
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