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Seller not willing to extend escrow?

Hello

Need some advise...I do have a realtor however I would like your input....Im in a 30 day escrow and come this Friday it will be the 30th day...I have an approval, appraisal but we are working on clear termite and a few other conditions which will take about a week to gather up...Ive requested for an extention and the Seller will not extend the escrow?  We are not sure why but thats what the listing agrent stated to my agent.  Non of the contigencies have been lifted so I guess thats good..However, can the sell just not extend the escrow?  I really want this house so is there anything I can do?

Property Location - Santa Barabara (California)
  • January 29 2013 - Santa Barbara Municipal Airport
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Answers (7)

Profile picture for user4543430
Hi Scott and thank you for your suggestions...Come to find out the seller just doesnt want to sell the property any more due to sellers remorse...I was even cleared for loan docs today.  I was so close but I did agree to a 30 day escrow and I wasnt able to close in that time period......Frustrating
  • February 01 2013
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Profile picture for ScottBROKER209
Correct!  The seller and buyer both agreed to an escrow period and if the buyer does not perform as written, the seller can cancel (if the listing agent forwards the proper cancellation paperwork) So if you have not received anything in writing...keep moving forward.  

Also what typically works (on top of a good agent making a few things clear to the buyer...and the listing agent) is to have your agent create an addendum offering a larger or increased deposit into escrow or even offer a non-refundable deposit in order to get more time.  

IF you are needing more time to confirm a pest inspection report...why did you wait so long?  Most contracts require these 'standard' reports to be completed much earlier...

Did you have lender conditions?  I feel there is more to this situation.  I would expect that in this current S.B. market that we are in...with several buyers wanting (almost) every property under a million, you may look past some of the minor repairs, because this home may be sold to someone else if not.

Sellers markets are very frustrating to buyers, I feel your pain!

Scott Cary
  • February 01 2013
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Profile picture for Ofe Polack
Has your buyer agent made any suggestions?  I like wetdawgs idea of a per diem and you on the other had try to put pressure on the lender, if you do not get the house they do not have a loan either.  By the way have you made any other extension requests to the seller prior to this one?
  • January 30 2013
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Maybe the seller feels they can put it back on the market and get a higher price for it ? Given the hot market in SB I suspect the seller feels like they may have sold it too low.

If you REALLY want it offer to pay a per diem, as wetdawgs suggested.
  • January 29 2013
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Profile picture for wetdawgs
A seller does not have to extend escrow.   This is time for your agent to pull out his/her best negotiation skills to get the sellers to extend.  Offer to pay a penalty for each day beyond the initial deadline.
  • January 29 2013
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Profile picture for user4543430
Its a Standard Sale
  • January 29 2013
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Profile picture for Ofe Polack
Is this a short sale or  bank owned property?
  • January 29 2013
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