Seller will not sign an amendment extedning the contract!

Is there any ramification if a seller will not sign an amendment, after the closing date has alredy passed?  There was an issue with the appraisar being a week late, and subsequently pushing back the closing date.  The seller is now saying his home is no longer for sale.  The buyers still want to purchase the home.  What to do?

  • November 19 2012 - Magnolia
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Answers (12)

They don't have to sign an extension.
They may have the right to terminate the agreement if the buyer doesn't close on time.
Both parties probably need to seek legal advice to see what their option are.    
  • November 27 2012
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An agent I know had a very similar situation a few years ago.  Found out the seller had found a buyer and he was hoping that the buyer would default so he could sell it himself a few weeks later.  Make sure your listing termination covers this scenario.

Naima
  • November 26 2012
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Profile picture for Todd Akes
Did the seller keep the appraiser from gaining access to the property? Did the seller hold up the deal in any other way?

My first conversation would be with your Broker. Then I would advise the buyer to seek legal counsel to get a solid feel for the law and past judgements. 

It sounds like the lender likely held up the deal which is usually the case. That could certainly be gray area. Good luck!
  • November 26 2012
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Profile picture for bcrtawas
In Michigan the replies given by others do not hold true. Per MAR legal council, the not later than closing date is a goal but not a definite end it all date. Per MAR legal council, the courts have determined that as long as the buyers are pursuing a closing, in good faith, then the not later than date is automatically extended for a reasonable period of time. THE KICKER HERE IS: They determined a reasonable period of time as one year!!! They said this is true even if TIME IS OF THE ESSENCE was added to the not later than date.
  • November 20 2012
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Thank you all for your responses. Here's the situation.  I am representing the seller.  The appraiser was supposed to show up on November 6th, but did not show until the 9th.  The apprasial came back on the 15th, the day we were supposed to close.  After I heard from mortgage company I called to notify Mr. Seller that the appriasal came back, he said it was no longer for sale.  The buyers are extremely upset becuase he will not sell now.  Mr. Seller's  reasoning not to sigh an amendment is tbacuase  the VA could not fulfill their obligation, and he is not going to be pushed around time and time again.  Sad situation, but time to move on!! Thank you all again for your professional insight!
  • November 20 2012
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Profile picture for sunnyview
The contract date expired so, the deal is dead already. The owner has the right to refuse to sell or to find another buyer who will perform in a timely manner.

If your buyers still want the house, then I would offer the seller a larger non refundable deposit to show their good faith to complete the purchase. 
  • November 20 2012
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Profile picture for Connie Klemme

That's the point of the expiration date, so that if it drags on and on the seller can say I'm done and not be held hostage by more buyer delays.
It's hindsight now, but it's still a good lesson to keep in touch with the lender and find out if the appraisal has been ordered so that you can do your best to prevent this particular delay in the future.   You can't totally prevent it and perhaps you tried, but at least if you know it's been ordered, and when they were out  and you maintain that communication with the everyone, sometimes sellers will be more likely to extend just a bit longer.  The difference is that they could see efforts toward progress.

of course...I'm just guessing...perhaps this happened and they still won't agree.  it's their right not to agree.  Appealign to their motiviation is your most likely success in getting them to agree. If they are refusing because they are tired of nonsense, get to the bottom of that, if they are refusing because they no longer want to move, visit about that, if they are refusing because they feel they can get a better deal...whatever it is, there is an opportunity to save it.  But you gotta know what the issues is so that you can address it.  Seek to understand...work to cure and if you can't cure then get busy moving on.

  • November 20 2012
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Profile picture for SoCal Engr
If the buyer couldn't meet the terms of the original contract and the seller does not want to amend the contract, then the original contract stands and the seller is within their right to void it.

The "why" is not the seller's issue, unless you can prove that the seller caused the issues that prevented the buyer from meeting the terms.

"What to do?" - Move on.
  • November 20 2012
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You cant force someone to sign an amendment, but you can threaten to walk away form the property. If you have a good agent with negotiating skills you should be able to work something out.

Be convincing and strong in your arguments!
  • November 19 2012
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Profile picture for wetdawgs
The seller cannot be forced to sign an amendment.    

Perhaps the listing agent has good negotiation skills. 
  • November 19 2012
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The buyer could possibly go after them on their own, have they removed all the contingencies?
  • November 19 2012
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I don't think they can be forced to sign an amendment.
  • November 19 2012
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