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buyer wants to delay closing

what are my rights as a seller?  I accepted this offer due to a close in August.
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August 06 2013 - Seattle
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Answers (4)

If you have a real estate attorney, you would be better off contacting him for legal advice.  If you don't have, find one and ask him to read your contract to find out what your rights are in this particular case.

Good luck!
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August 08 2013
In order to know your immediate rights, please reference your signed Purchase and Sale Agreement contract that should state the late fees and penalty agreed by all parties (seller, buyer, agents).

Also, if you required the buyer to put earnest money down, you have the right to keep that earnest money if the loan does not close by the contingency date you set.

If I was in your position as a seller, I would ask the buyer to provide you a rate lock confirmation and up to date loan approval so you can see what is holding them back from closing.

I hope this helps and good luck!

- John

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August 07 2013
it would be helpful to know how much of a delay and whats the reason behind the delay ?
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August 06 2013
You will need an attorney to know your legal options.

But from a business standpoint, I would evaluate the buyer's request based on how long it waould take to put your home back on the market, attract a buyer and then close.  If this is a less than 45 day process in your neighborhood, then go to it.

If it could potentially be longer, I would try to analyze what is going on with the buyer
1. Financial issues: ask for permission to talk to his lender, see correspondence with the lender and otherwise reduce the uncertainty that the buyer does not have access to funds to close.
2. Preference issues: if the buyer wants to delay because it would be easier for them - ask for an additional financial commitment.  More earnest money, higher sales price etc.
3. Logistics - it starts to get tricky if the buyer has some legitimate logistics issues.  I tend to try and go along as much as possible.  Here I recommend the trust but verify policy.
Good luck!
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August 06 2013
 
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