[underdog]

Here is the deal. I'm selling some property here in Michigan.
The buyer was suppose to close two weeks ago.
They still don't have their paperwork ready.
I just recieved an addendum from the buyers for two more weeks.

Question: I believe the original contract is now void correct?? But if I sign this then it's good again with the new date of 08-15-08. So can I change my mind to sell it?????????

 

[Driven2xs]

you have to read your contract.

 

[underdog]

The original contract states must close on or before July 15, 2008

 

[Rodz]

If your offer says to close by a certain date and it doesn't close by that date, then the offer is dead.

 

[GLPERF]

Dog,

I just sold some property in South Carolina and went through a similar situation. In my case, I could have walked away but I did not. I'm sure laws vary, so read the contract carefully, you may have that option. If you are not using a real estate attorney, you should. It's worth the few hundred bucks it will cost.

 

[Kwikford]

My 2¢

Right now it is buyer's market not seller's market.
If you're having tough time selling your house then additional 2 weeks isn't going to hurt you.

 

[CarterRace]

Technically that contract is void after the closing date. If you (and them) don't sign an amendment, it is done.

 

[Driven2xs]

You STILL have to READ your contract. It outlines measures for failure to comply with the contract.

You MAY or MAY NOT still have a valid contract.

Were there penalties for breaking the contract? If so, you get paid penalties for their default. Or reduce the contract amount.

There MAY be a grace period.

There MAY be extensions granted for gratus (free), or small remuneration, that the buyer exercised to keep it in force.


READ the whole thing. No one of us keyboard jockeys know what YOU signed.

 

[mrdragster1970]

.

If it wasn't such a hard market right now, you get something for your time & inconvenience.
As said, you might try to be as flexible as you can stand, now a days. Good luck.

.

 

[GLPERF]

My 2¢

Right now it is buyer's market not seller's market.
If you're having tough time selling your house then additional 2 weeks isn't going to hurt you.

agreed,

That is one of the reasons I signed the addendum. If you have a buyer now is not the time to let them go. READ IT CAREFULLY and GET A LAWYER.

 

[Bill Lutz]

I can tell that the lending is tighter than hell right now and they are making people jump through hoops that they shouldn't have to do to get a loan but it's just the way it is right now. I would call the lender directly and flat out ask them if the deal is done or not and if they won't tell you that then don't extend the contract.

 

[turbomach1]

if your signing and addendum make the deposit go hard and remove all contingencys...

 

[BoostedCobra]

Bill, what you want to do is have your agent ask their agent for the current loan approval, IF you do sign the extension then you want to include "peir deim intrest" set it for $100 a day, if they fail to perform they must pay you $100 a day until it closes. I list bank owned properties in Southern California it's what we do every day all day... We do sign extensions but they must provide a loan approval so we can see what all is needed. If you need help PM me and I can look at thier approval for you to see if it's a solid deal, I used to do wholesale as well...

 

[bad gas racing]

ok FROM a real estate agent now...

Closing date passing doesnt matter

there is a way out.. because of the fact that you did not close on the closing date they needed to file an extension in order to extend the closing... once they file this extension, then all your attorney has to do is reject the extension, therefore cancelling the contract...

failure to satisfy a contract

you can tell them that there is no extension and they have to close today or its over..

easy as that

call me with any questions

Matt Mika
ERA Realife Realtors
773 406 1792 (cell)


are you using a real estate agent in this transaction

 

[BoostedCobra]

ok FROM a real estate agent now...

Closing date passing doesnt matter

there is a way out.. because of the fact that you did not close on the closing date they needed to file an extension in order to extend the closing... once they file this extension, then all your attorney has to do is reject the extension, therefore cancelling the contract...

failure to satisfy a contract

you can tell them that there is no extension and they have to close today or its over..

easy as that

call me with any questions

Matt Mika
ERA Realife Realtors
773 406 1792 (cell)


are you using a real estate agent in this transaction

Agreed, if you are looking to back out...

 

[underdog]

Thanks everyone, I really appreciate it. I've been told verbally that their new loan is approved but just waiting on paperwork to be done. I was told they are flooded with foreclosures and such, that's
the reason for the delay, but I do not have anything on paper showing this. I will ask for this today before signing it.