Tuesday, February 19, 2013

Real Estate Q & A


Question: We signed a contract to sell our home contingent on the buyer getting a loan approved and closing by a given date. The buyer did not get the loan and the deal was off.  We started showing the house again but have now found out that the buyers got financing through a different bank and they can close by original deadline. Are we still obligated to close or can we change the contract to better represent our position?
Answer: Whoa. Go back to the part about the "deal was off." Did the buyers agree the transaction was finished? Did they get their deposit back? Or did they simply find a financial bump in the road?   Their offer was fair and acceptable -- otherwise you would not have had a contract. The offer from the   buyers may be the best you'll ever get. Instead of seeking advantage from their difficulty, congratulate them for trying to meet the terms of the agreement and enjoy your check at closing.