What Happens If Buyer Doesn’t Close By Closing Date?
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Hey, everyone. Just want to take a few minutes to discuss with you about when selling your home and you’re under contract to close within a certain time frame for the buyer to purchase your home and for some reason they can’t close on time, what you should do. The main thing here is that you want to make sure that you understand why they need the extra time and how much time are they asking for? If it’s a couple of days just to get things cleared up, then that really shouldn’t be that big of a deal because in reality, you put it back on the market and go through the whole process again for inspection, appraisal and all that, it’s going to take a lot, much longer for you to close versus a couple of days from now. Right?
So a couple of days really shouldn’t be that big of a deal. But when you go into asking for a few weeks extension and then one extension turns into two and two turns into three, then that’s really a good indication that, “okay, maybe this is not a good idea. Is this buyer really able to purchase the home? Is that why we’re getting all of these extensions? What is the hold up?” It’s one thing if for some reason your inspection period took a lot longer than you expected, therefore that delayed everything else, but if everything else is on time and we’re just waiting for the lender to give us a clear to close and we’re not getting that,
And you need more than one extension or an extension for a long period of time, then you really want to make a decision and figure out, “is it worth me risking them a couple of weeks to close or is it better for me to go back and put it back on the market and hope that I get another buyer?” That’s a big decision that you’re going to make here. Obviously, if you had a lot of interest on the market before and you got it under contract pretty quickly, it’s a big chance that you’ll get it under contract again pretty quickly. But that’s not a guarantee.
I mean, there’s been some homes where they had highest and best, and then the deal fell apart and went back on the market and the home sat on the market for another 30 days before they got another offer. So a lot of times it’s best to stay with the same buyer. Give them the extra day or two, or maybe a week. But when it turns into more than one extension, then you want to say yourself, “well, maybe I just need to find another buyer, because this one, they may not be able to buy the house.” So I hope this was helpful for you.
If you have any questions, leave a comment below or you can email me at [email protected]. All right, thanks. Have a good one. Bye.
This has been, “What Happens If Buyer Doesn’t Close By Closing Date?” by Patrice Henderson Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice. Get your FREE listing consultation or home evaluation to see how we serve our clients while selling their homes for top dollar.