Selling a Primary Residence - FL

2 Replies

Hello All,

I received this message from an associate and would really appreciate any advice:

Hey I've got a situation. I'm selling the house and I've been under contract to close originally 2 weeks ago. There was an issue on the buyers credit report that pushed it back to next Monday. Now they are still having credit report issues and need an additional 2 weeks. We have made concessions on repairs, extensions, and gave them the option to find their own contractors for repairs. It's been unoccupied for 2.5 mths and I'm soaking up the (expensive) expenses.

I don't want to cut them loose if it's true and accurate they only need 2 weeks. I also don't want to keep taking financial hits bc they can't pay student loans.

So what I'm thinking about is getting them to put up $1000-1500 in additional earnest money to give a guarantee that they close. It costs me $1500 every month to keep that house.

Do you have any thoughts?

This residence is in the Florida panhandle. Thanks in Advance BP!!!

If they are out of contract then you can push them to close or cancel. But in the end you want to sell.

You are right, a good buyer is sometimes your only buyer. You could also go to them and say I am going to cancel this escrow unless you release your EMD within 3 days etc. Money Talks then you will know how serious they are.

Also talk to their lender. Can they do a credit boost[add a tradeline or authorized user], rescore and might bump their credit etc. Ask for a copy of the credit report and see what the issues are.