I need Help in getting COE Extensions

4 Replies

I have always believed, that it's NOT "what you say" BUT "how you say it". I have been buying and selling properties for the last three years, and I have never had a problem in getting a COE extension, some times for as long as three weeks!  

Now all of a sudden, my realtor is reporting back that he is getting push back from the sellers agent, even when I am looking for an extension of a few days!!

Now there are a few differences from the past;

  1. The agent I am using is very new in the business
  2. The purchase price point is typically below $100,000

The message from the sellers' agent typically is "the seller is stating that you have to close by the XX date and they expect you to perform and they are not going to grant an extension!", and according to my agent they are quite confrontational. Weird.

The most I ask for is five days. I have JV partners on my deals and typically we need the extra time to get the documents in order, for closing.

If you have any insights I would be very grateful.

Is it my agent? Is it his approach? I do not believe that he is really creating any real rapport with the sellers agent and what are my options.  Can I get directly involved? Typically on all of my offers we close within three weeks or way less. Is it the sellers agent being "tough"? I know that I am in Las Vegas working in an environment where the agents are generally below par.

Any insights and surefire process, ideas or methods would be greatly appreciated thanks in advance.

Don't contract to close in time frames you can't meet.  You say you need a few days at the end, so build that in.  Many agents, and sellers, are aware of the growing "wholesaler just hoping to wholesale a property, with no ability to close themselves", so maybe they're just trying prevent that.

Originally posted by @Charlie Fitzgerald :

Call the bluff...no COE rxtentendion and they can start over with a new buyer which will take significantly longer than the 3-5 days additional time you need.

 Thanks everyone for your input. I am somewhat in agreement with Charlie, at the same time I have to gauge their motive, and yes they could have received a backup offer with more money. I would say one out five deals that I do requires an extension maybe less. Thanks I appreciate everyone's input

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