Confused whether to Wait or relist Property - Great Neck
A friend of mine reached out to me about a property he in the process of selling. The house is located in Great Neck, Long island area. Very convenient location to trains and highways.
They accepted a bid and went in contract prior to Covid being serious. So they got pre corona market price. They were unable to close since NYS shut down as corona became serious. Now when the state has opened up the buyers are unable to get a mortgage.
The buyers are requesting the seller to extend the timeline so that they can secure a mortgage with a penalty guarantee if they don't get the mortgage or the seller can cancel the contract now and relist it.
The house needs work, so its not move in ready.
My friend is confused and reached out to me. He seeing the news of the real estate market is going up and is confused whether to relist or give an extension.
Wanted to know what other people thoughts are. Is the prices that are going up for move in ready homes or for all homes. I would think move in ready.
Thanks and I appreciate any input you can give.