Seller won't give extention..what to do?

Question

I'm set to close Monday on a multifamily and need an extension because I'm pulling money out my 401k and they need additional forms to complete my withdraw.. we asked for extension for Wednesday and they decline saying they need the money Monday and if we want extension they're going to charge a fee.. I got off the phone with my 401k provider asking is their a way to speed it up and they said with the additional form I need they won't be able to finish my request until next Friday which I won't have the money until the following Tuesday... long story short they're in a rush to close on Monday and I don't have the funds because of this process... what would you guys do in this situation?

Account Closed · Answer

@Montel Ford if you don’t close then the seller will not be able to close Monday with someone else. Explain that you are working hard to close etc. Unless you are stealing the property then the seller will have to wait for you or start over with someone else that will take even longer to close.

Don’t get upset and loud with them just state the facts. If the seller gets upset then you simply stay calm work with them if they let you. Basically you are calling thier bluff in a professional way.

Kris L. · Answer

Can you get a bridge loan to cover the gap?

Jason Xue · Answer

@Montel Ford perhaps you can see if any friends or family can loan you some money in the short term to help you close out the deal, then pay them back once your 401k funds have been withdrawn. If not that, paying a fee for an extension is not the end of the world if it means you can close on a good deal.