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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buyer Can't Close Posted by SeanW on May 06, 2003 at 7:25 PM In Reply to: Buyer Can't Close posted by Jk on May 06, 2003 at 6:42 PM It's not unusual for buyers' financing to be slow. The lenders' are really getting hammered with all the refi action right now. You can definately specify a penalty in a sales contract for failing to close escrow within XX days / by a certain date, or make the contract voidable. (Buyers don't like this... they whine and say it isn't their fault the funding is taking so long.) But, after all, that's why a good sales contract leaves you the right to take backup offers. If escrow fails, buyer #2 can step right in! Things are so hot in CA right now you can be tough with buyers. In a slow market, a seller might be more gracious and keep extending escrow for fear of losing a buyer. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : It's not unusual for buyers' financing to be slow. The lenders' are really getting hammered with all the refi action right now. : You can definately specify a penalty in a sales contract for failing to close escrow within XX days / by a certain date, or make the contract voidable. (Buyers don't like this... they whine and say it isn't their fault the funding is taking so long.) : But, after all, that's why a good sales contract leaves you the right to take backup offers. If escrow fails, buyer #2 can step right in! : Things are so hot in CA right now you can be tough with buyers. In a slow market, a seller might be more gracious and keep extending escrow for fear of losing a buyer. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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