Selling house

[giggles69]

What is the name of your state? MI
My aunt is selling her home. The house was scheduled to close on 8/16. The contract had the standard "if you are not out, you pay the buyer rent" clause. My aunt was told the buyer was preapproved her lender. The house was empty-it is in an estate. On the 15th, real estate agent called asking to have a contingency form signed. Seems the buyer couldn't produce proof of rental payments-the lender would not accept canceled checks, wanted a form from the buyer's landlord. Now the agent wants my aunt to sign contingency form stating that the buyer has 14 days to get this ironed out. In the meantime, the house hasn't been shown for 6 weeks-due to sale pending. Is there anything she can do about this situation? Thanks for all your help.

 

[seniorjudge]

If it were me, I would find another buyer and raise the commission rate for the selling agent by one percent.

 

[PghREA]

What is the market like in your area?

In general, there is not much buying activity in the last few weeks of August due to schools starting, the end of summer and the holiday weekend. I would grant the extension this one time. If your buyer is unable to provide the information needed, then put your home back on the market. Have your agent relist it so it appears as a new listing. If the buyer still wants your home, he can submit a new sales agreement.

 

[nextwife]

What is the market like in your area?

In general, there is not much buying activity in the last few weeks of August due to schools starting, the end of summer and the holiday weekend. I would grant the extension this one time. If your buyer is unable to provide the information needed, then put your home back on the market. Have your agent relist it so it appears as a new listing. If the buyer still wants your home, he can submit a new sales agreement.

I agree with this advice- but I might ask the buyer to FIRST present some letter FROM THEIR LENDER that states that all OTHER loan requirements are met and acceptable to the underwriter (credit report, income verification, appraisal, etc., That this is the ONLY condition remaining. If this is the ONLY issue, then I'd be inclined to allow more time as starting over cost way more than two weeks time.