Q: If your close date has come and gone because the buyer is pursuing alternative financing, are you obligated to sell?
Buyer's bank loan feel through because he is going through a divorce. The agreement close date was 08/16. Our realtor sent us an amendment late last night to extend the close date under the same terms. We have not signed the amendment and want to change the terms to require the earnest money going to the seller if the deal does not close on the new proposed date.
Is the agreement null and void if the buyer is still pursuing financing? Can we change the terms of the agreement once the original close date has expired?
A:
Without seeing the offer and reading the various contingencies it is impossible to say for sure. The offer MAY be 'dead' meaning you can both walk away without issues, or there may be a default requiring action.
If the offer is 'dead' and they want to extend, you can make whatever changes both sides agree upon.
DO NOT take the word of the real estate people -- consult with your own attorney to review the situation. Remember the truism: The real estate people only get paid if the deal closes. They may push you to close at times even when you might be better off walking away. Your lawyer gets paid no matter what you decide.
--This answer is provided for information purposes only, and does not constitute legal advice, and does not create a lawyer/client relationship. Please consult with a local attorney.
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