Stalling for Time
I have a contract with a bank on a property that I need to close next week.Because of the quantity of properties I buy
,my plate can easily get full.Is there a good way that I can stall the closing for about an extra week to give myself some extra time? Unfortunately I did not put anything in my contract that would buy me extra time.Thanks
Hi Demetrius. The only thing that I can think of off hand would be for future agreements and that would be to extend the closing date by putting in a date that will give you the time you need. 60-90 days maybe. You would naturally have to be carefull and not scare off your seller with closing dates that are too far out for them to feel comfortable. Each one will require a different approach due to the sellers needs. I hope this helps in some way. Take Care, Brett
I agree with the last post. Just to add though I would call them and have an ammendment done on the contract for thirty days to secure your position, and set up another closing date. Most will agree to an extension as long as the closing date isnt over two weeks. But just in case something else happens I would secure the position another thirty days to CYA.
Good Luck,
Kyle
The bank shouldn't mind a one-week extension, but if you ever need a longer extension and the seller is hesitant, offer an extension fee. I have seen my father tie up properties for up to two years by offering monthly extension fees.
[addsig]