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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 30909
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I am selling my home and am supposed to close in

Customer Question

I am selling my home and am supposed to close in approximately 3 weeks. My lawyer just called and said my buyers asked for an extension for their mortgage, which I thought they had secured. Apparently if I say "no" I loose them at this point and have NO recourse, as they have at least tried to get this mortgage. If I say "yes" it extends everything I have just changed (all utilities, homeowners insurance,etc..) which I must now change again - and still apparently have no security at even this point.
My attorney said this is "normal" in Connecticut.
I have no protection? Not even any money back in order to pay the mortgage and now the rental (which I just gave 2 months security).
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  Roger replied 3 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

Expert:  Roger replied 3 months ago.

It is not unusual for a buyer to request an extension of the contract in order to obtain financing if there's been a problem with getting financing. However, you can put conditions on the extension (of course, the buyer would have to agree/approve). Along those lines, you could agree to an extension in exchange for an additional payment of security or in exchange for an agreement that the buyer pay any expenses -- utilities, etc. -- until the home does close.....which would give you a little security.

Expert:  Roger replied 3 months ago.

But, if the contract is contingent on financing, and the buyer cannot obtain it, you're really in a tough place because there are no grounds to claim a breach.....which means the buyer could just walk away.

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