EDIT: to clarify the title, I don't mean breached, I mean when the buyer asks for an extension before the deadline and the seller refuses and pulls out.
I've had to ask for extensions on so many contracts due to delays in getting finance, and every time I freak out thinking the seller is going to cancel the contract and sell to someone else, but every time they agree and it's been OK. My broker said in his 14 years he's only ever seen it happen once, and even then it was a very exceptional case.
Is it really this rare? It seems to me this should be a more common thing.
But...I guess the owner wouldn't want to wait another 3-6 weeks for a new buyer's finance to come through (even then there's no guarantee that they will be able to get finance either), and cash buyers would ask for significant discounts. And I suppose the agent doesn't have any incentive to encourage the owner to cancel and take a higher counter offer because their commission on say another 20k is minuscule anyway right? Does this sound about right?
How rare is it for a seller to pull out of the contract when finance date is breached
I've had to ask for extensions on so many contracts due to delays in getting finance, and every time I freak out thinking the seller is going to cancel the contract and sell to someone else, but every time they agree and it's been OK. My broker said in his 14 years he's only ever seen it happen once, and even then it was a very exceptional case.
Is it really this rare? It seems to me this should be a more common thing.
But...I guess the owner wouldn't want to wait another 3-6 weeks for a new buyer's finance to come through (even then there's no guarantee that they will be able to get finance either), and cash buyers would ask for significant discounts. And I suppose the agent doesn't have any incentive to encourage the owner to cancel and take a higher counter offer because their commission on say another 20k is minuscule anyway right? Does this sound about right?
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