Sellers threaten to cancel short sale

We're the buyers and currently in escrow on a bank approved short sale. We set a close date that both buyer and sellers agreed to, deposited earnest money. We made arrangements to move from Texas to San Diego--hired movers, sold our house, bought plane tickets, and made appointments to have repairs done, etc. A while later the sellers want to change the escrow close date, we said no, now they are threatening to cancel the sale.

The only line that speaks to this in our signed sales contract is about earnest money, which is in the escrow account already.  My real esate agent advises just to concede because otherwise they will cancel. When I ask on what grounds? Wouldn't they be in breach of contract? My realtor says she doesn't know she just "knows they can cancel if they want to." 

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Permalink Reply by Ghana Bigsby on March 14, 2013 at 6:31am

That is a good planning suggestion from Pam. One I would seriously consider.

If it is true that you do not really know what the sellers are trying to accomplish, then get your agent/broker to try and find out. 

Permalink Reply by Ghana Bigsby on March 13, 2013 at 1:21pm

I am not surprised. That does not mean I wish you more bumps on this path. Only that it is something that can happen and does happen. Lenders do not like giving extensions. So it is unlikely they can get more than two extensions at this point in the transaction. Usually up to 30 days on the first request.

Asking them to accept one week is not an incentive in of itself for them to want to agree to one week. Especial if they think you are demanding from them. I would not respond with a negative tone when communication with them. Even if they do to you. It may only serves to raise your blood-pressure and exaggerate things to their satisfaction.  It may only make them want to push back and not do what they think you want them to do.  

Don't get me wrong. I am not saying for you not to have whatever emotional feelings you have, just don't let them know. It will only fuel their resistance.

Again I suggest you find a skilled negotiator to help with a solution. Ask your agent to get input from his/her broker.

As I said before, I allow my buyers of my listings to do their final walk through of the property when vacant before the closing. If there are any unacceptable damages then you can deal with it then.

How many days between the current short sale approval expiration date and the 3 weeks extension of the current  closing date?

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