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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Buyers and Sellers, come in... would this be a deal breaker?
So after about a month on the market we got an offer last night (low-balled us but our realtor got them up to what we wanted)! Anyway, apparently they need to close in 30 days (this is all verbal so far)... IF we asked for 60 days would that make you as a buyer walk away? As a seller are we allowed to know the reason they want to be in within 30 days?
We need to pack up all our crap and find somewhere to live!! Looking at houses this weekend if all goes well with signing contracts this week. 
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Posted 4/30/12 2:57 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Buyers and Sellers, come in... would this be a deal breaker?
The closing date, like everything else, is a negotiable term of the sale.
I don't see any harm in your agent speaking to the buyers' agent (or the buyers, if they don't have an agent) and inquiring more about their situation, why they need to close so soon, etc. If I were your agent, I would be honest about the fact that you want this to work, but you haven't found a place yet, and were hoping for a bit more time. I find house sales/purchases usually go more smoothly if everyone is honest upfront about their circumstances and expectations. Maybe they can do the 60 days, or maybe they won't (or maybe there's room for a compromise, such as 45 days, and you will still be better off than taking their original offer).
Are they cash buyers? How do they know they can get their financing so quickly?
I would never suggest going back and demanding 60 days or nothing, but trying to negotiate more time shouldn't make your buyers back off of the deal. If it does, then they weren't serious buyers anyway, and you are better off knowing this sooner rather than later!
Hope it works out! 
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| Posted 4/30/12 3:04 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Buyers and Sellers, come in... would this be a deal breaker?
As a buyer, it would depend on why I needed to close in 30 days as to whether it was a deal breaker. 30 days is quick! I know it can be done, but I can appreciate how that would be very stressful for a seller.
Congrats and good luck!
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| Posted 4/30/12 3:06 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Buyers and Sellers, come in... would this be a deal breaker?
Ask for 60 but be ready to accept 30 days. We used CL for our mortgage and were done within 30 days in case we needed to close (we didn't but buyers wanted to).
Went I looked at moving companies my first question was can you put my stuff in storage? Second, I looked around for hotels to stay out (with kitchens).
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| Posted 4/30/12 3:09 PM |
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MrsUta
LIF Adolescent
Member since 2/08 771 total posts
Name:
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Re: Buyers and Sellers, come in... would this be a deal breaker?
Could be they locked in a rate and could lose it within the 30 days? Just a thought...or they don't want to pay another months rent...
I mean, it doesn't hurt to ask, and if I were that serious about buying the house, I would find it hard to walk away - if you needed an extension....
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| Posted 4/30/12 3:13 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Buyers and Sellers, come in... would this be a deal breaker?
Thank you! Ideally we would like to close on a new house on the same day we close on our current one, but we're not optomistic about that esp with the houses we're finding down here online. With a 2.5 year old the thought of packing everything up in 30 days seems impossible! Plus, i'll be gone 2 of hte weekends for my sister's shower and memorial day. 
Posted by Century 21 Dallow - Christine Braun
Are they cash buyers? How do they know they can get their financing so quickly?
No, but they are preapproved and are putting 20% down... no idea about anything else. Thanks for the advice.
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| Posted 4/30/12 3:30 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Buyers and Sellers, come in... would this be a deal breaker?
Well lets put it this way...we had the exact opposite problem. We as the sellers wanted to close as quick as possible (we wanted 60 day max closing ) and they wanted 90+ day closing and our sellers walked away when we would not agree to more than 90 days.
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| Posted 4/30/12 4:01 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Buyers and Sellers, come in... would this be a deal breaker?
FL is a different world then NY
I would have your agent speak to them and try to get you more time- since you guys don't use lawyers- closings and everything else is normally much faster then in NY
hope you find something quick!
ETA- I would be concerned with not being flexible with the amount of vacant properties you are competing with- I would want to lock the buyer in if I got my price
you can always stay with family for a week or 2 till you close on your place- not ideal- but not unheard of even in NY
Message edited 4/30/2012 4:32:15 PM.
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| Posted 4/30/12 4:27 PM |
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VanderZwang
LIF Adolescent
Member since 2/11 740 total posts
Name:
Gail
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Re: Buyers and Sellers, come in... would this be a deal breaker?
Frankly, it ALL depends on if I could pack up and be gone in 30 days.
It would not turn me off. Just be innconvienent.
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| Posted 4/30/12 7:16 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Buyers and Sellers, come in... would this be a deal breaker?
Posted by Beth
FL is a different world then NY
ITA - CA was 30 days to the day.
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| Posted 4/30/12 9:26 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Buyers and Sellers, come in... would this be a deal breaker?
If I HAD to be out, yes it would make me walk away especially if they've already conceded quite a bit on price.
Perhaps ask to meet in the middle, at 45 days, and see what happens? I wouldn't let the buyer go over inconvenience though - I would do whatever I had to do to make the sale happen.
Good luck!!
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| Posted 5/1/12 9:01 AM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Re: Buyers and Sellers, come in... would this be a deal breaker?
Posted by CaMacho
So after about a month on the market we got an offer last night (low-balled us but our realtor got them up to what we wanted)! Anyway, apparently they need to close in 30 days (this is all verbal so far)... IF we asked for 60 days would that make you as a buyer walk away? As a seller are we allowed to know the reason they want to be in within 30 days?
We need to pack up all our crap and find somewhere to live!! Looking at houses this weekend if all goes well with signing contracts this week.
For us, it might be a deal breaker. Our current lease is expiring 6/1. We have a tentative closing date of 6/1. IF we couldn't close by then, we will be homeless  The premium for extending our lease month to month is exorbitant. Luckily, the house we are buying is vacant. There shouldn't be an issue with closing by 6/1 if all goes well.
If we said, we need to close in 30 days and the seller said 60, it might have made us walk depending on if I could line up a temporary solution, or I'd ask the seller to cover the premium on the month to month until we closed. It all depends on what the buyers situation is. If they are asking for 30 days without truly needing 30 days, and could go to 60, that to me is not a deal breaker.
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| Posted 5/1/12 9:20 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Buyers and Sellers, come in... would this be a deal breaker?
If I had buyers that were giving me what I wanted, i'd do whatever it takes to close the sale.
Move into some temporary housing and pack quickly.
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| Posted 5/1/12 1:52 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Buyers and Sellers, come in... would this be a deal breaker?
When the contracts came in last night to sign, she put June 12th which is about 45 days. We signed. FREAKING out!!!!!!!  
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| Posted 5/1/12 3:04 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Buyers and Sellers, come in... would this be a deal breaker?
Posted by CaMacho
When the contracts came in last night to sign, she put June 12th which is about 45 days. We signed. FREAKING out!!!!!!!
That is AWESOME!!! Thats the deal we wanted!! we were the sellers that wanted a deal closed by july! Thats great your buyers wanted that, but I know pressure on you to find something.
Congrats!
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| Posted 5/1/12 5:23 PM |
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