Seller taking on another contract while escrow as not closed

[Minh Le]

Hi all,

I have everything in place to close on a property purchase, however, Seller is wanting to take on another contract, because closing was delayed by a week, and we did not have an amendment to officially extend the close date. Is that possible?

The delay was out of my hands, as Lender did not get back to me until recently; and I have provided everything that they asked for, every step of the way, in a timely fashion.

Regards,

Minh

[Mike Cumbie]

I'm sorry but I fully disagree with most of your premise.

You say deadlines are deadlines, but then say that "too bad for them I was late and they get nothing". "I would agree to pay if I was even later than the lateness I was, but not before". Either you care about deadlines or you don't. You care about the contract you entered into or you do not.

You state that you held up your end of the bargain and closed when promised (the date you decided on your own to promise, not the agreed upon date because you missed that)... But you were late, it was your side that failed. You choose the lender and made promises. You were unable to meet your obligations and somehow they should just wait it out and hope you can actually close some day with no extra guarantees from you.

You would have agreed in the beginning, but you didn't understand it, so he is just out the holding costs. Because you didn't understand it. Yes we are all in Real Estate together, but you refusing to meet your deadlines, refusing to make good faith adjustments when you fail then blaming them for being unprofessional, just strikes me as you do not understand.

As an agent if you represented a seller and the buyer was a week late and going to be even later (and you are not sure if they will ever actually close because they can just tell you anything without per diem or extra EMD), would you roll over and tell your client "well tough" or would you get them something for the failure of the other side to meet contract or at least a guarantee to protect them?

Lastly they did not "confirm that they could not move forward in Texas", they simply made a business decision not to walk away from you and take a loss on your inability to meet your deadlines. I'm not trying to beat you up, but if you continue with the way you are thinking you may lose out on a "homerun" of a deal in the future. Even worse you may have a client lose out on a "homerun" deal and when they start blaming you for a failure to perform "reasonable care" you could be liable.

Good luck in your investing and your business.