Buyer didn’t close on time

[Tamara Miller]

This is a little lengthy so forgive me.

I had a buyer that I signed multiple extensions for. We had agreed o. $6,000 in credits at closing for repairs. Ultimately she was denied.

Her boyfriend stepped up and offered to buy the house, and waive the inspection. I lowered the credits to $5,000 and agreed to the new contract. We were due to close on the 15th of March. 

The 15th came and went. On the 16th I’m told they need an extension until the 19th. I was highly irritated that I was finding this out the day AFTER I had expected to close, but agreed. Only for them to tell me on the EVENING of the 19th that they need an extension until the 24th. Then, on the evening of the 22nd, I’m told it will be impossible to close on the 24th, and they need an extension until the 26th. In a shocking turn of events, on the 25th I’m told that they will not be able to close on the 26th and they want an extension until the 31st.

At this point I became irate and said I will not sign another extension unless they lower the credits from $5,000 to $3,500. I’ve been paying all of the utilities, and now have another mortgage payment due. They claim we can close on the 31st, but you’ll have to forgive me if I don’t trust them to do so, so I’m paying March’s mortgage payment now, which is $400 in interest down the toilet. 

The buyer says they are NOT responsible for the delays because they turned in all of the paperwork they were asked for, and they do not agree to take a single penny off the credits.

I say they breached their contract because the closing date came and went and they never sent me a cancellation or an extension request. My realtor says that Louisiana protects the buyer and there is no chance of me keeping the $1,000 deposit unless I hire a lawyer. 

[Bill B.]

“I agree to extend closing until the 31st. If the closing does not occur on the 31st, the $1,000 emd shall be forfeited and the contract cancelled or a new earnest money deposit required...”

I don’t see cancelling the deal to keep $1,000 being worth anything. You’re going to lose more than $1,000 on your next offer. If there was another full price offer out there it would have come in as a backup offer already.