Would this interest your apartment buying clients?

[Rich Weese]

There is a lot of uncertainty in the marketplace currently. I know, because I had a deal fall through recently. No one seems to know exactly what will happen over the next several quarters. There are still many buyers out there including those sitting on a 1031 exchange. the unknown is what is scaring both buyer and seller. If that can be removed, there seems to be a better chance on striking a deal.

The following concept was presented to me and I think it is a pretty good one.

The buyer puts down to 2-3% as nonrefundable earnest money and it is dispersed to buyer within seven days. A price is negotiated between buyer and seller with the understanding transaction must close within 60 days for that price. If the buyer decides not to close within the 60 days, he receives an automatic 30 day extension with price increasing if it is closed during that 30 day period. Additional extensions are given with price increases on each one. The price is fixed, the earnest money is fixed and only the price is left in flux.

I'm doing some calculations but as a seller, this seems like it would protect both sides to accomplishing a successful closing.

Your thoughts?