Ep 127 “Delay Closing vs. Terminating the Sales Contract”

Welcome back everyone to “The Really REAL Real Estate Podcast!” In a perfect world, every home purchase between buyers and sellers go completely smooth, with no bumps or hiccups along the way! We get to closing on time, everyone is in a delightful mood, closing goes off without a hitch, and buyers and sellers go merrily along their separate ways, happier than a kid in a candy store! However, back here on planet Earth, we realize that not every purchase goes this way. Sometimes, obstacles in the home buying/selling process arise. Today, we are going to talk about what buyers and sellers should consider if we get to the day of closing and are unable to close. Should buyers and sellers delay closing or should the sales contract be terminated and everyone start over at square one?! TALKING POINTS (3-5): - Introduction - What does it mean to delay the closing? - What does it mean to terminate the sales contract? - Why might a closing be delayed? - What to consider before terminating the sales contract: - There’s no guarantee the next offer will be for the same amount of money. - There’s no guarantee the next offer won’t have seller assist attached to the offer. - There’s no guarantee the next offer won’t have additional items they’ll want fixed based on the home inspection. - There’s no guarantee the next appraisal will appraise for the sales price. - What are the carrying costs of owning the property (including additional time on the market)? - How do buyers and sellers extend closing? - How do buyers and sellers terminate the sales contract? - Final thoughts HASH TAGS: #sellingyourhome #firsttimehomebuyers #delayingclosing #terminating LINKS: JASON: https://jasonwilcox.cbintouch.com/ https://www.zillow.com/profile/jasonwilcox1987/ https://www.youtube.com/channel/UCrRksfKiMNteHKYRYrinAug?view_as=subscriber https://www.facebook.com/jason.wilcox.186 https://twitter.com/jason_wilcox1 https://www.instagram.com/jason.wilcox1/ CONTACT INFORMATION: JASON: Cell Phone: 412-651-4638 Email: [email protected]