Buyer Wants an Extension

Here's a question that came in from one of our students.

"What do I do if my buyer wants an extension? It's my first deal and I'm worried they might be jerking me around."

Oh, do I remember that one.

Okay, this money is driving you crazy because you really need the money. I get it. BEEN THERE.

Now you aren't sure if they will close or not.

First question: Do you have another buyer? If not, get one...you will be able to sleep at night.

Second question: Are they re-assigning it or are they closing it themselves?

Third question: What is the extension for?

Fourth question: How good of a deal is it?

If they are trying to get a 100% mortgage or anything like this...forget it, it's not going to happen.

If they are unwilling to give you an additional $2k deposit (not upping the price), then forget it, they don't have confidence in themselves or the deal.

My advice, "GET AS MUCH OF THE ASSIGNMENT FEE UP FRONT"

Search the blog for "How To Take Deposits", it will help.

Hang in there...that first deal is always the most stressful.

Regards,

Matt Gerchow