How to prolong a contract on a property???

[Anonymous]

I have known for people to put a contract on a property so that they won't lose it, and then hold it for months. how do they do it? What do they tell the sellers to hold them off?

08/26/2009 TU 578  EQ 551

[rockymtngrl]

I don't know that I have ever heard of someone holding a property for months. I'm sure the sellers would not be very happy about it.Maybe if there was a situation with the funding, waiting for some reason like maybe USDA Direct. In which case I'm sure the seller and/or thier agent was in touch with the LO to assure them things were on track. Unless you just happen accross a seller whos not in a hurry and willing to wait but I would think thats pretty rare.

What are your circumstances that you are wanting to hold a propery for months for?

[Anonymous]

Dates are put into the contract (to obtain financing, inspection, appraisal, etc.) so i'd think the sellers can back out at any of those times if you go beyond those dates without just cause.

Can i ask why you'd want to do that? Are you waiting to get scores up or downpayment money? Or waiting for a lease to expire? Often you won't be allowed to put in offers until you're pre-approved.

Message Edited by ladyofnight on 09-03-2009 03:36 PM

[rockymtngrl]

I agree, the sellers are going to put in the contract you will have to show proof of applying for and being preapproved etc within certain dates. I think most people don't go into it planning to extend the contract, its just when circumstances beyond your control happens, its extended.