Here are two simple options for keeping a deal on track.
What happens when the property is in escrow, but the buyer isn’t closing it on time? This is happening more often now with lenders getting tighter on their conditions and documentation. You could understandably be upset if you’ve already moved and you’re forced to bear the cost of this delay. What can you do when, by default, there are no penalties for a delay? Here are two things you can do to still get the deal on time:
1. Issue a demand to close escrow. This gives the buyer a couple of days to close the property or quit the deal. Being that forceful, however, is not always the best thing to do. You don’t want to punish the buyer for something that might not be their fault. It’s best to be patient and work things out.
2. Counter with a per-diem. This stipulation states that if there is a delay on the buyer’s end, there will be a daily charge. This is helpful as it puts the burden of duty onto the buyer, and the accruing charges can help soothe the seller. You don’t want to recommend this on every transaction, though. You want to evaluate the pros and cons of the deal in question.
Hopefully, this answers your questions as a seller. Please don’t hesitate to call me if you have anything else that I can help you with. I’d love to help you out.