The 'Extension Saga' is finally over.  I have been vying for Ripley's Believe It or Not in the category of the most viable contract extensions in real estate history.  Over the past 8 months I have been reporting on the number of extensions written on this one contract.

It started with a contract for the sale of a single family residence for $741,000 which was to close in February 2008.  The buyer was some exotic person who had his millions tied up in various foreign banks.  The story was that he was trying to have his funds released to an American bank but there were all kinds of obstacles that these banks were putting in front of him - sort of like a video game I guess.

Anyway, the first extension came and went.  At the second extension, the buyer's realtor asked if the seller and buyer could contact each other and work through the particulars.  I was dead set against it for many reasons.  The two principles agreed to work together, however, keeping the realtors informed at each step. 

The problems were many starting with the fact that no deposit was actually received because the buyer was going to pay 'cash' and close early.  That didn't happen.  By the time I had insisted, the two principles were 'buddies' and neither felt it was necessary. 

Once the fourth extension was written, I encouraged my client to change the status of his home to 'active' and write an addendum with a 'kick out' clause in it.  Again, they were 'buddies' and the buyer had agreed to pay the mortgage payments from February until closing.  My seller didn't think it was necessary.

The eighth extension was written.  Just before the closing date, my client was informed that the buyer's partner had absconded with the buyers entire fortune - several millions, supposedly. He could not possibly go through with the purchase.  Case closed.  Lots of lessons for me to learn on this one.