So, your Sellers are ready to move their family to the new home they've purchased, Everything is packed, the home has been scrubbed from top to bottom (don't you love Sellers who like to clean?), and we only have a week til the big day. Then the phone rings (cue the music DA-DA-DA-DUM!!!!).
You get a very friendly phone call from the Buyers' Realtor who starts out by saying, "Hi, we have a little problem." Now, we all know what that means: we have a big problem. Apparently, for some reason the Buyer now is announcing that he may need an additional week or two in order to get the funds together to buy your clients' home. Why? Not important! Not important? Are you nuts?
This, like most home sales, has to close so as not to cause a domino effect that will result in two other homes not being able to close. Now, whle the attorneys will most certainly work on this first thing Monday morning, because so many people are involved, it will probably take a good deal of time to get to the bottom of things.
The truth is, even though the Time of the Essence clause can be invoked, the offending party still has an additional 10 days within which to move forward, and that will likely cost the other party inconvenience at the very least, and maybe a lot of money.
The market may have picked up steam, but it certainly feels more difficult than ever.
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