Before getting into it, here’s what happened with each deal:

Contract #1:

• Offer Date: April 5

• Original Closing Date: May 9

• Current Status: Delayed multiple times; still not closed

This was a cash offer. The listing agent — someone I respect and have successfully closed deals with in the past — wanted to close quickly since it was a cash transaction. I explained that we were using a private lender and always need 30 days to ensure financing is in place and to allow our attorney to complete a title search. After some back and forth, she agreed to the 30-day close.

As we approached the closing date, it became clear the seller wasn’t ready. They submitted incorrect corporate documents and failed to provide a partial release from their lender (the property is part of a portfolio loan). Without that release or the correct corporate documents, we extended the closing date to May 16.

Still not ready, we pushed again to May 30. Again, they did provide the correct documents, no the partial release from their bank. This is unusual — I’ve sold properties many times out of portfolio loans without any issues whatsoever.

And the agent who kept pushing for a quick closing? She will not respond to my calls or texts, only emails. She’s too embarrassed to take my calls after she pushed for a quick closing.

As of May 30: No closing.
I submitted another extension through June 13 and requested a $500 price reduction.

Why I Want This Property:
We have a turnkey buyer lined up post-rehab and leasing. Projected profit: $47,000.

Contract #2:

• Offer Date: May 1

• Closing Date: May 30

• Current Status: Delayed due to seller issues

A week before closing, it was discovered the seller hadn’t paid 2024 property taxes and failed to provide a payoff letter from his lender. The listing agent was unaware of the unpaid taxes — something a competent agent should have verified and advised on. They were both advise immediately on next steps required before we can meet our closing date.

Now, the seller must:

1. Pay the property taxes

2. Obtain a Certificate of Redemption

3. Provide a payoff letter

Why I Want This Property:
We may hold it as a rental with an estimated 14% cap rate, or sell it to a turnkey buyer we already have lined up. Projected profit: $31,000.

So, what are my options?

Grant an Extension

The seller has a valid reason (title issues, logistical delays, etc.):

• Amend the contract with a written extension to a new closing date which I have already done for both properties to close 16 June. I am waiting for signed extensions to be returned back to me.

• Ask for consideration, such as a seller-paid credit, or per diem penalty. For the first contract, we asked for a price reduction. The second one we will hold off on unless they delay again.

• Make sure to document everything in writing and have all parties sign. This is important just in case you want to take it to the next level legally.

File a Notice of Interest

If either one of the sellers push back or change their minds about selling, we will file a Notice of Interest at the county records to prevent the seller from selling to someone else:

• This clouds the title, making it hard for the seller to sell or refinance until the dispute is resolved.

• Attorneys may get involved and drive up the cost to purchase and close.