Vendor want extension?

[Ray Brown]

Hi all,

buying a property at the moment, but the Vendor keeps extending settlement. Happened twice now....they say it's their bank.

seems a bit strange to me.
any ideas?

 

[kathryn d]

We had a vendor extend settlement, but it was because their lawyer didn't have all the paperwork completed.

Another time, was when the vendors had gone on vacation.

 

[Ray Brown]

On Vacation.

I see, so they were really not interested in selling maybe.

 

[kathryn d]

Actually,the property took 6 months to close on.Had to get property development agreement approved.So we were always taking "closing the deal" in general a ball park timeframe. When it actually came time to sign, and all conditions were met,the vendors were away. It was only 4 days, so it wasn't a big deal.

 

[kissfan]

Hi RB.

The vendor may possibly have some other financial deal going on at the same time that could be causing the delays.

Banks (and sometimes conveyancers) aren't that reliable with settlement dates.

Has happened to me (as a purchaser, not vendor) in the past where everything was ready to settle, then the bank delayed things twice (on the one deal) with paperwork.

Regards
Marty