1st Sale

Hey Folks:

Selling my first property since I started buying a few years ago. I have a few questions.

Buyer is requesting a 45 day with 15 day exstension for the closing date. Is there a reason for this? (He doesn’t want a 60 day closing date and he says his mortgage people can’t clsoe sooner becaus eof this clow time of the year… ha)

Buyer wants sale contigient on inspectino , which is fine except that the price is not moving. It wa s an “as is” price.

Buyer wants only $1,000.00 deposit instead of usual 10%.

How do these terms sound? I wanna sell this property to get some cash and he the only buyer to get this far in months…

When I buy I get 45 days but I close in 30. As long as you don’t put a penalty on closing late (like $100 day for every day past 30 days) I would not have a problem with it.

The sale is always contingent on inspection anyway. “As is” means you won’t fix anything I find, but if I find that you have no plumbing I can still back out ot the deal. That inspecion period is usually 7 days.

What is this $1000 deposit? Is it earnest money?

Thanks for reply.

The closing date actually works for me but I was wiondering if there some type of “scheme” to thhis or I just being paranoid?

The inspection/appraisal I now understand.

No money has changed hands at all. In PA usually buyer gives $1000.00 at signing of agreement with remaining 10% less that $1,000 in 7 days.

I don’t know about that deposit thing. I am not in Pennsylvania.