How long should I hold down payment

brawn · #1 Aug 18, 2007, 12:00 PM

If a potential buyer gives me a down payment on my house to hold it until he sells his home, how long should I wait for him to sell his home?

brawn · Aug 18, 2007, 12:40 PM

Quote:

Originally Posted by Fr_Chuck

When he made a offer and gave earnest money with the offer, and you signed and accepted the offer, the lenght of time he had to sell his home and an estimated closing should all be in the written material.

Then I assume that means that he and I can set whatever amount of time we feel comfortable with. Is there any "industry standard" for that type of situation?

brawn · Aug 18, 2007, 01:02 PM

Quote:

Originally Posted by Fr_Chuck

Closing dates can be almost anything you want, 45 or 90 days could be acceptable if he has to sell his home. What are the terms of the money he is paying, if he is unable to complete the agreement will you get to keep the payment? Or at least get some amount of money to pay for you taking the house off the market while you wait on him to sell his home.

Thanks so much for the information. It gives some idea of where to start.



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