Patience not always a virtue in real estate

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Manouchehr Galdjie submitted his purchase offer to buy an apartment building that was available for sale. The seller, Barbara Darwish, made a counteroffer, which the buyer accepted. The sales contract said that within 10 days of acceptance the buyer was to provide evidence from a lender that he can obtain the necessary financing. The sale was to close by April 9. Purchase Bob Bruss reports online. But the buyer had difficulty obtaining a mortgage. While faxing some property information to the buyer, the seller included a note that said the contract would not be extended beyond April 9–"the date everything should be wrapped up." However, it took the buyer until May 12 to obtain a mortgage commitment letter. Also on May 12, the seller signed instructions canceling the apartment building sale. The buyer then sued the seller for specific performance of the sales contract. He admitted not meeting the April 9 deadline, but stated the seller encouraged him to continue trying to o...