Prior to acceptance of a contract, the sellers always require verification of the buyer's ability to finance the purchase. FHA, VA, and many of the special financing programs available to homeowners require building inspections to evaluate the condition of the property. Most REO properties do not meet the requirements of these programs. Buyers who make cash offers should be prepared to present to the seller verification of funds available to close. Also, sellers often require cash buyers to close within in 10 days of the acceptance of the offer.
Sellers expect to close on the date agreed upon in the contract.
Sellers are not normally willing to extend the closing date. However, sometimes sellers will sign contract addendums extending the closing date. They almost always require a per diem as a condition for extending the closing date. My REO Report lists all properties in the St. Louis Area which have been listed in the MLS within the last 7 days. Coldwell Banker is a registered trademark of Coldwell Banker Real Estate Corporation.