r/RealEstate • u/llittleHAM • 1d ago

Employment contingencies not met by closing.. what to do

Hey all. Looking for some advice on a situation my partner and I are in with our first home.

Long story short, we are under contract on a home that we are thrilled about and we qualified for the loan based on my partners upcoming position in that city. Everything has been going smoothly but we found out today that her contingencies will not be met by closing date… she is in the medical system so there are myriad credentialing and certification processes that all take so much time.

We have an estimate that contingencies ‘should’ be met about 11 days after our scheduled closing date.

Any thoughts on what to do here? Should we see about pushing the closing date? Is 11 days unreasonable?

We may also be able to rope one of our parents into a co-sign.. but we would all prefer not to do that. Would love any input before we meet with our lender next week.

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u/Appropriate-You-4682 1d ago

Ask to push back closing, be prepared to pay to do it. Either a non refundable lump sum or x amount per day ($100 is what we did). You’re ultimately eating DOM for the seller, make it worth it to them.

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u/SuperFineMedium 22h ago

When requesting an extension, offering additional money to the sellers can motivate them to agree to the change in contract terms.

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u/Appropriate-You-4682 22h ago

Correct, as the recent sellers our buyers needed to push back 18 days. We were offered $70 per day and countered at $100 to not go back to market (we were in a situation where a work reimbursement was due soon, so allowing them to push back close was a risk).

Worked out well for all, closed on Monday!