Help!!! (Contract $ due or Car Go By By)

Strype · Dec 21, 2006

Okay... This may get thrown into the land of make believe, but it does have a direct affect on my 5.0!

I put 15% down on some property. I have "within 45 days" to arrange financing. The due date is coming up (December 26th) and I might run a day or 2 over it at the most...

So, what about Thanksgiving and Christmas? Those are Federal Holidays. Can I extend the due date because of those holidays?

You see, if I can't I will have to borrow against the credit card to bribe these guys for another day or 2. If that happens, I will be selling off enough to cover that amount which means Heads, exhaust, etc... If they want a lot of money I fear the 5.0 or 4.6 will have to go cheap and fast!!! They are the only collateral I have that I can sell off.

Does anyone know? Pretty pleeeeeeeeeeeeeeeeeeeeez with sugar on top!!!

Strype · Dec 21, 2006

Okay a coworker just told me "45 days" is 45 days period. But, if anyone knows for sure I'd appreciate the help... Thanks

*punches Thor Jurkengurken the Office Gnome*

RycheGT · Dec 21, 2006

have you spoken with the sellers about it yet? if you tell them your financing is coming but it looks like it might take an extra day or two they might let it slide. as for your question im not sure. it took almost 3 months to get everything finalized when i bought my house. some times things just get strung out for whatever reasons.

Strype · Dec 21, 2006

RycheGT said:
have you spoken with the sellers about it yet? if you tell them your financing is coming but it looks like it might take an extra day or two they might let it slide. as for your question im not sure. it took almost 3 months to get everything finalized when i bought my house. some times things just get strung out for whatever reasons.

Yeah I talked to the auctioneer. He said " -Insert Bank- Corporate doesn't like to extend a contract, that changes everything. I don't want to ring any alarm bells as of yet."

That didn't sound promising. Evidently they'd like to keep my money

But I asked him what if I dropped some more money to buy a couple of days and that's when he said "Don't want to ring any bells just yet".

It would be in the bank's best interest to allow me to close. They aren't in the real estate business and it costs them money.

Busted07 · Dec 21, 2006

I would seriously call and talk to them and ask if it is "45 business days only" or if weekends are included

Busted07 · Dec 21, 2006

If i had the cash, i would buy your car, then sell it back to you when you got it straightened out.

Strype · Dec 21, 2006

FarBeyondDriven said:
I would seriously call and talk to them and ask if it is "45 business days only" or if weekends are included

He told me the 26th of December. I was just wondering if I could get around that.

FarBeyondDriven said:
If i had the cash, i would buy your car, then sell it back to you when you got it straightened out.

I appreciate it anyway. Thanks man. Hopefully it won't come to that. I'm praying they get the loan ready to close tomorrow or Tuesday the 26th at the latest.

Nibblesworth · Dec 21, 2006

Unfortunately, 45 days means 45 days. Option contracts (that's what you have) require that, if there is some purported consideration (whatever money you put down), the seller must keep the contract open to you, and only you, for the specified time the option contract allowed. That specified time is non-negotiable, if the seller wants to be a toolshed.

I suggest you arrange the financing before the 45 days is up. Weekends and holidays do not matter with option contracts, unless the contract stated something like "Buyer to pay the balance of the contract no later than 45 business days, excluding federal holidays, from the date of this contract."

If that provision is not there, the seller can completely void the option contract at the end of 45 days and keep whatever consideration you gave him to keep the contract open.

Help!!! (Contract $ due or Car Go By By)

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