Signed contract - Asking for extension. Again.
I have a small commercial property that has been on the market for some time. We have a signed contract, earnest money posted, title work done (at my expense)& we are almost at the end of the option period for the seller to back out without losing the earnest money. About 2 weeks ago, the seller contacted our realtor asking if they could get an extension. We declined & they said they'd make all deadlines & close this month.
Well - our realtor contacted us & said he expects them to request an extension of 60-90 days. The catch is there are 3 other interested parties that won't even look at it while it's under contract.
We said to try to show it & if they make a firm "back-up" offer, we'd seriously consider it next week when we have to decide whether or not to grant an extension.
If we go with the 1st buyer, can & should we require more in earnest money for essentially having it off the market for so long?
What would you do?