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hello ray Logan here Associate Broker with Remax Platinum serving the Greater and Arbor Greater Jackson areas I want to talk to you about a problem that's coming up it's never happened to me before but other agents have brought it to my attention and we've had these roundtable discussions okay here's a scenario there's a purchase agreement that's been bottom line and it's set to close the last part of April let's say within a few days of that anyways the buyer contacts the seller and says I've received it clear to close I'm ready to close and if we do not close by such and such date which is really soon so for the sake of this tape with it today being this sixth I'll say if we don't close by the 12th I lose my rate lock and my interface are gonna go up what would you do if you're the seller summers not ready to move seller has on her purchase agreement it has closed no later than let's say April 28th okay so what would you do in this situation if you're the seller and you're not ready to close but the buyer threatens to walk out otherwise their interest rate is going to go up see what's happening now the market is becoming a little unstable with things happen interest rates are starting to creep up and of course all your mortgages get sold on the secondary market so that's um it's in the bank's interest to get a higher interest rate because they're going to sell them to investors okay for lack of a better word so what would you do in a situation like this what do you think take a moment think about that I'm there again I've never had it happen to me another agent in our office that was in this and said he's never had it happen him either he's been in this for years but other agents that we spoken to has seen it happen numerous times more recently now than say before when things when they trade for lower here's the solution we came up with on this and uh I'd like to get your thoughts on this you teachers to come back but anyways what we suggested after going over this was that they go ahead and they closed but they draw up an addendum stating that the order will stay in that house until the original closing date the no later date on that purchase agreement which April 28th let's say so they would close or would stay in that house until April 28th at no additional cost and that would be the trade off the buyer would keep his interest rate he wouldn't have to buy an extension if they was to offer it and the seller gets to stay in the house how do you like that for us for a answer to a problem keep that in the back your head because you may run into this some time I had never ran into before but after bouncing about six or seven different scenarios off each other's heads that's I think that is probably the best solution that's going to help everyone the buyer the seller and the agents and even the loan officers you know for a for what they're or they're tied in for those rates see you have a good name you have called me five one seven nine six zero three nine zero four on my cell or you can call me direct on my office seven three four seven nine four four one nine seven and my email is Ray and ray Logan dotnet website is ray Logan dot net SIA