"I Need a Longer Close" Legitimate Need or Buyer Hesitation?

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Transcript

Why Longer Closes Get Dangerous

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During dispositions, you're gonna hear this one over and over again. I need a longer close. And here's the truth. Sometimes it's legitimate. Maybe the buyer is using hard money. Maybe they're waiting on a partner wire. Maybe they have a 1031 timeline. But a lot of the time, I need a longer close is just a polite way of saying, I'm not ready. I don't fully have the money. I'm still shopping this deal. I want to control the contract while I figure out if I can actually close. And that is where wholesalers get themselves in trouble. Because your job is not to automatically say yes, and your job is not to automatically say no. Your job is to figure out one thing. Is this buyer actually going to perform? Because time is not free. Every extra day you give that buyer is extra risk you are taking on. The seller can get impatient, title can find an issue, other buyers will disappear. Your assignment fee can get put in jeopardy. So if a buyer wants more time, that is not automatically a problem. But if they want more time without giving you more commitment, well, that is a problem. Here are the wrong ways to handle this objection. Bad response number one. Okay, how long do you need? And then you just give it to them. That trains buyers to stall. That teaches them your contract is soft. That tells them they can use your deal as a backup plan while they keep looking. Bad response number two. No, it's firm. Every single time. That sounds strong, but it can also be stupid. Sometimes a buyer legitimately needs more time and can absolutely close if you structure it correctly. Bad response number three. Why do you need more time? But if you say it with an attitude, the question is not the problem, the tone is the problem. You're not interrogating them, you're qualifying them. There is a huge difference. When a buyer says they need a longer close, it usually means one of five things. They do not have the funds ready, their lender is not ready, their partner is not fully committed, they want to lock up control while they decide, or they're actually not the end buyer and they're trying to line up someone else behind them. That does not mean you attack them, it means you slow down and qualify. Because the first question is simple are they a closer or are they a talker? And you cannot answer that based on what they say. You answer that based on what they are willing to do. When a buyer says, I need a longer close, I want you to think through this framework. Clarify, verify, trade, deadline. So step one, clarify the reason and the timeline. The first thing you say is, understood, how long do you need and what specifically is driving that timeline? That is a calm question. Not emotional, not defensive, not aggressive. You're looking for a real answer. Because I just need more time is not an answer. More time for what? For the lender, for funds to clear, for a partner to approve it, for an inspection, or for another buyer. You need to know exactly what is creating the delay. A real buyer can usually explain the reason clearly. A fake buyer usually gets very vague. Step two, verify their ability to actually close. Once they explain the reason, now you verify. So you ask, are you closing cash, hard money, or private money? Now hopefully you already have this answer, but you still want to verify that nothing has changed. So then what is the blocker right now and what date does that blocker clear? If they say hard money, you ask, do you already have the lender lined up and has underwriting starting? If they say cash, you ask, is the money currently liquid and in your control? If they say they have a partner, you ask, has the partner already approved this deal, or are they still reviewing it? This is where a lot of people get uncomfortable. They think asking these questions is rude. It is not rude, it is business. What is rude is letting a buyer waste your time, risk your seller relationship, and hold your deal hostage while they figure out whether they are real or not. Proof matters more than promises. Step three, trade the timeline for commitment. This is where most wholesalers miss. You do not just give away more time, you trade it. So the line is I can work with a longer close if the deal is locked in. That means stronger EMD, a quicker non-refundable period, preferably immediately, and a firm closing date. That is the key. If they want flexibility from you, you need commitment from them. So then you propose the terms. If we push closing to this specific date, EMD is this amount due within 24 hours, and it becomes non-refundable immediately. Or I can give you the extra time, but I need the contract signed today and EMD wired tomorrow. That is how you separate serious buyers from professional maybes. Because serious buyers understand commitment. Fake buyers want access without accountability. Step four, set a deadline. The last piece is the deadline, and you say, if you want the longer close, I need the contract signed today in EMD wired within 24 hours. Otherwise, I'm moving to the next buyer who can close sooner. That one sentence protects you from the worst type of buyer, the maybe buyer. The maybe buyer will steal your momentum, the maybe buyer will keep asking questions, the maybe buyer will make you feel like the deal is close. And then two weeks later, they disappear. You cannot let a maybe buyer control your deal. So here's the key principle: a longer close increases your risk. So if the buyer wants you to absorb more risk, they need to absorb more commitment. That is fair. That's not pressure, that is not being difficult, that is not being unreasonable. That is how business works. If they want more time, they need to put more skin in the game. If they refuse to put skin in the game, that tells you everything you need to know. They were not asking for a longer close, they were asking for free control. So let's go over some common scenarios. Scenario A, they need a longer close because of hard money. So the buyer says, I need a longer close because I'm using a hard money lender. So you say, Got it. Are you already approved with that lender and has underwriting started? If they say yes, you ask, what is underwriting waiting on and what is the realistic close date? Then you structure it. We can extend the closing to this date if you put X amount of dollars EMD within 24 hours and it immediately becomes non-refundable. That way we're both protected. Now watch how they respond. If they are real, they'll usually understand. If they push back hard on EMD, well, that is a signal. Because if they need you to take all the risk while they take none of it, they're not your buyer. Scenario B, they're waiting on funds. So the buyer says, I need more time, I'm waiting on funds. You say, understood, is the money already in your account and just needs to be moved, or are you waiting on someone else? That question matters because money in their control is one thing. Money dependent on someone else is completely different. If they say they're waiting on someone else, you say, okay, I understand. I'm just not comfortable holding a deal while a third party decides. If you want the longer close, the commitment needs to come from you. EMD wired within 24 hours. And that protects you. Because you do not want to be sitting there for 10 days while somebody's partner, uncle, lender, cousin, or private money guy decides whether they like the deal. That is not a buyer, that is a committee. Scenario C. They want the longer close, but will not sign or wire. This is the easiest one. They are stalling. They want the deal, but they do not want the responsibility of the deal. So you say, No worries, I'm going to move forward with another buyer. If you get ready sooner, send over proof of funds, and we'll see if it's still available. And then stop chasing. This is where wholesalers lose power. They keep following up with people who already showed them they are not serious. People who can close do not argue with basic commitment. They sign, they wire, they perform. Everyone else talks. The final scenario is the seller timeline is tight. Sometimes you cannot give the buyer more time. Not because you're being hard to deal with, because the seller needs speed. In that case, you say, I understand why you need more time, but the seller needs to close by this date. If you cannot meet that timeline, this one is not going to be a good fit. Then you leave the door open. If you can close by that date, then we're good. If not, I'll keep you in mind for the next one. Simple. You do not need to overexplain. You do not need to apologize. You do not need to beg them to make it work. The deal has a timeline. They either fit the deal or they do not. So let's go through some role play. Bad version versus good version. Here's the bad version. Buyer says, I need a longer close. You say, Okay, sure. How long? Buyer says, Let's do 45 days. And you say, Fine. No stronger EMD, no proof of funds, no commitment, no deadline, no leverage. Then 30 days later, they need more time, or they even disappear. At that point, you do not have a buyer problem, you have a structure problem. So let's go through the good version. Buyer says, I need a longer close. You say, understood. How long do you need? And what is driving the timeline? The buyer says, My hard money lender needs two more weeks. You say, got it. Are you already approved and has underwriting started? Buyer says, Yes. You say, okay, I can work with a longer close if the deal is locked in. If we close on this date, EMD needs to be$7,500 due within 24 hours and immediately becomes non-refundable. If that works, I'll send the assignment right now. Buyer says, send it. That is a closer. Not because they said yes, because they backed it up with commitment. Now let me give you a fail-safe text message to send the buyers when this happens and maybe even after the conversation. If you need a longer close, no problem. But I need commitment with the extra time. So the proposed terms are we close on this date, and the is this amount, due within 24 hours, non-refundable. If that works, just simply reply, agree, and I'll send over the assignment now. If they keep delaying, send this. Totally fine if it's not a fit. I'm moving forward with another buyer who can close sooner. That's it. Don't argue, don't chase, do not negotiate against yourself. The biggest mistake wholesalers make is thinking the buyer who asks for more time is automatically the problem. That is not always true. The real problem is giving more time without getting more commitment. A longer close is not bad. An uncommitted longer close is bad. So the next time a buyer says, I need a longer close, do not panic. Clarify the reason, verify the ability, trade time for commitment and set the deadline. And remember this: if they want you to take more risk, they need to show more commitment. That is how you protect the deal. That is how you protect the seller, and that is how you stop letting buyers use your contract as their backup plan. So for those of you that are currently doing dispositions, let me know. Do you agree with this tape? Has this happened to you? And have you resolved it using this plan? Let me know in the comments. Regardless, show me some love. Like today's video, and we'll see you guys tomorrow.