Help! Seller is delaying! What should I do?

If the owner can't get you a signed contract within a week of an accepted offer, you have to seriously consider walking. If it is true what he is trying to do, you can give him more time for a closing date.
I would tell the seller's attorney;

I am very sympathetic to your client's situation. Unfortunately it is also putting me into a situation I am not comfortable with. I am willing to give extra time for a closing date for your client to get his/her affairs in order. As we have agreed to terms,I would like your client to be fair with me as well and would like a signed contract within one week.
Failure to do so will force me to have to rescind my offer and pursue options elsewhere.

Run, do not walk away. The owner is using any and all tactics possible to stay put. I bet if you check the co-op or condo fees you'll find that your seller is waaaaay behind and trying to make it look like they're making a real attempt to sell. The reality is that they just want to sit tight until the bank and building force them out.

I think that one week is too generous since I get the feeling they've already strung you along a while. I think you have to assume that the seller is indeed fishing for a better offer & feels he's already got a sucker on the line if that fails. Tell his attorney that time is of the essence & you need a signed contract in 24 hours or the deal is kaput. There's plenty of inventory out there & don't allow yourself to get played.

I recently got "gazumped" - as the British say - by a seller who used a technical issue holding up signing of the contract to shop for a better offer. He found one (or at least claimed to), and I have been asked to pay more. You can turn up the heat by having your lawyer formally withdraw the offer, but making clear that you would be happy to consider reinstating it immediately if and when his client is ready to sign a contract, should you still be in the market. I strongly suggest that you continue to look at other places in the meantime. Nothing adds to your negotiating leverage quite like having attractive alternative deals in your back pocket.

Give the seller a firm deadline. If the deadline passes, withdraw the offer and walk away. Be firm and follow through. Don't worry, you will have PLENTY of better opportunities to buy in the future.

What are you. 12yo? This isn't like your one true love, withdraw the bid and tell the seller if he wants to the privilage of selling to you, it just cost him an extra $25k.

Am I the only one that learned to negotiate from a position of power? And WTF r u bidding on just one unit? Greatest bubble bursting and you gotta have that one dry wall box? No r u 10yo?

Appreciate your advice, w67thstreet, but not your tone.

We must stay in character or else this place getz really boring! Take the good throw away the bad, it's alot like growing up. There are those who are abused and then repeats the cycle, and then those who are strong enough to break the chains of stupidity.

w67th has the maturity level of a 7-year-old. Actually, that's an insult to 7-year-olds.

The seller is lying.

There is no need to "pay off his mortgage" to avoid a short sale. All he has to do is show up with a check at closing for the difference between what you are paying and the mortgage amount and the bank will be happy to take it.

Sexy. Ask your mama if it felt like a 7yo last nite?

whoa six seven---gently now

move on - too klugey.

"Sexy. Ask your mama if it felt like a 7yo last nite?"

I think he proved my point.

i would ask for some legal document that states the seller is selling the property to you at a set price....some sort of a guarantee that the seller wont go and accept someone else's offer.

What do you expect? Sexposer? Now you've gone and proven my point dumbazz.... Oh I get it, you don't get Dave Chapelle either.. okay... you are easily offended on an anonymous site... m'okay.... m'okay....

Here is a grown person asking financial advice on an anonymous board, that to me on the surface looks like a "big" deal to him/her.. and is anxious about being 'played' by a seller in the worst financial crisis since the great depression if not greater. Am I the only one who sees the stupidity in being a lemming? And if you are going to be lemming and gonna catch that knife, why oh why in the world would you have your heart set on ONE? ?????? It's like going into a Ferrari dealer and saying I want this this this this this.. .and then when Guido says list + $50K... crying over it.... YOU WANT A DEAL... .then search far and wide and open your f'n eyes to the market.... clearly IT IS A BUYER'S MKT, no sexposer?

Forget my f bombs and all my "on-line" personality and SEE THE F'N message.. I'm YOURZ UNICORN

http://franchisessentials.files.wordpress.com/2009/06/unicorn.jpg

Something about unicorns is just endlessly hilarious. I think I actually had that My Little Pony....

CTHomeowner, my apologies. W67th is sort of like your weird uncle - some sage advice wrapped in socially inappropriate language and occasional lunacy. Maybe not everyone has a weird uncle. Anyway, unicorns have become a running joke.

I concur with the advice given here. There's no reason to continue playing footsie with a nonresponsive seller. Either get the deal legalized, or move on.

"romary move on - too klugey."

Computer science major pre-1990?

It sounds to me that the seller is generally unhappy with the deal (it took you all Summer to negotiate the price?). Look at the Kübler-Ross model, commonly known as the five stages of grief:
http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model

I don' think he's truly reached the last stage yet (acceptance).

Thanks to all for the advice. I withdrew my bid this afternoon. If the seller really wants to sell, he knows where to find me.

That's what I'd have done; go find yourself a MUCH better place!

Good move CThomeowner!

{Manhattan real estate agent.}

CThome,
When they do call you, and they will, tell them the deals on for 50K less.
Let them hem and haw...
Relent...to 49K less.

Yeah, they tried to stick it to you, stick it to them; payback's a bitch ;-)