My wife and I are purchasing a home from a major builder. They are proposing a closing date 30 days prior to our preferred date. We need to dalay. How do we do this?
2007-01-31 11:26:02 · 8 answers · asked by euge0418 1 in Business & Finance ➔ Renting & Real Estate
The contract is signed, and states the closing date is a preference, and the seller reserves the right to advance it.
2007-01-31 11:44:59 · update #1
Since this seller is a "builder", I presume the house is empty, ready for immediate occupancy. They want to close ASAP because they have a construction mortgage the interest on which is cutting into their profit. BUT, they are experienced enough to know that buyers aren't as flexible, and they probably expect you to request a longer date. Simply tell they what you want and why. You may be surprised when they agree, or offer a compromise. On this point, you should ask for a longer date than what you can live with - say 45 days - and let them compromise you down to 30. Finally, there is no way that you can force them to agree to an extended closing date, but if you have made the best offer, they will be inclined to agree. The above assumes that you are in the negotiation stage. Once you have signed something - binder agreement or contract - the stated date is it. You would then have to depend on their magnanimity - not a good position to be in. Hope this helps. Good luck!!
2007-01-31 11:53:17 · answer #1 · answered by Pete 4 · 0⤊ 1⤋
Most contracts have contingencies built in that say financing is always a factor. I assume you need to delay for financial reasons. Take your contract to your lender, and ask them to help you. Not being able to secure financing will nearly always be a necessity. If the lender says you can't meet $ for 30 more days, the builder will probably agree to that addendum rather than start over with a new buyer. Get your Realtor or lender to give you a 'closing date' addendum and get the seller to sign.
If you have a Realtor, they should be helping with this unless they are only working for the builder.
2007-01-31 21:08:29 · answer #2 · answered by Lovejunk 3 · 1⤊ 0⤋
Just because they are proposing doesn't mean you are in agreement. The best way to stall is the same way most people do, just don't return their calls and don't put the money into the title co. I lovingly refer to this as the stone wall negotiating technique. When you are good and ready call and say, oh? messages? we didn't get any messages?
If you already have the contract signed and agreed they can't just "up the date". Just say no.
It doesn't sound like you so much need a delay as they need a rush. Just say what you can do and what you can't this is the deal.
2007-01-31 19:37:24 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If no date is in the contract, then you propose to put your preferred date in the agreement. Stand up for yourselves.
2007-01-31 19:34:34 · answer #4 · answered by Clown Knows 7 · 0⤊ 0⤋
Do you have a real estate agent - they can help you negotiate with the builder.
Read your contract to see what it has to say about delayed closing. I know they have a lot of stuff in there to help them and not you.
Worst case go to an attorney.
2007-01-31 19:37:16 · answer #5 · answered by Bob 4 · 0⤊ 0⤋
Usually, new home contracts have for closing date "Within ___ days from completion." If the house is not completed to your specifications, then have them re-do that. If it is complete, and correct, then you should close.
2007-01-31 19:37:56 · answer #6 · answered by teran_realtor 7 · 0⤊ 0⤋
Ask your realtor, a date should be on the contact........
2007-01-31 19:37:21 · answer #7 · answered by ron d 3 · 0⤊ 0⤋
find something wrong with the place and have them " meet all specs"
2007-01-31 19:50:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋