Sigh..OK here I will try again...?

Question

We are supposed to be closing on a house ( we got financing & a co-signer),we were supposed to close last week but we were held up because they did 2 inspections,1 I think last month (the mortgage broker guy was there,so I dunno why)
by a contractor,& they got an estimate to the seller how much it will cost (they are taking the money out after the closing to pay for the repairs,they will put it in "escrow" under the attorney's control,then last week there was ANOTHER inspection,which is why we were delayed,they finally recieved the updated inspection report & the permit. That's all we were waiting for;now the closing SHOULD happen next week. What day do they usually have closings? They said something about Tuesday..
I want to get it over with already..one way or the other. What if they delay it another week? I'm worried..
Hope you understand the situation a little better (O & we are the buyers)
N.

Yes,I know what the permit & the repairs,there are a lot of repairs that need to be done & the seller is paying it all,closing costs,insurance,ect.And yes,there is a realtor,mortgage broker,lawyer involved,ect. Also as an "incentive" they are giving us 15,000 dollars as a home decorating allowance.They said they'd set up a checking acct for me & will give me the (info?check?) at closing. Isn't that illegal to withold some1's checking acct. info?

O and yes,we are past the closing date,but by only a few days. So,what do I do with this purchase agreement/contract? Give it to them at closing so they can update it or what?

Answer 1

Do you have a Realtor?
It costs buyers nothing to use one, the comish comes from the seller.
What is the repair for? Roof has to be completed and certified.
I hope you aren't letting the mortgage broker represent you, they have no fiduciary duty to you, meaning he is selling you a loan that's all and legally is not obligated to look out for your best interests.

You need to know what the repairs are for, what is the permit for, what the cost of repair is, is it all coming out the sellers end.

If no one is representing you , you need to get more info.
Call the sellers agent if you must, you'll get the other side of the story.
If you have a Realtor then talk to them.

You will get the decorating allowance at closing, since until the deal is done no monies are paid.

The loan will fund when all contingencies are met and then it will be recorded with the county.

You don't need to do an amendment for the closing date.

since you have all the information you need, just be patient and you will get your house.
So many things can delay actually closing in escrow and it can be frustrating. It might take another week, but that is very normal.

Enjoy your new house!

Answer 2

Most other answers on this questions are accurate and depending what state your in To begin with the closing can take place on any day once the title co. has all docs. Be very careful with money after closing because once it is closed (It is closed) because what happens if there are other problems besides the repairs that are going to be done always get a second opinion or the contractor says that wasn't in the estimate. Get the other side of the story If it is delayed huh! Sometimes things don't always go as planned or maybe someone is just dragging there feet If there are any delays you must sign an extension if it is passed the due date There must be a deadline or closing date somewhere at this point you are in control now you can stipulate in the contract if you haven't already ( I will sign if.....) about any extra repairs or surprises that may be or may not be in the contract Get a guarantee, put everything in writing Also if you don't sign the the extension it can work for or against you depending whether the seller wants to back out or in other words you also will be giving the seller an option to walk out of the deal

Remember This is not meant to be legal advice if there is any part you don't understand consult your attorney

Answer 3

Whenever they give dates for closing they are really just estimates and as you have seen the reason is because as they go through the closing they have to make sure everything is done, money collected, papers signed, and such. Since they do a lot of these their estimates are usually pretty close, but there is always a chance that they have to wait on this or that. Even after both parties sign they both have 48 hours to back out. And then past this time things like to the title being transfered and such have to be done, so it can drag on and it is a real pain, but that is the way it is. And sometimes things come up like the repairs you mention and things are delayed. We where delayed in ours by a week or so just because the stupid home owner association said it would take two weeks for them to print out our current payment status (we are the sellers) and the standard documents. Something where someone just needs to make a copy or press print on the computer! My wife got on their case and they got it the same day she called, but that was after they had wasted the week or so (and of course we are paying the mortage for this time).

In your case on the inspections, well I know the delays are quite a pain, but it means that they are making sure that the house is good for you, so it should be worth the wait.

It sounds like you are pretty close to the end. Good luck with your new home.

Answer 4

What you are going through is pretty typical. If repairs are required you can't close until either they're completed or a contract has been let and arrangements for payment to the contractor through escrow have been made.

Closings can happen on any day of the week. I even closed one on the 4th of July.

Assuming that there are no deal-breakers going down, you'll close when you close. I know that that sounds like an evasive answer but I've bought a dozen homes in my lifetime and have yet to close on the originally agreed closing date. It always gets slipped for something.

Answer 5

Closings can take place any day of the week, you should reffer to your contract regarding the date schduled for closing. If it is delayed again is that going to put you past the date on your contract? If so the purchase and sales agreement will need to be ammened to reflect the new date. Best of luck!

Answer 6

Yes, Tuesdays it usually happens. Good Luck.