How can I prolong the closing for an extra month? I'd be debt free in December, but not in November, and I need to eliminate all my debt before closing on a new home. I know it's just one month, but with interest rates on the credit cards, I won't pay them off for years. The builders are adamant about closing on schedule barring weather delays or other such delays.
2007-06-03 04:18:58 · 6 answers · asked by ron-D 7 in Business & Finance ➔ Renting & Real Estate
Time is of the essense in any real estate transaction as stated in the agreement you already signed. If you fail to close when the deal is ready to close, expect it to cost you dearly.
Statistically you're likely to have one or more delays on the part of the builder that will push your closing date back a month or more but there's no guarantee on that. Cross your fingers on that, but you'll have to close when the deal is ready to close.
BTW, if you close in November, your first payment won't be due until January 1st. Will that give you enough wiggle room?
2007-06-03 05:08:45 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Looks like you have been given solid advice by everyone so far. I hope that your builder experiences delays!
Re-read your purchase agreement. They usually outline the process or cost of extensions if any are allowed at all. Since you are under contract, your builder has the right to cancel if you extend beyond the date you agreed to, especially if the agreement does not outline any opportunity to extend on your part. Unfortunately, this happens to many people for a variety of reasons, even sometimes a delay in selling a current home.
Like others have told you, closing in November means your first payment is due in January. That may give you the time you need to get debt free.
I would also check with your current lender about your loan program. If you have concerns about meeting the house payment obigation, it seems they should as well. I would be a bit concerned that you are being provided a loan that you may not qualify for in actuallity, such as a no-income verification or stated-income loan. While a new home is part of the American dream, and I applaud you on your decision, if you have to back out now and start over again when you are ready, it will be a far better decision than getting in and defaulting right away.
I wish you the best of luck with this purchase!
2007-06-03 06:33:25 · answer #2 · answered by nathan p 1 · 0⤊ 0⤋
That is pretty tough thing to do. I would contact your real estate agent and see if they can get an extension.
OR tell your mortgage broker to pro-long the closing docs, and ask them to say they need a little more time for docs.
Becareful as the contractor/selling agent might give you an extension, but will charge you interest for everyday they do not get the home off there books.
2007-06-03 04:36:45 · answer #3 · answered by LA Fan 1 · 0⤊ 0⤋
you will need to refer to the terms of your purchase and sales agreement as to what the extentions options are. If you have a Realtor they can review this for you and help you to understand your options. The god news is once you close on the house your 1st mortgage payment is not due for at least 30 days so even if you do close in November you won't have to pay your mortgage until December. Best of luck!
2007-06-03 04:40:06 · answer #4 · answered by Rosie 4 · 0⤊ 1⤋
If that's not the one you wanted, ask them if they can cover it with stucco. This is what I want to do when I get bored of the brick I have. The advantage of stucco is that you can painted it if you get bored with the color and the brick you can't. I think that will be your best bet. Good luck!.
2016-05-20 01:05:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Find another place. There are many available anywhere you look.
2007-06-03 05:13:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋