My closing date has been delayed due to the buyer's lender.
I am a seller and My house is in Florida but I live in other states.
Before I got notice from my agent, I have already sent all sighed documents by Fedex to title company. Because I do not want to go down to Florida,
In this case, I would like to know I am in secure or not and also
I need to know what next step would be...
Please tell me...
Thanks
2007-08-02 05:02:10 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If they have not closed by the specified date on the contract, they are out of contract. Have you signed a written extension? If not, you can claim the buyer's deposit as liquidated damages, according to what is specified in writing in the contract.
However, the best idea is for you to close and sell your property, especially in this weak market. The docs will have to be re-done, since the tax proration is based on the day of closing and this date has changed. You have every right to ask for additional deposit money from the buyer, which should be put into escrow along with the original escrow money.
Get on the phone to your agent and get them cracking! They stand to lose commission should the deal not close, so it should not be hard to get them motivated. If they are slow in getting back to you, call the title company and speak to the closing agent.
Never count your money until you leave the closing table, or in your case, until you get the Fed-Ex with the check from the title company, or the wire transfer from the title company's bank.
2007-08-02 05:16:49 · answer #1 · answered by dottye7777 2 · 1⤊ 1⤋
You need to call your selling agent, have them call the seller, and get an EXACT reason of why the closing date was delayed.
Is it the title? The appraisal? Was their an income/collection/documentation condition that the buyer failed to supply to the underwriter?
Closing dates don't get randomly delayed, there is ALWAYS a reason for it. You need to find out why.
PS: The closing date on the contract is a TARGET date only, and it is not a violation of the contract to extend the date by a few days unless you had a 'time is of the essence' clause put in the contract.
2007-08-02 05:46:25 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
You may have to sign a new set of documents when (if) the buyer finds alternate financing.
You don't get a dime until the transaction closes.
I would be a little nervous and want to find out what is going on through either their attorney or real estate agent.
Good luck!
2007-08-02 05:08:59 · answer #3 · answered by Rush is a band 7 · 0⤊ 0⤋