Is it possible to extend out the closing date? (Austin: insurance, mortgage)

[Joe0109]

My brother is building a house here in Austin. The builder is ready for the house closing in March 2010. But due to kid's schools, my brother is not going to be able to move into the house. Is it possible to extend the closing date to June 2010?

Joe

[Austin97]

Originally Posted by Joe0109

My brother is building a house here in Austin. The builder is ready for the house closing in March 2010. But due to kid's schools, my brother is not going to be able to move into the house. Is it possible to extend the closing date to June 2010?

Joe

its all a negotiation. What vallue is it for the builder (none I would think)

[FalconheadWest]

There is probably something in the contract that says "you will close within X amount of days after completion". If he knew he didn't want to close until June, he should not have contracted so early. There are tons of tricks to delay, like at the design center and such, but too late at this stage.

The builders want inventory off their books asap so they can stop paying taxes and insurance, so I don't see why they would extend for three months out of the kindness of their heart without asking for compensation for what they lose too.

[austin-steve]

Originally Posted by Joe0109

My brother is building a house here in Austin. The builder is ready for the house closing in March 2010. But due to kid's schools, my brother is not going to be able to move into the house. Is it possible to extend the closing date to June 2010?

Joe

It's possible if the builder agrees, but I doubt they will. Why should they? The buyer can close on time and delay the move as they see fit, but it's not the builder's responsibility to accommodate the logistical preferences of the buyer unless it was negotiated into the deal up front in writing.

Check the contract. It will answer the question.

Good luck,

Steve

[hound 109]

Originally Posted by FalconheadWest

There is probably something in the contract that says "you will close within X amount of days after completion". If he knew he didn't want to close until June, he should not have contracted so early. There are tons of tricks to delay, like at the design center and such, but too late at this stage.

The builders want inventory off their books asap so they can stop paying taxes and insurance, so I don't see why they would extend for three months out of the kindness of their heart without asking for compensation for what they lose too.

Agree with this.

(except i think the builders "want inventory off their books" because they want their MONEY. - Since the taxes that builders pay are on the dirt & are minimal & are paid at year end.....but mostly they want their MONEY which they won't get till it closes.)


Are they working with an independent mortgage company or the builder's preferred or affiliated mortgage company?

[Joe0109]

They are working with builder's mortgage company but it has not yet been 45 days before closing so they can probably use different mortgage company - if it helps.