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Old 09-15-2013, 10:57 PM
 
3 posts, read 12,094 times
Reputation: 12

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I am scheduled to close on our home tomorrow but recieved a last minute condition from under writers of the mortgage company that requires a document from IRS. This may delay the closing for a couple of days. Our contract expires tomorrow. The sellers real estate agent is not responding to my real estate agents attempts to contact them about an addendum to extend the contract a few days. My mortgage broker has also emailed the sellers agent to explain the situation and that the loan is not in jeopardy. Can the sellers refuse to sell us the property if we pass the close date which is the last day of the contract?
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Old 09-15-2013, 11:14 PM
 
5,048 posts, read 6,392,001 times
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When you say your contract expires, do you mean your settlement date is tomorrow? Maybe part of this is local custom, but I've always known the contracts to call for settlement "on or about" and some language about good faith/best effort/whatever. If this is the case, I wouldn't give the sellers an idea you think otherwise.
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Old 09-15-2013, 11:25 PM
 
3 posts, read 12,094 times
Reputation: 12
Closing date and contract expires.
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Old 09-16-2013, 05:45 AM
 
6,359 posts, read 7,321,320 times
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Quote:
Originally Posted by Jnorman783 View Post
Can the sellers refuse to sell us the property if we pass the close date which is the last day of the contract?
It depends on what your contract says. Regardless, the Sellers would be foolish to not accept a couple day delay in closing (unless they had a higher offer in the wings).
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Old 09-16-2013, 12:55 PM
 
Location: New York
2,251 posts, read 4,160,232 times
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Quote:
Originally Posted by jackmichigan View Post
It depends on what your contract says. Regardless, the Sellers would be foolish to not accept a couple day delay in closing (unless they had a higher offer in the wings).

Well Said.....
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Old 09-17-2013, 11:16 AM
 
139 posts, read 160,040 times
Reputation: 88
Every state has different laws. Did you contact your attorney? Is there First Right of Refusal Contingency? In the future put very flexible dates, I had my attorney put 30 (BUSINESS DAYS) for mortgage commitment and 45 (BUSINESS DAYS) for closing even tho we closed way before that time. Good Luck!
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Old 09-17-2013, 11:24 AM
 
Location: NJ
17,579 posts, read 38,288,152 times
Reputation: 16098
No one here is going to be able to give you the answer. You need to talk with a professional.
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Old 09-17-2013, 11:25 AM
 
25,334 posts, read 37,463,648 times
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If the contract and contingencies expire and the seller will not signanything again tan you are out of luck but why wouldn't a seller not extend and get it over with unless it is the so called 10 attempt to close and extension needed....and seller doesn't trust it any longer or if the seller has higher offer ready to close with just a cash buyer that can close fast.
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Old 09-17-2013, 02:25 PM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Quote:
Originally Posted by manderly6 View Post
No one here is going to be able to give you the answer. You need to talk with a professional.

OR read the contract.
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