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Old 10-04-2019, 11:10 AM
 
63 posts, read 55,105 times
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I’ve asked this before when they were about to begin the construction they told me they would likely finish it a month earlier than the estimated closing date , now construction is almost complete and they’re asking me to complete a month early, that’s a lil problem for me due to my current lease and other stuff. They said there’s nothing under contract that says “estimated closing date” means that’ll be the date, they said there’s nothing they can do.
Is there anything that can be done to push it a month , ie, the date that was listed under contract as “estimated closing” ?

Thanks
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Old 10-04-2019, 12:15 PM
 
Location: under the beautiful Carolina blue
17,359 posts, read 26,679,748 times
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You never answered the questions posed in that earlier thread - what does the contract say and do you have a realtor? No one here can answer without seeing your contract.


Personally I'd be happy to close early and make the move from place A to place B on my timetable.
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Old 10-04-2019, 03:02 PM
 
Location: Never Never Land
1,061 posts, read 801,423 times
Reputation: 1845
Have they given you the closing date in writing yet? You should receive an email or letter from the builder with the official closing date. On my new construction house my builder sent us an email/letter on July 19th for our closing on September 10th, a 52 day notice! There is paperwork and such that needs to coordinated on both sides of the sale in order to close. When you say "a month earlier" do you mean they want to close in November? If so your first mortgage payment won't be due until January so you shouldn't be overlapping payments with your rent.
If you don't have an agent working for you, you really need to communicate with the sales person and builder/project manager to find out the exact date. If it's going to be a month early they should know what is it by now. Also, I would suggest getting your own inspection done. We did it on ours and my builder had no problem with fixing anything that was found. Our builder asked me to schedule it 2 weeks before closing.

Good Luck
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Old 10-05-2019, 12:13 AM
 
Location: Raleigh, NC
2,296 posts, read 3,487,306 times
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There are a lot of other threads here that provide tips and tricks for a new buyer. I suggest you search and find them.
As said above, start with your contract, both with the builder, and with your current apartment.
One trick is to anonymously phone your current apartment manager and ask if there's a waiting list for units of your size. If there is, then you may be able to get out a month early as it's to both your, and their best interest. (They get the unit re-leased a month earlier).
Super big agree with doing your own inspection. An in-depth one, and see if you can shadow them. When I did mine, the guy found a few minor things and explained them on the spot. It helped me understand what ended up in his report.
Also, (and again, check your builders contract), if possible, keep some "hold back" on the new house until all the punch-items are done. If the builder is early, they may be wanting to rush out to start a new development and want to put you on low-priority. A few thousand bucks won't be much of an incentive for them to hurry back, but if you do a significant percentage, they'll want to get you happy soonest.
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Old 10-05-2019, 01:30 AM
 
63 posts, read 55,105 times
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They said contract doesn’t have anything that would change the closing date once they provide me and right now they contacted me just yesterday that my closing will be in November ( a month earlier than I was expecting) . The sales guy was saying he sees these issues but there’s no other option there in the contract and mostly the contract favors the builder. He mentioned If there’s a delay then we have to pay $125 or so per day !
It’s crazy

I think they tried to finish a bit early because they wanted to finish all this before their fiscal year.
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Old 10-05-2019, 07:00 AM
 
Location: Raleigh NC
10,625 posts, read 7,763,837 times
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this is where "some people" need a Realtor, even when they're buying "no negotiating" new construction. If nothing else, we're there to guide, advise, and advocate for you.

as noted above, everything you need lies within the language of your contract.

and as NCviaMD says, if there's a financial concern, you should understand how/when you'll be making payments.
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Old 10-05-2019, 08:33 AM
 
Location: Phoenix, AZ > Raleigh, NC
15,456 posts, read 19,663,686 times
Reputation: 25200
Quote:
Originally Posted by BoBromhal View Post
this is where "some people" need a Realtor, even when they're buying "no negotiating" new construction. If nothing else, we're there to guide, advise, and advocate for you.

as noted above, everything you need lies within the language of your contract.

and as NCviaMD says, if there's a financial concern, you should understand how/when you'll be making payments.
(except I'll take the word "some" out of that sentence).
Quote:
Originally Posted by gtownguy View Post
They said contract doesn’t have anything that would change the closing date once they provide me and right now they contacted me just yesterday that my closing will be in November ( a month earlier than I was expecting) . The sales guy was saying he sees these issues but there’s no other option there in the contract and mostly the contract favors the builder. He mentioned If there’s a delay then we have to pay $125 or so per day !
It’s crazy

I think they tried to finish a bit early because they wanted to finish all this before their fiscal year.
Are you saying that you've never read the contract???? Are you saying you're taking the word of "the sales guy"???? Yeah, I'm betting you are.

If they "tried to finish a bit early" to make their bottom line financials look better, bully for them! As an ex-accountant, I would say that indicates excellent financial management of what is probably a publicly held corporation. In other words, a well run business. If that's TRULY the cause of their read on for an early closing, I suspect they would split the difference with you And close just two weeks early.

And I agree - having some time to move is worth paying extra/double rent.

Last edited by Jkgourmet; 10-05-2019 at 08:46 AM..
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Old 10-05-2019, 08:53 AM
 
Location: Raleigh, NC
12,087 posts, read 28,657,037 times
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I just went through this same thing with a buyer/client of mine.

We worked it out so that they did not have to close early but we knew this was coming. From sheetrock to close is usually about 45 to 60 days. Because I kept asking the builder and the onsite agents about the house closing early and because I kept telling them how much of an issue this was going to be for my client, they all agreed to keep our original close date.

Unfortunately, it doesn't sounds like the OP has a Realtor. Lets all remember...the onsite agent works for the builder!

OP...keep in mind that the builder contract favors the builder and does say that if the house is ready early, you will close early.

Before you panic, remember that if you close in October, your first payment isn't due until December so even if you have to close early and have to pay that last month of rent, you won't have your first house payment until December.

Best of luck to you!
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Old 10-05-2019, 11:54 AM
 
Location: under the beautiful Carolina blue
17,359 posts, read 26,679,748 times
Reputation: 13330
So you signed a contract that favors the builder, and you either haven't read it, or don't understand it. This is what happens when you make the biggest purchase of your life without representation. You are now at their mercy.
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Old 10-05-2019, 01:47 PM
 
63 posts, read 55,105 times
Reputation: 55
I’ve read the contract , as you know most of the contracts from all these well known builders are almost always identical ! So I don’t know why folks keep asking everyone “read the contract “ or “get a real estate agent / lawyer “
By the way , I do have a realtor but he seems useless ! I called him and he said he will probably contact them but I felt that he’s just another person like me who’s probably not going to be helpful . So I was trying to do my own lil research by asking here so that I could come up with something if someone had similar experience.

Contract says seller will tell me the closing date , and they did well in advance . And if I delay the closing it’s $125 per day extra ! That’s the contract.

What else can real estate agent do ? I guess they’ll have more experience but my agent seems very weak in these matters.
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