May I have a real estate pro's opinion on this? (buyer's agent, settlement)

[NicoleJ]

I just read that the buyer determines the closing date but that the seller can ask for a different one before accepting the offer. I REALLY wish I'd known this as we aren't set to close until 7 days before school starts in Maryland. We live in Texas. We need the $ from the house to help pay for the move since the job doesn't offer relo assistance.

Also, I read that **both parties can push back or pull forward the date if they both sign a release form stating that is their intention.**

How do I get this release form? How soon can I get it to the buyers? Is it ok to do this? Every time I bring it up to my agent, I get the same "we just have to be patient." I don't have time to be patient though. Not only that, but I cannot stand just sitting here not having any control over my own life until then.

[Gretchen B]

It sounds like you've let your wishes to close early be known to your agent. That's good - that's Step #1.

Just a couple of quick questions here before I go on with Steps #2 and #3. Is the Buyer obtaining a loan? When did you and the Buyer sign the original purchase agreement? The reason I ask these 2 questions is because if there is a loan involved, it will normally take about 30 days for the lender to process the loan, send it to underwriting, and fund it. Now if the Buyer was pre-approved (not just pre-qualified) then the process can go a little more quickly.

So IF there's adequate time for the buyer's loan to fund, then Step #2 would be for your agent to talk to the seller's agent and try to get the sellers to agree to close a few days earlier.

Step #3 - if the indication is that the sellers are willing to go along with an earlier close date, then your agent can draw up an Addendum that both the seller and the buyer sign and then send it over to the title company. (I think Texas uses title companies, don't you?)

Unfortunately, you're somewhat at the mercy of the buyer and his lender. There's not a whole lot you can do at this point, unless the lender can fund and the buyer is agreeable.

Has your agent contacted the seller's agent yet to see what kind of response they're giving to the idea of closing early?

[Tish Thompson]

nr,

Typically the buyer chooses the settlement date...but that doesn't mean that the seller can't counter that date. Usually the buyer picks a date that's "far out" because they have to allow the lender time to get the loan package together. Gretchen gave some REALLY good information. Sometimes it's possible to get the lender to move the process along quicker. It's definitely worth having the agents work together to try to accommodate your needs.

[2bindenver]

Yes. Everything is negotiable. That being said. Tell your Texas agent to call the buyer's agent and confirm that they can indeed close ealier....then write an amend/extend changing the closing date.

The buyer's may be waiting on funds, or a bonus, or a lease to expire...

I have moved before the day that school started, don't sweat it. The main thing is to get the home closed.

[Northwoods Voyager]

Originally Posted by nrkelly

I just read that the buyer determines the closing date but that the seller can ask for a different one before accepting the offer. I REALLY wish I'd known this as we aren't set to close until 7 days before school starts in Maryland. We live in Texas. We need the $ from the house to help pay for the move since the job doesn't offer relo assistance.

Also, I read that **both parties can push back or pull forward the date if they both sign a release form stating that is their intention.**

How do I get this release form? How soon can I get it to the buyers? Is it ok to do this? Every time I bring it up to my agent, I get the same "we just have to be patient." I don't have time to be patient though. Not only that, but I cannot stand just sitting here not having any control over my own life until then.

Quick question: From your post, I gather that you are the SELLER? And you want to get the BUYER to accept a closing date that is sooner than what was agreed upon?

And since YOU are the Seller, you need the $$$ to make your move? You have already bought a home in the other state?

In other words, it is the Buyers that you need to get to sign an addendum, right?

[NicoleJ]

sorry, I've been sick all day and am just now getting back here.

We are the sellers. The buyer was preapproved. The waiting period that Texas requires after signing the contract was over last Tuesday night, so they are legally locked into buying the house. The appraiser for the buyer's mortgage company is JUST coming tomorrow morning for the appraisal. We have not bought a new house yet. However, we do need the funds from the house to move. My husband has already had to leave to go up to DC to start his job. So we're trying to get there yesterday.

My agent is EXTREMELY reticent about doing the addendum. To the point where I'm very p/o'd over it. I am not asking for a drastic change in closing dates. I'm simply asking for it to be TWO business days earlier - the 16th of this month instead of the 20th.

Thank you all for helping me w/ this.

[palmcoasting]

I'm not sure what two days will do for you but, I also don't understand why the agent wouldn't just ask and why the contract wasn't done as an 'on or before' closing date, but I do understand "not having control over your life".
Relocating is difficult, there is quite a bit of stress involved, but try your very best to relax. Start packing, start familiarizing yourself with the new area you are going to via the internet, get the forms you need to transfer the kids to the new school, forward mail, find out about utilities in the new area, find out whatever you can. Keep busy.
If necessary, you can always explore the possibility of getting a bridge loan so you have the funds necessary a little beforehand. I really just think you should try to relax and let things flow.

[Mike Peterson]

Originally Posted by palmcoasting

I'm not sure what two days will do for you but, I also don't understand why the agent wouldn't just ask and why the contract wasn't done as an 'on or before' closing date, but I do understand "not having control over your life".
Relocating is difficult, there is quite a bit of stress involved, but try your very best to relax. Start packing, start familiarizing yourself with the new area you are going to via the internet, get the forms you need to transfer the kids to the new school, forward mail, find out about utilities in the new area, find out whatever you can. Keep busy.
If necessary, you can always explore the possibility of getting a bridge loan so you have the funds necessary a little beforehand. I really just think you should try to relax and let things flow.

Just a quick note. The 'on or before" closing date would not have helped move the date up if the buyer did not agree to the earlier date. It does eliminate the need for an addendum for the closing date change but if the buyer does not agree to move the date up you are still in the same situation.

[shellytc]

I am confused as to why you need the closing date sooner? We may not be able to help you with getting it moved, but perhaps look at the situation differently. In every state, things are done differently, but in Virginia, the sellers can go in and sign thier paperwork early and sign a power of attorney to the attorney or title company closing your side. they will share the hud with you and sign it at closing. this allows you to leave the area earlier, if that is what you are trying to do.

Can you brainstorm with your agent ways to meet your needs other than closing a few days early? sometimes it just can't be done....

Shelly

[palmcoasting]

Originally Posted by Mike Peterson

Just a quick note. The 'on or before" closing date would not have helped move the date up if the buyer did not agree to the earlier date. It does eliminate the need for an addendum for the closing date change but if the buyer does not agree to move the date up you are still in the same situation.

Oh, exactly..but it wouldn't seem like such a big deal...the title closer or agent or attorney could just make a call and say we're ready, we'd like to do it such and such day. With the extra piece of paper it can seem like a big deal, just another little pressure at a time when many people are just pressured out.