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Old 06-25-2012, 08:21 AM
 
13 posts, read 11,276 times
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Default Seller wants to close 2 weeks early!

Hi, we are set to close on a new home on 7/31. Just heard from seller's agent that they the sellers are in a bidding war and need to close with US on 7/16 now, to ensure their offer can get accepted on their prospective new home. We are ok with doing this, if our lender can make it happen, although I realize that means more up front costs we have to pay at closing, correct? We are first time homebuyers so not sure if we should request a closing credit for the PITI amount for those 2 weeks, or what. It seems we would be paying extra to do them a favor. Any advice would be greatly appreciated!!

Btw - it was going to be a 45-day closing, so now it would be a 30-day closing.
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Old 06-25-2012, 08:25 AM
 
13 posts, read 11,276 times
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Oh, additional information - they are not paying anything toward closing costs at this point. Just found this out about this morning and they are kind of rushing us for an answer.
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Old 06-25-2012, 08:34 AM
 
1,619 posts, read 1,752,871 times
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I'm not sure why closing early would cost more money (unless you mean your moving expenses, etc.).

Since you don't HAVE to agree with this why not ask for a concession of some sort?

There's no way to be really sure your lender will cooperate. In my recent experience they left things to the last minute, although I can't see why they did.
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Old 06-25-2012, 08:42 AM
 
Location: NJ
17,580 posts, read 19,999,136 times
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You have a contract. Everyone has to abide by it. If it isn't in your interest to close early then don't. If you have more out of pocket expenses then tell them the only way you will agree is if they cover those expenses. Don't let them pressure you.
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Old 06-25-2012, 08:44 AM
 
Location: NJ
17,580 posts, read 19,999,136 times
Reputation: 15381
Quote:
Originally Posted by rational1 View Post
I'm not sure why closing early would cost more money (unless you mean your moving expenses, etc.).
I would assume the OP is paying rent/mortgage to live somewhere now and if they take possession two weeks early they will be paying both for those two weeks.
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Old 06-25-2012, 08:46 AM
 
13 posts, read 11,276 times
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Thanks for your response! I was thinking that if we close earlier, then we have more pre-paid interest out of our pockets at closing? Or am I totally confused on that?? It would be nice to get some kind of concession, as it will be somewhat inconveniet for us, yet I don't want it to look like a money grab.
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Old 06-25-2012, 08:48 AM
 
13 posts, read 11,276 times
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Yes we are renting now, so we do have that cost as well.
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Old 06-25-2012, 09:05 AM
 
Location: The Triad (nc)
17,200 posts, read 21,907,188 times
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Quote:
Originally Posted by sandstrom View Post
Or am I totally confused on that??
It would be nice to get some kind of concession, as it will be somewhat inconvenient for us
Meh. Having the new place available for two weeks while you still have the old apartment
could prove to be very helpful for you. Think of all the work you could get done in an empty home.

I see the "inconvenience" as a wash... so long as the lender can manage the closing.
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Old 06-25-2012, 09:27 AM
 
13 posts, read 11,276 times
Reputation: 11
Thanks for your insight - very helpful! We are going through this for the first time, so just trying to see what is "typically done." We had purposely picked end of the month so as not to have the extra pre-paids at closing, so we would have more cash in our pocket for doing updates to house, etc.
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Old 06-25-2012, 10:01 AM
 
Location: Lexington, SC
4,281 posts, read 4,874,493 times
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I would say if closing early is not an issue with you, then be helpful, polite, and professional and do it rather then try and extract a pint of blood as some have suggested.

Now if you fairly have some costs associated with closing early, then ask to be compensed for these charges rather then just try and stick it to them based on I gotch ya.......as many out here like to do.

Treat them as you would ask them to treat you.
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