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Old 07-20-2013, 09:33 AM
Status: "Summer, please don't leave!" (set 8 days ago)
 
Location: Asheville, NC
11,472 posts, read 25,695,605 times
Reputation: 4206

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The buyers are getting an FHA loan. They are very nice people and we've been in contact with one another through the entire process. We've already done one extension which expired 5 days ago. We are now going on 50 days since the contract has been signed. I know the buyers are doing everything they need to do but it's the lender dragging it's feet. The last thing I heard why we couldn't close was because the closing costs changed and they have to give the buyer 3 days to review it before closing. The buyer signed that this past Wednesday at 5:30 when he received it. We were told we can close on Monday. Now the title company doesn't even know if the packet will be ready by Monday so we won't close again.

We are getting frustrated because it is holding us up and we can't make a move until we close. I have a list of 10 other people willing to buy the house along with 3 cash buyers. Heck, some are willing to offer more. Although we feel bad for the buyers, we need to look out for our best interest as well. The contract states closing not to exceed 7 days past the 40 days allowed. We have a realtor that has written up our contract but is not representing either of us. What options do we have?
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Old 07-20-2013, 10:04 AM
 
Location: NJ
17,579 posts, read 38,295,421 times
Reputation: 16098
I have to ask. Why on earth would you accept an offer using an FHA loan if you had 3 cash buyers?
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Old 07-20-2013, 10:26 AM
Status: "Summer, please don't leave!" (set 8 days ago)
 
Location: Asheville, NC
11,472 posts, read 25,695,605 times
Reputation: 4206
Quote:
Originally Posted by manderly6 View Post
I have to ask. Why on earth would you accept an offer using an FHA loan if you had 3 cash buyers?
The cash buyers came about after the contract was signed. They wanted me to keep their numbers if things fell through.
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Old 07-20-2013, 10:37 AM
 
Location: OK
2,717 posts, read 6,290,623 times
Reputation: 1844
Give the lender 48 hours to produce the clear to close and the paperwork for signature. Tell them if it doesn't happen by the end of 48 hours, you will cancel the deal and put it back on the market. Or call your cash buyers.
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Old 07-20-2013, 10:47 AM
Status: "Summer, please don't leave!" (set 8 days ago)
 
Location: Asheville, NC
11,472 posts, read 25,695,605 times
Reputation: 4206
Quote:
Originally Posted by Annemieke Roell View Post
Give the lender 48 hours to produce the clear to close and the paperwork for signature. Tell them if it doesn't happen by the end of 48 hours, you will cancel the deal and put it back on the market. Or call your cash buyers.
Does this have to be in written form and signed? How soon after can I secure a new contract?
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Old 07-20-2013, 11:02 AM
 
Location: NJ
17,579 posts, read 38,295,421 times
Reputation: 16098
Quote:
Originally Posted by beckycat View Post
Does this have to be in written form and signed? How soon after can I secure a new contract?
Don't take this the wrong way, but you clearly need some help. Everything has to be in writing. Always.
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Old 07-20-2013, 12:39 PM
 
5,048 posts, read 6,394,701 times
Reputation: 4121
The typical "on or about" closing date must be way way past by now. So on or about is out the window. There may be individuals along the way just treading water and not being proactive and aggressive enough with the process. Doesn't matter. Give the buyers those 48 hours...reasonably you could include only business days ....and send this to the agent you are paying commission to as well. (The agent seems somewhat out of the picture?)
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Old 07-20-2013, 01:00 PM
Status: "Summer, please don't leave!" (set 8 days ago)
 
Location: Asheville, NC
11,472 posts, read 25,695,605 times
Reputation: 4206
Quote:
Originally Posted by cully View Post
The typical "on or about" closing date must be way way past by now. So on or about is out the window. There may be individuals along the way just treading water and not being proactive and aggressive enough with the process. Doesn't matter. Give the buyers those 48 hours...reasonably you could include only business days ....and send this to the agent you are paying commission to as well. (The agent seems somewhat out of the picture?)
Yes, the agent is out of the picture. The original closing date was July 7, then July 18 and then July 22. I will call the lender 9AM Monday morning to give them notice. It's a shame it has to come to this.
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Old 07-20-2013, 01:26 PM
 
Location: El Dorado Hills, CA
3,670 posts, read 7,974,554 times
Reputation: 3748
Call you agent. The agent likely has paperwork you can sign to demand the buyers close within a certain time period (we call it Notice of Buyer to Perform). Then go from there.

Maybe FL is way different than CA, but you can't just call the lender, give them 2 days for the loan to complete, then cancel the contract. The lender is not part of the contract. The buyer is. There are procedures you have to follow. Have they released all contingencies? And can you show that they did not make a good faith effort to close on time?

Call your agent. The one you are paying to sell your house. If that doesn't work, call your agent's broker and ask for help. This is not something you can solve by asking questions on a forum full of people that don't work in your state and haven't seen your contract.
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Old 07-20-2013, 04:03 PM
 
Location: DFW - Coppell / Las Colinas
29,922 posts, read 34,526,470 times
Reputation: 35919
Quote:
Originally Posted by NinaN View Post
Call your agent. The one you are paying to sell your house. If that doesn't work, call your agent's broker and ask for help. This is not something you can solve by asking questions on a forum full of people that don't work in your state and haven't seen your contract.
I think she did a FSBO.
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