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Today I sign the Closing of my house and two hours later I found out that the buyer can’t close for one week and even then it could get extended. What are my options? How long can they extend the closing before I can cancel the selling of the house?
If your contract does not have mandatory extensions, which it likely does not, you can just say no to the extension.
The person buying my mom's house had trouble finalizing their loan (stupid fools bought a car 1/2 way through escrow) and asked for an extension. My mom signed the paperwork for a week extension. This went on the a month, one week at a time.
At that point she asked the realtor to say taking back up offers and repost the house. That made the seller anxious. We also asked, as a condition of the extension, that the buyer talk to a different local, fast processing, loan agent and eventually the buyer did switch to the local loan agent, switching was his option/decision, we just asked him to talk to the other loan agent. 2 Weeks after switching loan agents he finalized to loan and sales agreement. So, for my mom it was about 7 weeks of extensions....
So, you can let it go on as long as you want. But you can push them to close--relist it as taking back up offers, schedule an open house--taking back up offers, and ask for an update on the reason for their failure to close by the scheduled date.
And take a back up offer if a good one comes by, and walk from the non-performer.
I'm curious how did the atty or settlement office have everything in order for closing today but....ooops. What was it they were lied to about? or didn't check? I've known it to get a few days before and blow up. One time the agent for the other side got something wrong so that it was illegal on the other side. Fortunately, it was stupid and fixable rather than criminal. When that agent found out he wouldn't be getting the commission and the sellers wouldn't be getting their money because our side called the settlement company....their 'oh, maybe a few days' became 'right away'.
Today I sign the Closing of my house and two hours later I found out that the buyer can’t close for one week and even then it could get extended. What are my options? How long can they extend the closing before I can cancel the selling of the house?
This seems odd. In my experience as a seller, we get a check at closing. Deal's done.
We don't sign the papers, leave the keys, and then wait for the check to arrive later.
The only way the deal gets extended past the contract end date is if you agree to it. Don't agree if you don't want to extend.
Get your home back on the market immediately for back-up offers, even during extension periods.
I my last sale, the buyer had to delay the close 3 times (weeks) due to the slowness of heir lender. They sent me personal note apologizing. They were as upset as I was.
I was not there. I had signed what I need to sign at the closing attorney's office and moved on. I gave my real estate agent Power of Attorney for the closing
It's not unusual for the buyer and seller to sign at different times or on different days. It's not totally unheard of to request an extension the day of closing because the lender failed to perform on time. It is unusual for a seller's agent to suggest no escrow deposit is necessary and to not have communicated the possibility of an extension earlier. Sounds like the agent is somewhat of a slacker or incompetent.
Someone needs to tell you exactly what's going on. If you no longer want to sell, you have an out as soon as this most recent extension expires without closing.
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