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Location: Maryland
Our contract says we are closing on Friday. Thursday the bank sent out an email saying Friday 5pm is closing time. The seller said she wouldn't get money until Monday if it was wired to her at 5 pm on Friday. No money in her account, no closing. She said she didn't trust the title company to hold her money.
She wanted it to be rescheduled on Monday so she can get money the same day. Our rate would expire on Monday and we already had moving company scheduled at the weekend. The seller said she's not going to sign on Friday. We didn't agree. All money was wired to the title company before 4:30 on Friday. Everyone showed up except the seller.
What should we do? If we agree to close on Monday or Tuesday now, does that mean the seller just get away with not showing up at original closing, which she breeches the contract. Does that mean we don't get any compensation? It was trouble for all parties as you can imagine.
If she refuses to sign anyways, (I don't know what excuse she will use this time), we are willing to go to court. Does Anyone know about our chances?
What we really want is to get the house, closing first, but still have the right to make her pay for simply not showing up at the closing. Could that happen?
Thanks.
Monday is a holiday so I don't know if that throws a wrench in the works, but I would get a lawyer to threaten her with paying your moving and storage and housing needs while this is going on, as well as any penalties you incur such as interest rate hikes. Sounds like she's crazy or wants to back out on the deal or force you to do so. Why would she agree to a title company that she doesn't trust?
Also if you bank wants the deal you might be able to negotiate with them to not increase your rate. Good luck.
Last edited by LifeIsGood01; 09-05-2015 at 05:24 AM..
What are your contract stipulations regarding delaying closing?
What remedy or recourse does your contract provide you?
If your agent cannot point those items out in the contract, you need an attorney to review it for you, and you likely need an attorney to enforce the contract and any stipulations anyway.
I really hate closings right before or after a holiday weekend. Error in scheduling, IMO.
Yeah, like that would have helped.
The seller sounds like a loose cannon.
The seller sounds like a crazy person. Someone needs to reason with her and explain that a title company is not going to steal your money when there are so many contracts in place and risk losing the company and the principals possibly going to jail plus losing their license.
The seller sounds like a crazy person. Someone needs to reason with her and explain that a title company is not going to steal your money when there are so many contracts in place and risk losing the company and the principals possibly going to jail plus losing their license.
A lot of title companies went down the toilet 8-10 years ago, holding money.
But, the seller may well be possessed by demons.
I'd recommend an attorney and perhaps a letter from same stating you will be suing for legal fees and other additional expenses you have incurred as a result of her not showing up at closing as agreed.
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