U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-02-2017, 09:13 PM
 
Location: Phoenix, AZ
581 posts, read 161,796 times
Reputation: 1326

Advertisements

Quote:
Originally Posted by Tampaite View Post


Please don't tell us "hire a lawyer" or "do you have an attorney or real-estate agent".
OK, I won't tell you that.


What I will tell you is:


Read your damned contract and see what it says about close of escrow.


If you don't understand what you signed up for and its consequences, THEN you hire a lawyer.
Reply With Quote Quick reply to this message

 
Old 12-03-2017, 04:17 AM
 
Location: Cary, NC
28,595 posts, read 50,848,418 times
Reputation: 26775
Quote:
Originally Posted by CGab View Post
Depending on the contract language they most certainly can! If it was me, I’d either ask to close before you leave or give your real estate attorney or realtor the authority (power of attorney) to close for you. Have the realtor or a relative do the final walk through. The builder is trying to avoid closing after the new year for tax purposes.
Yes, most tract builders have a penalty for delayed closing baked into their proprietary contracts.
The OP, declining qualified legal advice, needs to be their own lawyer; needs to read the contract in detail and be very clear on the consequences of not complying with the builder's demand.

I would not be comfortable closing from out of the country without seeing finished product on the day of closing.
Say there is a penalty of $100/day, with no consequences of builder termination for a 9 day delay?
I would probably pony up the penalty, and close late, rather than jump through hoops to close on a finished product I had not seen.
And, to stick my finger in their eye, closing in the new tax/sales reporting year, for being jerks might be worth $900.
If the penalty is loss of deposit, the house, etc, or a much higher per diem than $100, I might cave.

Or, I may agree to close prior to my trip, and give them a chance to perform.

As an agent, I would probably decline performing the POA you suggest.
Conflict of interest could not be clearer than an agent signing off on consumer documents to get paid.
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 04:46 AM
 
1,042 posts, read 700,636 times
Reputation: 1073
Quote:
Originally Posted by Tampaite View Post
Any recourse for us?
Pick your poison: Cancel/postpone your trip or pay the piper.
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 09:33 AM
 
Location: San Diego / NWA
621 posts, read 305,804 times
Reputation: 840
I think you were doing goofy math from the begining.

It doesn't take 2 months for permits but even so 2 + 6 = 8 months. So there was always a possibility that you would close in December.

We are closing on our new build out of state on 12/20
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 12:30 PM
 
Location: Cary, NC
28,595 posts, read 50,848,418 times
Reputation: 26775
Quote:
Originally Posted by Slytrix View Post
I think you were doing goofy math from the begining.

It doesn't take 2 months for permits but even so 2 + 6 = 8 months. So there was always a possibility that you would close in December.

We are closing on our new build out of state on 12/20
I believe that the OP was stating the builder's timeline. I have a tract build partially complete now, and looking at closing in mid-January.
Contract signed by all parties on July 9th.
Permit posted on the lot on October 5.
When sheetrock mud is sanded on 12/4 or 12/5, we will get a fixed closing date. Of course that date flexes for the builder, but not for the customer.

All very typical. And a shortage of labor doesn't help.

We would be farther behind, but the sheetrock crew hung rock in the wrong house, which put us ahead of some December closings.
Ahhh.... Production building...
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 01:57 PM
 
Location: Morrisville, NC
7,187 posts, read 8,919,785 times
Reputation: 6244
Quote:
Originally Posted by MikeJaquish View Post
Yes, most tract builders have a penalty for delayed closing baked into their proprietary contracts.
The OP, declining qualified legal advice, needs to be their own lawyer; needs to read the contract in detail and be very clear on the consequences of not complying with the builder's demand.

I would not be comfortable closing from out of the country without seeing finished product on the day of closing.
Say there is a penalty of $100/day, with no consequences of builder termination for a 9 day delay?
I would probably pony up the penalty, and close late, rather than jump through hoops to close on a finished product I had not seen.
And, to stick my finger in their eye, closing in the new tax/sales reporting year, for being jerks might be worth $900.
If the penalty is loss of deposit, the house, etc, or a much higher per diem than $100, I might cave.

Or, I may agree to close prior to my trip, and give them a chance to perform.

As an agent, I would probably decline performing the POA you suggest.
Conflict of interest could not be clearer than an agent signing off on consumer documents to get paid.
I like this line of thinking.

OP, if you have a home inspector you trust and will do a punch list in addition to a regular inspection, you might well be able to close remotely or prior to leaving. I can find a whole lot of cosmetic issues the average homeowner won’t see and quite a few they wouldn’t even know to look for.
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 03:13 PM
 
12,044 posts, read 14,172,877 times
Reputation: 11235
Quote:
Originally Posted by Robino1 View Post
Also, it would be better for you to close before the end of the year that way you can qualify for the Homestead Exemption if this is your main residence.

We closed on our house the 29th of 2016. Moved in the 30th.
This. It's very important for you because it locks in your "Save your Homes" appraisal 1 year sooner. This means you pay real estate taxes based on the appraisal that's 1 year older versus if you closed in January.

Since Florida real estate values have been increasing, closing in December will result in real estate tax savings for you.

To be honest, you should hope that your closing occurs in December, for your benefit.

Just sign the paperwork ahead of time. Do the walk through before you leave on the trip. There won't be that much more unfinished.

Don't make this a bigger deal than it is.

Your builder might sell to a different buyer for $30k more than your contracted price if you don't close on time (depending on wording in your contract).

I know of a situation in Florida where the buyers missed their closing date by 1 day due to a delay in wired funds. The sellers legally rescinded the entire sale because the closing date, per the contract, was missed. The buyers sued and lost.
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 03:19 PM
 
Location: Somewhere in America
11,332 posts, read 8,625,531 times
Reputation: 18126
Quote:
Originally Posted by Slytrix View Post
I think you were doing goofy math from the begining.

It doesn't take 2 months for permits but even so 2 + 6 = 8 months. So there was always a possibility that you would close in December.

We are closing on our new build out of state on 12/20
When we built our house in SC, we signed the paperwork with the builder the end of November. They started clearing the lot that week. Then they couldn't do anything until the permits were issued. It took a few weeks longer than expected. The permits were expected to be issues the first week of January and they weren't issued until the middle of January. It was a week short of 2 months. It does happen even in new construction.

A December closing was always possible. I know if I was building a house, I would be ready for closing any day and wouldn't be takin any international vacations. I wouldn't be planning a vacation at all near the end...so much to do with moving!
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 05:44 PM
 
10,002 posts, read 21,035,630 times
Reputation: 7598
Tell the builder to eat one. You will close when you get back.
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 05:50 PM
 
Location: Somewhere in America
11,332 posts, read 8,625,531 times
Reputation: 18126
Quote:
Originally Posted by Wilson513 View Post
Tell the builder to eat one. You will close when you get back.
LOL Yeah that's exactly how contracts work.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top