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Lawyer up sooner rather than later, not in an adversarial way but get a real estate lawyers opinion on where you stand, how much it will cost (legal fees) to make this purchase happen and decide if you want to pursue it. If you do it after someone new has signed a contract for "your" house you are toast (that person may already be standing there).
Talking to 3rd parties (their agent) is not helping you, you need more power. I suspect they can get more money from a new buyer so are ditching you.
Remind him he does not make a penny if the house doesn't close.
That might not be entirely true. Most likely the OP had to put down a substantial deposit down that could be lost in that example, albeit the builder's fault, from the discussion as presented by the OP.
All the more reason to press hard with the Realtor/builder/bank and/or attorney this morning.
That might not be entirely true. Most likely the OP had to put down a substantial deposit down that could be lost in that example, albeit the builder's fault, from the discussion as presented by the OP.
All the more reason to press hard with the Realtor/builder/bank and/or attorney this morning.
I hope he considers naming the builder here if they sell it out from under him. Google will pick it up, others will know the crappy way they do business. Heck, I'd even tell them I'm going to share it via social media
I had named my development and builder years ago. I've had PM's from people asking about them before they sold my development out. Now it's a very desirable one, houses go quick usually to neighbors friends looking to buy
I'm surprised the contract language doesn't have language that addresses this. Usually if the closing date is likely to be missed there is the opportunity for either party to move it out a set number of days at their discretion.
I would get on top of the agent and lender and ask what the holdup is.
havent read thread but I assume its been said, the appraiser should have came out as soon as the foundation was poured and walls/roodf were up. They could have "completed" the report and came back to add finished photos as a final lender condition
Interesting situation. It sounds like your lender might be what put sand in the gears. The appraisal on the 24th should have been back in time for the underwriter to give a final thumbs up this past Friday. The only issue is then is that the lender could not move fast enough with CD’s etc for a Monday close. If the builder refuses to extend, my thinking is that the builder may have a better offer in the wings? Most folks agree to extend unless there is something better waiting out there. I could be off here on blaming the lender .
I agree the underwriter could have been quicker but then you need to factor in other deals with month end closings the underwriter had to approve that were in earlier.
The delay was started by the listing agent who wouldn't let the appraiser in on the 10th. On new construction homes, it is very common for appraisers to go out twice to the home. The first-time is to measure the home, take some pics, and do the comps.
The second inspection, usually $150-$200, is done quickly and to make sure the fixtures and all utilities are in working order. HVAC, water heater, cabinetry, etc.
So, I blame this on the listing real estate agent first.
The second blame is the builder and buyer. Builders usually add a per diem fee for each day the closing is delayed in the contract. I also blame the buyer's agent for not negotiating to make sure that add'tl fee per delayed day is in the purchase contract.
Yes, hire a competent real estate lawyer so they don't cancel your contract if your deposit was substantial.
When lenders are forced to rush, that's when errors sprout up at closing.
Last edited by frankrj; 09-30-2019 at 09:09 AM..
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