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FWIW, either buyer or seller could pull the same stunt in North Carolina, and for up to 10 days there would be no consequence, and the non-delaying party could not terminate until 30 days had passed.
That is just insanity. I already had a lot of respect for you MikeJ, but I'm gaining more respect for real estate agents in east coast states everyday...
Note to self...prep relocating buyers for "real estate culture shock" when heading back east...
That is just insanity. I already had a lot of respect for you MikeJ, but I'm gaining more respect for real estate agents in east coast states everyday...
Note to self...prep relocating buyers for "real estate culture shock" when heading back east...
Interstate "real estate culture shock" is a very real thing.
Blog fodder, for sure.
ETA...
Now that 10 day/30 day convention is S.O.P. in the NCAR/NC Bar standard Offer to Purchase and Contract. I do not know that it is "the law," other than de facto in practice in most Realtor transactions.
I'm sure a couple of attorneys could draft a contract that would eliminate that clause, but I haven't seen that yet.
Attorneys have a "culture" too. Just wait until a west coast attorney moves back east...that'll shake things up out there.
I find that lots of folks come to North Carolina planning on being movers and shakers and find movin' and shakin' to be harder than they thought it ever could be...
Interstate "real estate culture shock" is a very real thing.
That is the truth! We moved from the midwest to PA. Imagine our surprise when we put a bid on a house and the seller asked for a complete list of our assets (including the equity from selling our previous property), liabilities and income to be submitted with our offer (not once the offer was accepted, but at the beginning of negotiations). Now what really surprised me was that we were not only pre-approved for the mortgage, but our underwriter had already verified all documentation, so in essence we were approved for the mortgage, just needed to fill in the property.... And we submitted the letter stating such with our offer. They wouldn't accept it.... (Although eventually they did come back to us when we walked....)
Why on earth would I give all my financial information to someone I am negotiating with? Just seems very odd.... Must be the east coast!
I find that lots of folks come to North Carolina planning on being movers and shakers and find movin' and shakin' to be harder than they thought it ever could be...
Yeah...people just look at you funny. Hello....McFly...that's not how we do things out here...
Seller not ready on the closing date, back on Sept 7th, 3 weeks later still not ready because Seller doesn't agree with Mortgage payoff. What should I do?
Seller not ready on the closing date, back on Sept 7th, 3 weeks later still not ready because Seller doesn't agree with Mortgage payoff. What should I do?
Seller not ready on the closing date, back on Sept 7th, 3 weeks later still not ready because Seller doesn't agree with Mortgage payoff. What should I do?
What does your contract state? Does your contract allow for a seller to extend a closing date? Probably not... but maybe. You should also remind your seller that each day he doesn't close, he's paying that much more in interest on the loan, and it's going to keep adding up as you're not another month into this. That's almost another entire mortgage payment.
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