Delaying on closing question (loan, house, buyer)

[jaylivg]

Just wondering , can we ask the builder to delay the closing for 2-3 weeks ? They actually haven't given us an exact date for closing yet , just approx .end of sept , the problem is we thought we were going to close in October , where we should have the money for closing .

So i was just wondering if we can delay the closing for 2-3 weeks ( does people do this ? )

Thank you .

[trele6]

If you don't have the money for closing then I would assume they would have to delay for you or put the house back on the market.

[jaylivg]

We know we will have the money by mid October , that's why i was wondering do they do delays for the buyer in case something like this happens ?

[eljabali]

Check your contract and make sure you don't have any clauses saying that if you delay closing you would have to pay fees. Some builders put that provision in once they give you a closing day and you sign on it.

For example they might say if you don't close on the agreed upon date you will have to pay them $1000 + $150 per day.

[HoustonPharaoh]

Originally Posted by eljabali

Check your contract and make sure you don't have any clauses saying that if you delay closing you would have to pay fees. Some builders put that provision in once they give you a closing day and you sign on it.

For example they might say if you don't close on the agreed upon date you will have to pay them $1000 + $150 per day.

Exactly, it is all in the contract specially that builders use their own contract not the regular Texas contracts

[eljabali]

For the closing are you estimating the money you will require based on the GFE provided to you? You should also understand that the GFE is only an estimate. You might end up paying more than is stated in the GFE.

Another situation you may encounter is if the house appraises for less than what you offered. If this happens you would probably have to cough up the difference (appraisal vs contract price) hence you will end up paying more. Of course you could avoid this situation by making sure that you have a clause in your contract that says the house needs to appraise for the contract price (something along those lines) or negotiate with the seller to meet you 1/2 way.

Hope this helps and best of luck!

[jaylivg]

Thanks for the informations !

[HoustonRonnie]

When you applied for the mortgage, didn't you have to show evidence that you had the closing costs in hand, in full?

Ronnie

[City Love]

You'll likely end up having to pay additional earnest money. They will want to close you when the home is ready, so be prepared for them to call your loan officer to see what's going on. Check your contract.

[cheryjohns]

Who is the builder - and what area of town? Both of these answers will weigh on flexibility.