U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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 05-31-2008, 07:21 PM
 
85 posts, read 298,946 times
Reputation: 66

Advertisements

Hello all.....I am buying a home in SW Durham and was scheduled to close this coming Monday, June 2nd. I just got notice from my agent that the sellers decided to change the close date by a week to June 9th. Does anyone know whether they can do this without my consent? This change is completely going to screw up my schedule (movers, painters, rug installation, etc.......) Do I have any recourse? We previously agreed to allow the sellers to stay (rent back from us) until June 6th (after the June 2nd close) and now this?????
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-31-2008, 07:26 PM
 
103 posts, read 87,601 times
Reputation: 36
Quote:
Originally Posted by BettyBoop108 View Post
Hello all.....I am buying a home in SW Durham and was scheduled to close this coming Monday, June 2nd. I just got notice from my agent that the sellers decided to change the close date by a week to June 9th. Does anyone know whether they can do this without my consent? This change is completely going to screw up my schedule (movers, painters, rug installation, etc.......) Do I have any recourse? We previously agreed to allow the sellers to stay (rent back from us) until June 6th (after the June 2nd close) and now this?????

Usually, you can back out if not closed by the date originally agreed upon. This will put pressure on the seller, so you should be able to get compensated for allowing the date to extend. They won't want you to back out, so make them pay you a fee that will compensate you for your troubles.........and maybe a little more.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-31-2008, 07:29 PM
 
Location: Melbourne, FL
1,007 posts, read 5,481,932 times
Reputation: 637
It sounds like there is more to it than that. They just can't decide to change the date without notifying you or your agent and for a good reason. Talk to your agent and find out what their (sellers) reason is behind this.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-01-2008, 07:20 AM
 
85 posts, read 298,946 times
Reputation: 66
Quote:
Originally Posted by West_Raleigh_Guy View Post
Usually, you can back out if not closed by the date originally agreed upon. This will put pressure on the seller, so you should be able to get compensated for allowing the date to extend. They won't want you to back out, so make them pay you a fee that will compensate you for your troubles.........and maybe a little more.
We don't want to back out, however, we're upset that 1) we were excluded from the schedule change; and 2) we now have to reschedule several large tasks for our move.

What type of fee is appropriate for this?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-01-2008, 07:37 AM
 
Location: Chapel Hill, NC
1,105 posts, read 2,618,592 times
Reputation: 602
Quote:
Originally Posted by BettyBoop108 View Post
Hello all.....I am buying a home in SW Durham and was scheduled to close this coming Monday, June 2nd. I just got notice from my agent that the sellers decided to change the close date by a week to June 9th. Does anyone know whether they can do this without my consent? This change is completely going to screw up my schedule (movers, painters, rug installation, etc.......) Do I have any recourse? We previously agreed to allow the sellers to stay (rent back from us) until June 6th (after the June 2nd close) and now this?????
Best look at your contract as well. My sales contract, for instance, which claims to be "Standard Form 2-T" states "If either party is unable to close by the Closing Date, then provided that the party is acting in good faith and with reasonable diligence to proceed to closing, such party shall be entitled to reasonable delay of the Closing Date and shall give as much notice as possible to the non-delaying party and closing agent. In such event, however, either party for whom the Closing Date is delayed shall have a maximum of ten (10) days from the Closing Date, or any extension of the Closing Date agreed-upon in writing, in which to close without payment of interest..." Just judging by that language, unless your sellers are jerking you around for no good reason, they can delay the closing by a week without penalty. However, everything depends on the specific language of your contract, your specific situation and your own agreements with the sellers, and this shouldn't be construed as legal advice, etc...

Last edited by geoff2v; 06-01-2008 at 07:40 AM.. Reason: Hit "submit" too quickly...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-01-2008, 08:04 AM
 
Location: Southeast US
1,456 posts, read 4,926,782 times
Reputation: 985
It's my understanding that unless there is a "time is of the essence" statement in reference to the closing date, not closing on the contract date doesn't negate the contract. I agree that it was in poor taste of the seller to inform you of the new date versus negotiating a new date with you.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-01-2008, 08:24 AM
 
Location: Melbourne, FL
1,007 posts, read 5,481,932 times
Reputation: 637
You still are not explaining the reason. Why do they want to change it? People don't change closing dates unless there is a specific problem. What is it? A death in family? Did they find a lien on their property and just found out about it? Do they have to bring money to closing and can't get the funds? If everyone is still trying to close, then there is leeway on the closing date. However, our contract states "time of essence" as someone mentioned. It states in the contract what happens when one is delayed. What does your agent say?

It states in contract: If either party is unable to close by the closing date, then provided that the part is acting to good faith and with reasonable diligence to proceed with closing, such party shall be entitled to reasonable delay of the closing date and shall give as much notice as possible to the non-delaying party and closing agent. In such even, however, either party for whom the closing date is delayed shall have a max. of ten days from the closing date or any extension of the closing date agree-upon in writing...etc.

If it goes beyond that as there are specific amounts/percentages you can recoup. Please, get with your agent.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-01-2008, 01:30 PM
 
85 posts, read 298,946 times
Reputation: 66
Quote:
Originally Posted by Janecj View Post
You still are not explaining the reason. Why do they want to change it?

It states in contract: If either party is unable to close by the closing date, then provided that the part is acting to good faith and with reasonable diligence to proceed with closing, such party shall be entitled to reasonable delay of the closing date and shall give as much notice as possible to the non-delaying party and closing agent. In such even, however, either party for whom the closing date is delayed shall have a max. of ten days from the closing date or any extension of the closing date agree-upon in writing...etc.

If it goes beyond that as there are specific amounts/percentages you can recoup. Please, get with your agent.
They need to change the date because they are closing on both homes on the same day (the one they're selling to us) and the one they are moving into. Apparently they had to change mortgage companies last week because of some appraisal problem and their new lender needs at least a week to get the papers in order.

Yes, our contract states the above mentioned terms, and so I understand that things happen and there's some leeway. However, the inconvenience to me and my schedule (movers, painters, deliveries, and not to mention I need to vacate my home on a specific date) seems to warrant some kind of acknowledgment no?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-02-2008, 05:38 AM
 
Location: Melbourne, FL
1,007 posts, read 5,481,932 times
Reputation: 637
Thank you for the explanation. That is really unfortunate. When you change lenders at last minute, you are pretty much stuck with their time table. (I don't understand what an appraisal has to do with changing lenders.. . but that's another story in itself).

The seller really should stick with the closiing date they made with you. If they knew last week when they changed lenders there would be a delay, they should have told you last week not Saturday night. They should move out and get a hotel or move in with friends. I can see if they asked you in advance if it would be a problem to extend the closing, but this is not what happened. They ought to compensate you (find out how much more it will cost you to move the time table.. if it is an extra charge to change).. if they don't charge you (movers, painters, etc) and you just want something for your inconvenience, I'm not so sure that will happen as it is hard to put a price on inconvience- maybe use the same formula as indicated in the contract after 10 days of delay. I would think your agent should be explaining this to the other agent and telling them they need to move or compensate you.

(I had this same thing happen once and the sellers just moved in with parents/friends as my buyers already had everything in motion). It can be done and is the right thing to do.

You also said that you allowed them to rent back to June 6th.. Would it be a problem to have them close on the 6th and have them move out same day without causing delays to you? That may give enough time for their lender to do whatever and keep everything still on schedule.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-02-2008, 06:33 AM
 
9,821 posts, read 29,056,739 times
Reputation: 10447
Once there is a signed contract don't both parties have to agree to a change in the closing data (in writing)?

I did not think it was possible for one party to dictate a change in the closing date to another once the contract is signed. Sure they can approach you about changing to a different closing date, but they need you to agree to this change in writing.

At least that is the way I thought it worked. I would check with your RE attorney handling the deal for you.

Good Luck!


Rate this post positively 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
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

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 > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 33, 34, 35, 36, 37 - Top