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Seller has two duplexes (zero lot lines as they are called here), so total of 4 units. Three go under contract. Last one I make an offer and have a signed contract dated April 18 with closing date listed as May 29.
Went to see it again yesterday for some measurements and nothing has been done since mid-April. (Maybe a couple of light fixtures put up.) Still needs all plumbing fixtures, kitchen appliances and drywall and carpet 3rd floor bonus room. Supposedly Certificate of Occupancy from the city will not be had until week of May 20 at the earliest, so inspection can't happen until the CoA is obtained. We chatted with the drywall guys yesterday and my realtor got the phone number of the contractor and called him. He said he had zero instructions for completing my unit and did not even know it had been sold.
My rate lock expires June 3 and to extend it 30 days will cost $1,200 according to the lender.
Aside from contacting the seller's realtor's broker, which my realtor plans to do if no response from seller realtor in 24 hours, what else can/should be done to move this along?
Does your contract state that "time is of the essence" in closing?
Your choices may be to back out (and get a deposit back) or just wait. Personally I would be surprised if construction of any sort finished on time, absent some pretty aggressive penalty clauses.
Does your contract state that "time is of the essence" in closing?
Your choices may be to back out (and get a deposit back) or just wait. Personally I would be surprised if construction of any sort finished on time, absent some pretty aggressive penalty clauses.
No "time is of the essence" language. I'm not planning on backing out because I do have some time and I've looked at probably 50 houses. I just want to know if we have to extend the rate lock who is paying for that?
CO on May 20th is not going to happen.
But, you get extra credit for using the umlat.
Indeed - I was impressed!
I think you need to have a heart-to-heart with the builder to find out when they'll get that unit finished. It sounds like there is a fair amount left. Luckily, rates probably won't skyrocket soon. Good luck!
I just want to know if we have to extend the rate lock who is paying for that?
I guess it depends on your contract, but I'm thinking the mortgage terms are your problem to deal with. My buyers had gotten their commitment, but the bank gave them a pretty tight rate lock. They asked us to split the cost for the extension and we said no way. Since they had gotten a commitment, they had met the final requirement in the contract prior to closing. They had a choice of not paying for the rate lock or not closing and foreiting their substantial earnest money.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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I think the rate lock item is of value in an atmosphere of rising rates, not so much today. Then again, I have little respect for the "behind the scenes" players in the mortgage business.
No "time is of the essence" language. I'm not planning on backing out because I do have some time and I've looked at probably 50 houses. I just want to know if we have to extend the rate lock who is paying for that?
Actually, I just re-read the contract and under Other Provisions, there is a time is of the essence clause. Will follow-up with my realtor tomorrow.
If the people responsible for dropping the ball knew you use the umlaut, they would probably be a little more worried about the large and small details. A person who uses the umlaut is a force to be reckoned with and that's an immutable law.
CO on May 20th is not going to happen.
But, you get extra credit for using the umlat.
Agree.
Umlaut, BTW.
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