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Your parents really should consider that waiting may cause the situation to deteriorate and jobs may be lost. If they can close it now, I would recommend you get it closed and funded! Maybe they can negotiate a rent back for two weeks.
Why do they need to be present to close?
I closed on my place in FL and the seller was back home in NY.
Can't a POA be drawn up to do likewise for your parents?
Why do they need to be present to close?
I closed on my place in FL and the seller was back home in NY.
Can't a POA be drawn up to do likewise for your parents?
I think the issue is they're living in the house and the hardship is moving.
My parents are selling their home and they had an offer accepted before the Corona stuff happened in late Feb. Closing date is March 26. However, with all of the state of emergencies and the virus threat, my parents want to wait because it's not safe for them to move during this time (they are in their 70s with health issues). But the realtor, of course, wants the deal to go through so she can get paid and she's trying to force it.
Moving resources are scarce right now and on top of that, they are worried to risk their health to sell and would rather wait another two weeks, but their realtor is using every loophole they can to make sure they settle on the 26th.
Do we have a case to push the settlement back two weeks? This is pretty concerning for all of us...
In my opinion, with the United States in a PANDEMIC situation, with senior citizens in some locales (like here in the SF Bay Area) ordered to SHELTER IN PLACE and ordered not to leave the house except for very few reasons, none of which is moving out of a house, you DO have a case. Get your legislators involved, if necessary.
It seems like the realtor is pushing the sale and seems worried about the buyer walking. But at the same time, everything is shutting down so it's even impossible to find movers. Yet alone, the govenor and state and President are telling everyone elderly to stay away.
We don't understand why the realtor just won't push the deal back by 2 weeks until the severity levels are gone.
Who said the severity levels are going to be gone in two weeks past the closing date?
Who said the severity levels are going to be gone in two weeks past the closing date?
That is what I was thinking as well. If it gets worse before it gets better, two weeks is not enough time. OP, what if you push it back two weeks and things are worse???
....what if you push it back two weeks and things are worse???
While that is possible, it is only speculation at this point. The situation could get worse, but we don't know yet.
I am sure there is some contingency in the contract that should apply. I would suggest consulting a Real Estate attorney if the Realtor cannot verify the options. Even if the Realtor is unsure, there should be some internal legal support they can consult like we have in Florida.
Buyers have contingencies to allow delay or withdrawal, sellers have far fewer. That said, if the desire is to cancel, most buyers will not push it if they are made whole for their costs.
OP needs to decide if they really want a delay for a specific period, or whether they are having cold feet and want to cancel completely because of all this uncertainty. They are different things, and dragging it out if they no longer want to close would be a mistake.
In two weeks things will probably be far worse in the US than they are today. Nobody really knows.
Their buyers may have already sold their home to buy your parents' place and they may have to be out by the closing date, so delaying could cause them to have significant costs and hardships. Your parents would be in breach, so it would be their responsibility to make the buyers whole.
A bird (or buyer) in the hand is worth two in the bush. The buyers could walk if your parents breach the contract, the home goes back on the market, and it will be a lot harder to find buyers when folks can't leave their homes to tour homes for sale. Plus, who would want strangers going through your home when they may be infected and spreading their virus all around your parents' house?
Bottom line...it doesn't hurt to ASK the buyers, but don't expect that they will be okay with it.
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