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We are on contract for a house in Florida. The close date is May 27. The seller has requested we move the close date back. We were thinking that would be OK with us if we were compensated somehow. Now we just found out the seller has left the country for two weeks and won't even be around on the close date. We never agreed to anything other than closing on May 27. What are our options? I don't want to push it back if we don't get compensated, and now we obviously can't close on May 27.
Can't is a strong word. There may be more options than you or the sellers realize. I don't know the Florida market, but I suspect you may be in more of a position of power, than the seller. Talk with your agent/lawyer and have them help you consider all the options (asap). There are too many variables that could create a situation where someone here would not know resulting in bad advise.
I also think "can't" is too strong of a word here. We are closing as sellers on our current home on May 22nd and we have already signed all our docs and are not attending the closing.
The realtors should be able to coordinate them signing all the necessary paperwork, but getting them to move all their stuff out of the home if they've left the country is another matter...
It can be done with overnight mail, faxes, wiring money. No reason the sellers need to be in the country.
The contract is as stands unless you agree in writing to their request. If it doesn't matter to you, I don't see why you wouldn't agree for free. Why do you want to get compensated for a change of date? Is it actually going to cost you money to wait? If so, ask them for what it will cost you. Otherwise, just be nice and change it. What goes around comes around.
We are on contract for a house in Florida. The close date is May 27. The seller has requested we move the close date back. We were thinking that would be OK with us if we were compensated somehow. Now we just found out the seller has left the country for two weeks and won't even be around on the close date. We never agreed to anything other than closing on May 27. What are our options? I don't want to push it back if we don't get compensated, and now we obviously can't close on May 27.
What does your RE agent say your options are? This is really something that should have been addressed in the conditions laid out in the original contract.
I can tell you that in most of my recent deals, its been taking LOTS more time to get a contract to close, mainly due to the financing institutions, who are taking forever to process the files and coming up w/ all sorts of strange requests that they want the buyer or seller or both to do. The seller could technically close that day..with electronic signatures and email faxes, that shouldnt delay closing per se. You need to read your contract word for word and see if there is a clause there that specifys what happens if the closing date is not met. Good luck!
When sellers want / need delay it is almost ALWAYS...
Quote:
Originally Posted by jodyrose
What does your RE agent say your options are? This is really something that should have been addressed in the conditions laid out in the original contract.
I can tell you that in most of my recent deals, its been taking LOTS more time to get a contract to close, mainly due to the financing institutions, who are taking forever to process the files and coming up w/ all sorts of strange requests that they want the buyer or seller or both to do. The seller could technically close that day..with electronic signatures and email faxes, that shouldnt delay closing per se. You need to read your contract word for word and see if there is a clause there that specifys what happens if the closing date is not met. Good luck!
...due to the sellers not having a place lined up and not wanting to move twice. Frankly I hate having to put in storage and then move into the "new" house too. When I have been in a situation like that I generally, as the seller, very politely and legally present the BUYERS with a short time lease agreement and a price that reflects a porated portion of the their likely monthly costs (M,I,T, as well as some reasonable compensation for THEIR living expenses). This is generally MUCH better than asking to MOVE the closing and risk incurring new rates from lenders, breaking appointments with over scheduled title companies, and messing with escrow addendum...
{When deals are delayed by buyer it s almost always becuase LENDER has screwed up somehow -- this generally CAN NOT be speeded up becuase the lender is ultimately the key to seller getting paid and buyer having possesion.}
If the are "out of the country" this is still fairly easy to do, the miracle of the fascimile machine has been around for several decades and is generally available anywhere thers is phone service. Similarly electronic communication is pretty reliable on the whole damned planet.
If the sellers had a family emergancy or something completely unexpected come up I would cut them a bit of slack, but if they have an agent I would sit kinda hard on their phone / their office so that I know what the heck is going on -- if "out of the country" means "out of reach from extradition treaties" or something like that I am not sure I would feel the same about the whole deal. "Oh yeah, you bought the drug lord's house..."
We are on contract for a house in Florida. The close date is May 27. The seller has requested we move the close date back. We were thinking that would be OK with us if we were compensated somehow. Now we just found out the seller has left the country for two weeks and won't even be around on the close date. We never agreed to anything other than closing on May 27. What are our options? I don't want to push it back if we don't get compensated, and now we obviously can't close on May 27.
Pushed back to when?
May 27th is around Memorial Weekend, possible they couldn't get a mover for that date. We had problems last year.
I don't know about FL but here in NJ, we did not know our closing date on both our sale and the new house until a week or so before the actual closing. It was close to the date we requested but wasn't the actual date we requested.
What does your agent say?
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When sellers want / need delay it is almost ALWAYS...
