Foreclosure in Dayton>Question Details

Eric.glowien…, Home Buyer in Batavia, OH

Seller delays closing

Asked by Eric.glowienka, Batavia, OH Thu Oct 17, 2013

My wife and I are buying a short sale, and the seller/ bank had fifteen days to respond to the contract we got them in three days. It is passed fifteen days now and the realtor, who has been emailing and calling every day for over a week, just finally heard back from them, about more stuff they need, on the ffifteenth day. if we have to extend closing because of them dragging their feet, is there any legal precedent we can use as diligent buyers, not to have to pay fees and taxes on an extension?

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Hopefully it was explained fully how short sales work and the process before starting with this purchase. With short sales, things may not always happen on time. Definitely talk with your Realtor about an estimate although she/he may not even know. It's hard to give an exact date when dealing with a short sale. Good luck to you and I hope it all works out.
0 votes Thank Flag Link Mon Oct 21, 2013
The closing date on a short sale is a target. Most of the time after you get a final approval letter from the sellers lender you can count on the date. If you do not have that approval letter made out to the owner of the property you are still waiting for a closing date.
0 votes Thank Flag Link Thu Oct 17, 2013
This really is a question for your Realtor. Not sure what fees and taxes you're talking about. I am a Certified Short Sales Specialist and I've never had to deal with fees and taxes in a short sale that would be the buyers responsibility because the owner's lender did not meet contractual requirements. If you could be more specific I could be more specific. Call/text/email the details and I'll do what I can.
0 votes Thank Flag Link Thu Oct 17, 2013
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