Home Buying in New Jersey>Question Details

Schwartin, Home Buyer in New Jersey

Can seller extend closing date due to health problems?

Asked by Schwartin, New Jersey Fri Mar 4, 2011

My husband and I had our bid originally accepted in January and we agreed to an April 20 closing date because one of the home owners was having surgery. However, they said based on how well he recovered, we could move up the date. We're now in the process of resolving home inspection, and the homeowners agreed to credit us for what we've asked for if we agree to close in June. Evidently the homeowner's surgery didn't go well and he is still recovering. We feel we've already been generous in agreeing to close in April, but we really don't want to lose this house. We've also already given notice to our landlord that we'd be leaving by the end of April. Do we have any leverage in this situation, or can the homeowners really delay closing until June without any consequences?

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Answers

5
Everything is governed by the executed sales agreement confer all your questions to your buyers agent

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Mar 4, 2011
Consider consulting with your attorney, he/she can best advise as it relates to your specific situation...
0 votes Thank Flag Link Fri Mar 4, 2011
Since you really do want to hold on to the house, I would recommend trying to reach a compromise both sides can accept with the assistance of your attorney. It is always far better for the transaction to be complete at close, ie, seller out when you take title, but sometimes if the seller needs more time, and the buyer agrees but wants to close, the attorney will structure a "use and occupancy" that essentially allows the seller to rent from the new owner/ie, the buyer. But again, not preferred. If accommodating the seller's requests results in expenses for you, then you could try to get coverage for those. Both parties must agree to changes to the terms. Best bet is to work with your attorney to try to find a solution that inconveniences and costs you the least.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Fri Mar 4, 2011
The seller can ask to extend the closing date; but all changes to the contract must be agreed to in writing by all parties.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Fri Mar 4, 2011
First of all you have a contract with the seller. If the seller and buyer agree to extend the closing date change, it is possible. If your contract gives a certain date and it is not achieved there is usually a penalty per diem that can be assessed. This questioned should be answered by reading your particular contract. You are not obligated to go through with the purchase if the seller can't keep his side of the bargain.
0 votes Thank Flag Link Fri Mar 4, 2011
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