Home Buying in Los Angeles>Question Details

Missliz169, Home Buyer in Garden Grove, CA

Closing date push back by seller!

Asked by Missliz169, Garden Grove, CA Mon Jul 7, 2014

I am 12 days from closing escrow and my agent just told me the seller wants to push the date back. The seller won't give me the termite report to finalize everything. The report is the only thing missing. I have my 30 day notice in the apartment I live in. What can I do to keep my original date?! Please HELP!!!!

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Unfortunately your options are limited if the seller is taking a hard line regarding extending the escrow. You want the home so cancelling the transaction is not a viable option and, in the short term, you can't force them to provide the termite report or close escrow. Perhaps you can negotiate compensation for the delay as the other agents have suggested. Really the only option is to work with the seller and reach a mutually agreeable closing date. If the delay is unreasonable or undefined the alternative is legal action but more than likely everything will work out and this unfortunate development will soon be forgotten after you are moved in and enjoying your new home.
0 votes Thank Flag Link Tue Jul 8, 2014
Sometimes "unforeseen" issues arise during home sales. This is the time to get your Realtor involved to negotiate something that will work for all parties involved. Termite reports only take a day or so, so that can't be the only issue. The owner can either move out on the contract date, or perhaps can pay for your storage and temporary hotel stay ( or theirs). There's always a solution.
0 votes Thank Flag Link Tue Jul 8, 2014
Missliz,

Dan is on the mark! You have an agreed upon contract that both parties need to abid by unless the parties involved agree to and sign an "addendum" changing the terms of the agteement.

It's time to communicate and negotiate to see if there are terms that will help both parties with their individual dilemma. I would want to know what is causing the seller to not be able to abide by the terms of the agreement? They may be finding themselves in the same situation you are in...without a place to move into after closing.

If they value selling their home, they should be able to come up with a workable alternative that doesn't inconvenience you. Your agent should be all over this and advocating on your behalf.

In the meantime, as a failsafe, it might be advisable to see if you could extend your rental a while longer.....I'm not saying to offer this, only to have a back up plan if needed.......

Good luck,

Bill
0 votes Thank Flag Link Tue Jul 8, 2014
Communication is key, have your Agent speak with the sellers Agent to find out more details. See if the Realtors can come up with a solution (as Dan suggested, maybe payment for your storage needs).

In Florida, its the buyers who obtain a termite inspection, if that is holding up your closing, could you order a termite inspection?
0 votes Thank Flag Link Tue Jul 8, 2014
Thank you Dan for your reply.
0 votes Thank Flag Link Mon Jul 7, 2014
Missliz,
Here's the situation, you can decline and your contract is still in force. They can decline to cooperate and potentially void the contract and then everyone gets the lawyers involved. Any changes to the terms of a contract must be agreed to by all parties, you can't dictate and neither can they, however from a practical perspective, they could comply with everything and just not move out. Then you begin eviction proceedings and the process takes longer than the extension you need.
What needs to happen here is everyone needs to discuss and negotiate. For example, you can say, "I'll give you the extension in exchange for the cost of daily storage with the moving company, plus the nightly cost of the local Residence in until we close. This gives you a place to stay at no expense and lets them know it's their problem not yours. They can agree, counter offer or just realize they should stay with the original date.
This is just an example, but think outside the box and come up with a workable solution so you don't end up homeless.
0 votes Thank Flag Link Mon Jul 7, 2014
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