Home Buying in 80123>Question Details

Scott, Home Buyer in Washington, DC

Has anyone ever had an issue where the Seller and Buyer could not come to an agreement for a closing time?

Asked by Scott, Washington, DC Mon Oct 22, 2007

This situation is happening in Colorado.

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Answers

17
Kristal Kraft’s answer
As a Colorado broker I can speak to this question. Typically the listing agent (one person) is given the right to set the closing time. The date is set in the contract. It is the title company that actually performs the closing, so the time needs to be one in which there is room and staff available. Many times the closing is done in two parts if the buyer and seller cannot be at the closing at the same time. Most reasonable people will schedule time off on the day of closing to be available. Occasionally one of the parties may have a conflict, but that is not common .
It sounds like the seller on the property is trying to back out. That is another issue entirely. Since Colorado contracts require specific performance on the part of the seller, the buyer may have to prepare to sue the seller. If a party does not want to live up to his word as written in the contract brokers or title companies have no power to force them A judge will have to do that.
Maybe the seller is just having a hard time leaving the house or perhaps he's having an issue with something the buyer said or did. Sometimes sellers act strange but they eventually do what is required and move.
What ever is happening here, I wish you well.
2 votes Thank Flag Link Thu Oct 25, 2007
It happens. There's no rule that says the buyer and seller have to be at the same place at the same time. Just have the seller sign his part early.
Web Reference: http://www.mikesclients.com
1 vote Thank Flag Link Mon Oct 22, 2007
Yes, but it is rare since most Buyers and Sellers share the same goal of getting the deal closed on time and without conflict. This generally happens when the transaction has been contintious throughout the process. It is possible to close at different times (i.e. Seller side closing, and Buyer side closing). The Title Insurance Company should have no problem in accomodating this arrangement if necessary.
0 votes Thank Flag Link Sat Apr 19, 2008
Book 2 Closing Times.

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0 votes Thank Flag Link Fri Apr 11, 2008
We close with attorneys so if one party cannot attend their attorney can act for them.
0 votes Thank Flag Link Fri Apr 11, 2008
Often times I schedule buyers and sellers to sit for separate closings. I have had a buyer or seller mention something off color to the other party at the closing table, thus causing chaos. Sometimes it's easier to keep them separate anyway, especially if one of the parties is emotional in the transaction.

Title companies and closing attorneys are typically more than happy to accommodate both parties to the transaction.
0 votes Thank Flag Link Fri Apr 11, 2008
You can purchase the house and let the seller rent back for a specific period of time with a lease
agreement attached to the purchase.
0 votes Thank Flag Link Fri Apr 11, 2008
Not a problem. Book 2 separate Closing Times. Have one Closing for the Buyer-- and one Closing for the Seller. I do this quite often. Problem solved. Note: The Seller's side-- only takes about 10 minutes to sign. The Buyer's------around 45 minutes. I suggest 2 Closing times-- if you can't come to a common ground with the time.

Kathryn Carlson, Licensed Real Estate Broker Owner ,
Bachelor of Science, Realtor, Accredited. Luxury Home Specialist, e-Pro Certified
Memberships: National Association of Realtors,
Colorado Association of Realtors, Denver Board of Realtors, Council of Residential Specialists,
Council of Luxury Home Specialists, Colorado Mortgage Holding Company, Licensed HUD Broker, Denver Metrolist
Homes and Lifestyles of Colorado
_____________________________________________
Finding Your Place Called Home
Cell (720) 226-8199 - Direct (303) 816-9199 - Fax (303) 845-9938
Email: Kathryn@DenverHomeLiving.com
Special Offers, Daily Home Lists, and
Market Conditions: http://www.DenverHomeLiving.com
____________________________________________________
9 Divisions to Serve You:
Luxury Home Living - City Living - Mountain Living -Condo & Town Home Living -
Farm & Country Living - Relocation/First Time Home Buyers - REO Bank Owned & Short Sales -
Income & Investment - Land.

Spring Specials:
* Your Home Sold in 90 Days or $1,000 to You.
* 2.6% Total to Sell Your Home (if you are planning on Buying).

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Thank Your for Your Referrals of Friends & Family - They are the Life of Our Business.
0 votes Thank Flag Link Fri Apr 11, 2008
Read your contract. It will tell you what to do.
0 votes Thank Flag Link Thu Mar 27, 2008
I don't know how it works in Colorado but in New Jersey we can have seperate closings. Sometimes I do so not only for convience but also in situations where the buyer and seller have issues with each other. Just like Mom used to say "seperate".
0 votes Thank Flag Link Thu Oct 25, 2007
Could you perhaps close in the late afternoon the day before?

I don't know the feasibility to my next suggestion, but here is another one. He signs all his docs in the morning and moves onto his afternoon closing. Then you sign during the afternoon and the title company sends everything out together? I'm from IL so I don't know how CO works.
0 votes Thank Flag Link Mon Oct 22, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
The date has been determined. It is the actual time of day. the seller didn't want to sell, tried to back out, wouldn't allow a second viewing of the property, sabotaged the radon test. He's an all around jacka**. If the property weren't a corner lot backing to a greenbelt I would have just moved on (as everyone has suggested). But the deal is he is closing on a new property later that day, that's why he wants (needs maybe?) me to close first thing in the morning. So again the question is what happens to the contract and my earnest money (which I doubled to be nice) if we can't agree to a time of day for the closing?
0 votes Thank Flag Link Mon Oct 22, 2007
Just to clarify, is the difference just a matter of hours or the day of the week? Are you done with all the contingencies and ready to close? If this is the case, as stated below, the seller can sign their paperwork ahead of time and you don't have to be at the closing together.

OR
Are you negotiating a contract and the difference is closing before vs after the holidays? The saying is that you have a choice of terms or price but not both. If you choose the most ideal time, they choose the most ideal price or vise versa.

Good luck,
Ruth
0 votes Thank Flag Link Mon Oct 22, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
Scott,
Tell me more about this. I am assuming you are the buyer? Are you asking for a quick close date or maybe you want to close later than normal? Usually a buyer and seller will close in 30 to 45 days of the contract. There are situations where the time is adjusted to better accomodate the needs of either the buyer or the seller. Please be more specific so we can give better suggestions.
0 votes Thank Flag Link Mon Oct 22, 2007
It does happen. How far apart are they? Weeks or even months? Could something in the contract (the price, the contingencies, etc) change to make the other side more flexible? For example - if the seller would like to settle a few weeks sooner than the buyer, mabye the seller would accept a slightly lower price to get their settlement date. Good luck.
0 votes Thank Flag Link Mon Oct 22, 2007
Yes, frequently.
I'd love to give you a suggestion but what is point in which the two parties are slipping hairs?
There are various ways to overcome this hurdle but specific to the exact nature of the problem.
-Susan Walker
0 votes Thank Flag Link Mon Oct 22, 2007
I cannot say that I have ...
You may want to request three options from the buyer and then present them to the seller and let the choose the one that best fits their schedule. If the seller wants to sell then they will pick on of those 3 options otherwise I'd question their desire to sell. Good Luck to you.
0 votes Thank Flag Link Mon Oct 22, 2007
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