Home Buying in Boca Raton>Question Details

ca_lexa, Home Buyer in Boca Raton, FL

I'm in a contractual agreement with seller. Will I lose my deposit if I can't close on specified close date?

Asked by ca_lexa, Boca Raton, FL Tue Aug 20, 2013

Appraisal and inspection look good, and I definitely want to proceed with the purchase. However, there have been delays with Condo association and bank. I'd prefer to extend the close date, but if the seller won't allow it, would I at least get my deposit back? First time home buyer here.

Help the community by answering this question:

Answers

5
ca-lexa : I hope your Realtor has been keeping everyone involved
up-to-date! If delays don't signal weakness in the Deal
you may find a willingness to extend the Closing Date.
Your request should be communicated through your Realtor
first- if no luck consult an attorney. In any event Start communication
well ahead of the expiration of your contnigency dates - all
agreements in writing.
Extention requests that seem reasonable in light of " circumstances "
are best obtained within the time-frames outlined in your contract
and recieve a better "hearing" if the delays are for reasons outside
your control . Get on it !- Get help if you need it!

Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference: http://pbc-res.com
0 votes Thank Flag Link Wed Aug 21, 2013
You may want to ask the Boca Raton real estate agent you're working with about this. You may also want to talk to an attorney, just to verify whatever advice you get from others.

As agents, we can only speak from our own experience. Generally, we find that condo association and bank delays are understood by sellers. An addendum that extends the closing date is the custom.

However, your sellers may ask you to update them with specifics on the bank delay in order for them to determine whether or not you will be granted the loan.

As for the condo association, most stipulate that they have up to 30 days from the day the final document is submitted to process their paper work. Many of the associations will take every minute of those 30 days.

We're not connected to your transaction, so we don't know if the seller will allow you to extend the time. However, it probably will make sense for them to do so. After all, if the sellers were to cancel your contract, they'd have to undergo the same process again.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com

.
0 votes Thank Flag Link Tue Aug 20, 2013
I have found in these types of cases that the seller is a little flexible as long as the extension is near the closing date. Have you asked the seller if he/she would be willing to this? It's not as though you are backing out of the contract. There are delays beyond your control. I would try talking to the seller before you panic about losing your deposit.

Sincerely,

Nicole Marks Mason, Realtor
GRI
561-445-8743
0 votes Thank Flag Link Tue Aug 20, 2013
You should seek counsel from an attorney. He or she is best qualified to read and interpret the contractual agreement you have entered into with the Seller. Yes, I know attorneys cost money, but spending a couple hundred bucks "could" save your deposit, and enable you to proceed with the sale. Contracts generally contain "if" and "then" clauses. Your hope will be your attorney can find such a clause that works in your favor! Good luck!
0 votes Thank Flag Link Tue Aug 20, 2013
Hi ca_lexa,

Have you removed your financing contingencies (in writing)? If you haven't and the seller won't extend closing, you should get your deposit back. If you have removed your contingency in writing, and the seller won't extend closing, you might lose your deposit (the seller can agree to give it back to you - they don't HAVE to keep it). Have your Realtor prepare an extension for closing (find out from your lender the latest possible date so you don't have to keep doing extensions if it doesn't close). Have your Realtor let the Listing Agent know you really want the property and the reasons for the extension. Also have your Realtor explain that the extension is the latest possible close date so you don't have to keep doing extensions - you can always close before the extension date if possible without having to do more paperwork.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Aug 20, 2013
No, I haven't removed any financing contingencies. So I should be good, at least for getting my deposit back at this point?
Flag Tue Aug 20, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer