Home Buying in Chicago>Question Details

Swilson, Home Buyer in Chicago, IL

Seller having to sell all properties

Asked by Swilson, Chicago, IL Wed Jul 16, 2014

Can s seller hold up your closing for 4 months because he needs to sell all of his properties at once.

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Answers

5
Depends on if this is something you agreed to or not. If you did then yes if not then no.
0 votes Thank Flag Link Tue Jul 29, 2014
Sure if thats what you agreed to. If not, then no. If they miss the date, you can put a lien on the property if they dont close. Move on, buy something else, and collect a pay check down the road from the lien when they try and sell this one. If there was no close date, then yes, they can.
0 votes Thank Flag Link Wed Jul 23, 2014
A couple of reasons possible. As Robin stated a blanket mortgage, however they can usually close in Escrow for this type of loan or it just pays down the loan amount.

Jack mentions a 1031 exchange. There is a time frame for the investor to find another property so they are able to roll their proceeds into another property tax free, this is probably the main reason why.
0 votes Thank Flag Link Thu Jul 17, 2014
Robin gave you a very good answer.
The seller may want to also be concerned about capital gains and is waiting to sell all at one time or do a tax free 1031 exchange
0 votes Thank Flag Link Thu Jul 17, 2014
If he has a blanket mortgage, he might have to sell all at once. If there is no other reason, and you have a contract of sale with a closing date, the seller should not be able to hold you up.
0 votes Thank Flag Link Wed Jul 16, 2014
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