Make sure your request is in writing. Do you have your own agent or area you using the listing agent for representation. If the seller refuses, then he will have to start over again with a new buyer. Does he really want to do this? Did you sign the liquidated damages and arbitration clause? The seller may be trying to put pressure on you, but 2-3 days is nothing. He should be patient and wait it out.

Tue Jan 1 2008, 12:02

The seller alone does not control when escrow closes. Have your agent work it out! Good Luck!

Sat Dec 29 2007, 19:39

A purchase contract is a legal and binding document. Yet most sellers are at least a little flexible. Is the seller mad at you for another reason?

HTTP://WWW.amirSHAHKARAMI.COM
HTTP://WWW.siliconVALLEYpropertySEARCH.COM
HTTP://WWW.888siliconVALLEY.COM

Mon Dec 10 2007, 19:33

Wei, I think in this market, due to the lenght of time for marketing and unrealitistic pricing and expectation by the Sellers, by the time they get around to the final days of a closing they are NOT going to be very happy. Like Deborah says, our transactions contain much emotion! But let this be a lesson to all; Ask and confirm closing cost funds and location of said funds!! You are now in a home for Xmas!! Congratulations!
Perhaps you could give us your impression of the home buying process from the outlook and perspective of a Buyer?? This is why I come hear to get the consumers ultimate verdict on our profession and the services we offer.

Sat Dec 8 2007, 09:41

Glad to hear that you did close. Seems that the sellers responded first emotionally, and then logically. Yes, delays happen, and those may cause inconvenience or expenses. But, in the end, the seller must look at their alternatives to the extension. It is not unusual for sellers or buyers to respond quickly and then re-think their positions. Real estate is an emotional transaction.

Sat Dec 8 2007, 02:06

The house is closed! I don't mind compensating the seller for the delay, but at first they were not giving us any options. Things happens, and we need solutions and compromises, not stubborn "No"s. What is that going to help?

Fri Dec 7 2007, 20:18

You have a contract and that states what both parties agreed to do. You now may be technically in default of the contract. Because you are closing later, the Seller is also incurring more fees (prorated taxes, insurance, mortgage principle and interest, etc). It's only fair for you to compensate the Seller for the delay. I also just read that Stated Income ELOC need to be locked in by Dec. 7th or they're gone. If this is the house you want it may be less expensive for you to pay the two days than to tie everything up, risk loosing your deposit, or costing your more money and headachs.

Wed Dec 5 2007, 17:30

Sounds very familiar!! Seller sometimes get a big resentment over the price they finally agree to. Gentle nudges are the order of the day. But let this be a lesson. When you get a good price close that sucker!! Is the walk-through a part of the contract? When I get someone dragging their feet on a listing I'm selling I give 24 notices for everything. Paper trails and intent are mean so much! Thanks Sylvia for clarifying the particulars of the CAR contract.

Wed Dec 5 2007, 11:46

They have agreed to extend the COE. We need to pay them extra. The situation arises because my down payment need to come from my existing HELOC. We didn't realize that for this particular bank they no longer allow wire transfer (They used to). So we have to wait for the check to clear, which takes longer time. We are trying our hardest to get the bank to clear the check fast. But there is only so much one can push the bank. The sellers were bitter because they felt the sale price was too low. They haven't scheduled a final walk through with us yet despite the repeated request. Of course we felt we paid fair market price. Their house sat on the market for a year and half before we came in.

Wed Dec 5 2007, 11:25

Hi Wei:

It all depends on what is written on your contract - if you use the standard CAR Purchase contract; close of escrow is the only item where the seller is not obligated to give you a 24 hour notice to perform unless you have other wordings or addendum addressing that. If you use other forms, then it will depend on what's written on the other forms.

It is interesting to see that the seller is not willing to give you extra 2-3 days to close escrow if you have done all your due diligence and you have had a good relationship with the sellers / listing agent along the way.

Like Rebecca said, if the seller insists, they might be entitled to your deposit; but release of deposit by the escrow company requires signature from both sides and the seller can't sell unless you cancel the contract.

I know that you have a Realtor for the sale of your home, how about the purchase? What does she say?

Sylvia

Tue Dec 4 2007, 21:56

Did you recieve a "24 Hour notice to perform" for your closing date? I can't imagine a Seller in this market NOT wanting to extend a few days unless the Seller has a better deal behind yours. Usually a sharp attorney and/or Realtor can get you a couple more days to close the transaction so there seems to be more here than meets the eye!! What does your Realtor say? Are you buying a FSBO? No representation?

Tue Dec 4 2007, 20:59

Have you removed all contingencies? Has your agent asked for an extension in writing? It depends on those 2 circumstances. Your responsibility as Buyer is to live up to your end of the contract. If you do not, "technically" the Seller can cancel and keep the deposit, however the deposit can not be released unless BOTH parties agree. Also if there is a law suit, often the home can not be resold until it is rectified. I would suggest consulting a great RE attorney if your agent has not been able to get you an extension. Good Luck.

Tue Dec 4 2007, 15:05