I would issue an extension to them immediately. You can also offer them a per diem in order to help them accept but there is no guarantee.
The fact you invested money in the house though I suggest legal advice asap. Good Luck.
What has your Realtor done to impact the situation? When in this situation, I've had the lender write to the seller and assure them that we are close to closing. Also, offering the sellers a late fee can also help buy you some time. Here in San Diego, a $100 a day as a late fee is not uncommon. It helps the seller cover their costs of remaining in the home.
If not already attempted, I would employ both of these tips to buy you the time you need.
Best of luck.
When the buyers on our home asked for an extension, I was glad to do it since it was
just a few days.
However, the seller of the home that we are buying is refusing to extend our agreement a
few days unless we pay her 5 k in cash on Monday November 11/16/15.
And is threatening to sue if we do not pay her the money by Monday.
This feels like extortion!!!
I did however, find out that if she sues I can file a "Lis Penden" with public records, This notice will show that the property is involved in a lawsuit and will prevent the seller from be able to sell his/her home while the lawsuit is on going.
I just think that it is easier to do the extension and prevent all this that will take up 4 to 6 months to resolve in the long run. The extension is just a few days compared to 4 to 6 months.
You have a contract and because your lender has delayed you are in breach of performance. Recourses are spelled out in your contract. It is best to talk with your agent, their broker and the other side to see what can be done.
Perhaps if you offer to pay a per day fee to cover the cost the seller has loss due to the late closing. Just a thought.
All the best to you.
You agent would get 3% of the price in commission (which by the way actually comes from you, not the seller - follow the money trail) and for that you are caught unawares or without information necessary to protect yourself?
Fire that incompetent agent immediately and get an attorney. Consider action again your agent, they are less than worthless.
Writing letters as suggested is not worth the paper of the letter. A lawsuit against your agent will start in the right place. You were taken to the cleaners by your agent. Too bad this happens far too often.
I am hearing contradicting things on here - that the sellers are within their rights to walk away, or that they should have sent us a Notice to Perform. Our realtor is, understandably, very hesitant to give us legal advice, and just sort of wants to wait until the sellers respond in some way.
Also paying for inspections and appraisals is also the cost of doing your due diligence and meeting the requirements of your lender.
Hopefully by now you have resolved this and are proceeding to close escrow.
Best of luck to you!
All the best,
Do you not have all the money in Escrow that you need?
And if you don't; why don't you, you've had time!
And why aren't you working with your Realtor on all this? Do you not have a Realtor?
And if the answer to both of these questions is, NO!,
why do you think you are entitled to special treatment?
The way you presented your story it sounds like you may have grounds to close your sale.
I'm assuming you had written approval from the seller and acknowledgments from the Listing Agent and your own agent relative to paying for repairs on a home you do not own. That could protect your $3,000. The $1,000 you spent for inspections and appraisal fees is gone. They are for your benefit.
Since your position goes a little beyond the written covenants of your contract I recommend that you cal the CA Dept. of Real Estate and seek their direction ((510) 622-2552).