Home Buying in 11375>Question Details

Wifey, Home Buyer in Forest Hills, NY

We're ready to close but sellers aren't (they are over 30 days from on/about date on co-op contract). They also rejected TOE. Need advise

Asked by Wifey, Forest Hills, NY Sat Nov 26, 2011

on next step

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6
Wifey,
Why aren't they ready to close? Are they buying another property? Often there is a chain reaction on closing. I would suggest that if they need more time to set a closing for their purchase that you discuss with your attorney, renting out the apartment to them for X amount of days.
0 votes Thank Flag Link Sun Nov 27, 2011
I can relate with you about this question, I been a Broker for 23 Years and lots of times you have snags near the end,of a transaction, it happens, and not always Broker can resolve it, especialy if their Multiple agents involved, with different offices, and some times it gets resolved with a little more time, then aticipated.
Remember any fees that you aquired thru this, you attorney can get for you back at closing.
Unfortunetly it sometimes part of the real estate game when involves a link to multiple transactions, for one to close. Be patient and most of the time everybody gets to close and be happy. Good Luck, Happy Holidays.
0 votes Thank Flag Link Sun Nov 27, 2011
The best advisor as to your next step is your attorney, therefore consider a consultation; since none of us are directly involved in the transaction, any answer would be just guess work...
0 votes Thank Flag Link Sun Nov 27, 2011
What would happen if you presented the Seller with a demand for PER DIEM, say $50-$100 per day?
Sort of a Put-Up-Or-Shut-Up ultimatum.

Good luck and may God bless
0 votes Thank Flag Link Sun Nov 27, 2011
Hello,

Your agent should be able to let you know what the real situation is. Does the fully ratified contract indicate the sellers having any contingencies i.e. is your close of escrow contingent on a successful close of escrow of their new home or sellers identifying a new home to rent and move into, your realtor should know and be able to explain the comtract to you. Whatever the case maybe, both realtors should be communicating on what the real situation is and come up with a win win situation, at this point your realtor should gather all the necessary info and sit down with you what the next best course of action for you. I hope that helps and good luck!
0 votes Thank Flag Link Sun Nov 27, 2011
Well, it seems you are approved by the Board, cleared by the lender (or you are buying all cash) and the sellers are not ready. I hope you have an Agent and a Lawyer. Real Estate transaction is meant to be a "Happy Ending" for all the parties, not a bitter fight. R E Agent could be the peace maker here. Your Agent (or you, if you don't have one) need to step in. Find out why the sellers are not ready. May be they are buying another property and that closing is delayed. Or they got a higher offer which, of course, you should verify. Whatever it is, your Agent should try to resolve it. If nothing works, your Lawyer should advise you the best course of action. Keep in mind, litigation always costs money. You have to decide if it is worth it. Or just cancel the deal and get your money back. Hope you have a "Happy Ending".
- Belal
belal1@juno.com
0 votes Thank Flag Link Sat Nov 26, 2011
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