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Searching in…, Home Buyer in Seneca, SC

What happens when the seller can't get all the paperwork/signatures needed to buy a house before our locked in interest rate expire? (life

Asked by Searching in SC, Seneca, SC Mon Feb 13, 2012

estate) Life estate owner is living, not living in the house. And the owners still need some other signatures and/or paperwork from the living estate owner's deceased spouse in another state.

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Great answer Dan! I think he gave you some good advice. There is no motivation like that of losing a dollar to a seller especially in a buyers market.
1 vote Thank Flag Link Sun Feb 19, 2012
Your contract likely contains a closing date. The seller(s) would have signed and agreed to that when you first came under contract.
Your agent should be working on this for you. They could send an email, with a document attached requesting that if the closing date is not met, through no fault of the buyer and due to the sellers lack of timely action, the seller agrees to cover the costs of extending your lock.
I can't guarantee this will work, but it is reasonable to request and may motivate a lackluster seller. With estate sales, people can become very unmotivated or are not wanting to do things which acknowledge the death of a loved one. Motivating them with the possible loss of the sale or another expense may move things along. In this time of easy faxing, scanning, e-signatures, it only takes a brief time to get something done if they want to.
0 votes Thank Flag Link Mon Feb 13, 2012
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