Home Buying in 55105>Question Details

P3gk33f3, Home Buyer in Sacramento, CA

What recourse does buyer have when seller keeps extending closing date beyond the agreed upon closing date?

Asked by P3gk33f3, Sacramento, CA Thu Aug 22, 2013

Buyer is risking the locked in rate if closing date is pushed by seller

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Answers

3
Hi, P3gk33r3!
Wow, this is a dilemma. What does your agent say?? We get lots of questions on this forum that could be answered by the buyer's agent, if they had one. Do you have your own agent??

If not, I agree with my New Orleans colleague here, I don't know the rules in your area. In MN, the seller automatically gets an additional 30 days past the first closing date if they need it to deliver clear title to the buyer. Beyond that, the buyer has the option to cancel the purchase agreement or can let it go for a time period to execute a statutory rescission.

How long has this been going on?? You may want to consult an attorney to determine what your recourse is here. If you're losing money (higher interest rate), then, every time the seller requests an extension, you can negotiate a fee to come from them for your hardship.

Again, I ask, WHERE'S YOUR AGENT?????

Good luck~
1 vote Thank Flag Link Fri Aug 23, 2013
Is there a contingency in place where the seller needs to find a home of their choice?

Title issues?

I have never once had a seller hold up a sale.. So fill in the HUGE blank of why the seller is holding up the sale.

Thank you
0 votes Thank Flag Link Thu Dec 5, 2013
,I dont know what the laws are in your area and not offering legal advice but, you should read your contract to see what it say about extenstions. Hopefully you have an agent you can pose this question to who should be able to advise you.

Generally speaking you would have to agree to the contract extension as well.

Good luck
0 votes Thank Flag Link Thu Aug 22, 2013
Ok, I understand that. But what if the seller drags his feet despite what the contract says? Sure the seller is violating the agreement, but if I still want the house at the locked in rate, what is the solution?
Flag Thu Aug 22, 2013
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