Home Buying in 11714>Question Details

annie18756, Home Buyer in Hicksville, NY

/purchased a home in Bethpage-closing date was set for 9/15.It seeme the seller is not ready and has not supplied an alternate date!

Asked by annie18756, Hicksville, NY Sun Oct 6, 2013

We have a rate lock set to expire as well as abuyer for our current home with a rate lock set to expire.The seller is not willing to close on time and remain in the home till the end of month or even a little longer.They are holding everyone up--any thoughts?

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BEST ANSWER
Annie, it depends on your contract date. If the seller doesn't want to close yet and is still within the on or about date, there isn't much you can do about it. You should stay on top of your Loan Officer and make sure the rate-lock is extended. Depending on when it was locked, it's possible that you may not even have to pay a rate-lock extension fee.

The buyer of your house is going to experience the same thing as you. Definitely speak to your attorney and see what your options are.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Oct 6, 2013
Yes, talk through options with your attorney. I see two possible options: discuss rate lock extension options with your lender; and, discuss a "use and occupancy" with seller to allow the transaction to close so you and your buyer can effect your transactions and seller can stay a while longer. Not preferred, but sometimes works to clear a hurdle like this.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
1 vote Thank Flag Link Sun Oct 6, 2013
problem is the seller"doesnt feel comfortable"staying in house after closing!
Flag Mon Oct 7, 2013
Contact your attorney immediately. At the least he might want to write a time is of the essence letter. I assume you have already made a deposit at contract.
1 vote Thank Flag Link Sun Oct 6, 2013
Consult with your attorney, he/she can better advise based on your contract....
1 vote Thank Flag Link Sun Oct 6, 2013
Have your attorney keep on top of it & see if you can get an extension on the mortgage with your loan officer. Keep both sides negotiating & you should be able to find a solution.
0 votes Thank Flag Link Tue Oct 8, 2013
...ah, and yes, good idea on "time of the essence" letter....this is something your attorney will coordindate.

Good luck!
0 votes Thank Flag Link Sun Oct 6, 2013
You can always buy it and then have the seller pay you an agreed upon rent.

Anything can be negotiated.

If it is so important to you to lock in the rate, I would do that.


Good luck.


Camille Dandola
Joseph Anthony Team
0 votes Thank Flag Link Sun Oct 6, 2013
As a Realtor, I would have to defer to your attorney.

You and your buyer may have to pay for a rate extension or take your chances rates will remain or go down.
0 votes Thank Flag Link Sun Oct 6, 2013
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