home builder is not pushing to meet the closing date

Needalotofhe...
Home Buyer
07081

we are buying a home from a homebuilder, our contract states that closing is to be on sept. 18th or within 7days there of...........i was told today, 09/21/09 that it will be at least two more weeks............now what am i supposed to do? the place i was renting has already re-leased the place to a new tennant...........and i was promised monday last week everything would be fine by my realestate agent, and now its not...........what are my options? move my family to a hotel for god knows how long?

Answers (1)
Katia M. Belas
Agent
Newark, NJ
FIRST ANSWER

Buying a brand new house is never a "sure date closing" transaction, the right thing would have been that you never release yourself from the place you are renting until after closing. That is always my advice for my clients when they are buying a brand new construction, yest, you lose some money paying for 1 month extra rental, but what would you think is best, lose 1 month of rent and have time to move from one place to the other or be "homeless" who knows for how long until the closing actually happens? Here are your opitions:
1- Move in with a relative.
2- Try, re-rent the place you are now.
3- Look for a place to rent on a month-to-month basis
4-Hope that it will close before you have to move(these dates always change with no notice, so maybe you will be lucky to have a closing before you expect)
Also, try talking to your attorney to see if he can pressure the builder's attorney to expedite the closing date with a "time of the essence" notice, or any legal advice he/she can give you to help you.

Fri Oct 30 2009, 08:52

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