Home Buying in 95603>Question Details

Fustrated Bu…, Home Buyer in 95603

seller is not closing on promised close date and as the buyer we are all ready to go. Is there any penalties that the seller gets?

Asked by Fustrated Buyer, 95603 Thu Jun 7, 2012

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I am assuming you have already discussed this with your agent who is familiar with the terms of your particular purchase agreement. Who is the seller? Is it a private party, is it a short seller, is the property you are buying bank owned? What are the reasons for not closing. It's not common for a seller to hold up the closing, but I have seen it with bank owned properties. One of the most obvious penalties a seller can have for not closing is that the seller may lose the buyer. There is no automatic penalty for not closing on time. What remedies you may if the seller's failure to close on time causes you damages needs to be discussed with an attorney who can look at all the relevant facts and give you legal advice based on the facts of your particular transaction.
1 vote Thank Flag Link Thu Jun 7, 2012
I see. I understand how frustrated you are. The main question is, what is your damage as a result of the delay? Does your loan rate lock expire? Do you have any other expenses that you would not have without this delay? If you do, speak to your agent about negotiating a concession from the seller to make you whole. If you do not have any economic damage, I would leave it alone. Not sure why getting a section 1 clearance would take 2 weeks.
Flag Thu Jun 7, 2012
The seller has to clear section 1 before we can close. They started 4 days before closing and it will take 2 weeks to clear
Flag Thu Jun 7, 2012
Ute Ferdig -…, Real Estate Pro in New Castle, DE
How did this process end up closing?
0 votes Thank Flag Link Wed Apr 10, 2013
What is your agent suggesting and what does your contract state....for any necessary legal advice consider consulting with an attorney who specializes in real estate, have all related documentation reviewed and go from there...
0 votes Thank Flag Link Thu Jun 7, 2012
N.E.I. - Not enough information. The contract that you all signed back at the beginning probably talked about the parties obligations, and remedies for breach. Even so, someone would have to look at the entire case history of the transaction and read all the documentation and correspondence to answer your specific question...

What disturbs me, is that your question is not: "How can this situation be resolved?" but "How can I inflict punishment on the seller for annoying me?" What is your real goal? to get closed and get into the house?, or to make the seller pay for your inconvenience?"
0 votes Thank Flag Link Thu Jun 7, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
I can certainly understand your frustration. I think it's important to understand why the seller is not closing on the promised date and how long past the close date you currently are...

Make sure your agent speaks with escrow and the other agent to find out what's going on. If it is a temporary situation, you're probably best to make your peace with it. If it is something more serious and potentially long term, you might have to consider moving on and pursuing them for breach of contract.

I would certainly dig deeper though to determine the source and length of the hold up.
0 votes Thank Flag Link Thu Jun 7, 2012
You can give the seller a notice to perform. But, since I don't know the terms of your purchase agreement, I can't advice you on a possible course of action. You should consult with your agent on this.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Thu Jun 7, 2012
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