Home Selling in 43160>Question Details

Disatisfied, Home Seller in 43160

I want out of my purchase contract as the seller because the closing in my contract was June 17 and now the agent delayed it to next week?

Asked by Disatisfied, 43160 Wed Jun 15, 2011

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Hi Disatisfied,

This sounds like a purely emotional reaction. Yes, no one likes it when things
don't turn out as we were told they would. I'm certain your buyer must feel the
same way.

Lenders can only give time limits that they assume they can meet when everything else goes according to plan and typical time limits. However, when a lender is kept waiting an inexplicably long time for some
documentation from another company, they can do nothing but wait. All documents must be assembled
and go through underwriting before closing can be allowed to take place for everyone's safety.

Take for granted that your buyer may be just as surprised, upset and put out as are you. I wouldn't punish
him automatically for his lender's inability to get things together on time.

But you said, "At this point it would be easier for me to just stay where I'm at!" That suggests a change of
heart and faith.

Am I misreading?
0 votes Thank Flag Link Wed Jun 15, 2011
The closing is being delayed because bank doesn't have all the documents. I asked my agent how long it would take from the time I signed the purchase agreement and I was under the impression that it would be a done deal on June 17th and that all the financing issues would be taken care of by May 26th. I have no intentions on selling my house to anyone else. At this point it would be easier for me to just stay where I'm at! I don't need to sell. Ive been here for 15 years. whats another couple years?
0 votes Thank Flag Link Wed Jun 15, 2011
So your are telling us you have found a buyer in what has been the WORST housing market in fifty plus years and you want to walk away because of one weeks delay?

Perhaps you want to rethink this strategy.
0 votes Thank Flag Link Wed Jun 15, 2011
Hi Scdailey,

Do you know why the agent delayed to next week? Has your agent spoken
to your buyer's lender to ask why the delay and how firm the closing is
for next week? Or indeed, is it an agent who needs to delay the closing?
Is it so easy to find willing and able buyers in your area that you can brush
this one aside and wait for the next? Are you going to pay your agent who brought you a willing and able buyer as he promised, if you do not go through with this sale? Are you ready and willing to give the buyer his earnest money back?

Why is it better for you to have no sale than a sale 7 days later?

Typically, good faith implies that a seller who wants to sell and a buyer who wants to buy have entered
into an agreement on a particular piece of property. When snafus arise we normally put our heads
together and work through them to mutual satisfaction and closing.

There's just a lot you're not saying.

Marita
0 votes Thank Flag Link Wed Jun 15, 2011
Why what does the weeks difference make. The Title may have problems and the title company is settling the problem, this would have been a seller delay even if you did not know it, the sale may allow for such items to cause a delay in closing, this may have been allowed in the contract, if so there is no getting out of the sale!, Find out what the reason for the delay is for. I would think if you have a buyer, waiting a few days more on a sale tha is happening is far better than starting over again with no buyer in sight. So tell me what is you problem here, it seems you are looking for a reason to sour the sale!
0 votes Thank Flag Link Wed Jun 15, 2011
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