Home Selling in Los Angeles>Question Details

Dthompson123, Home Buyer in Los Angeles, CA

Selling home and need extension for closing date. Can't find a new place; only had 3 weeks to look. I found out about the closing date of 6-28 on 6-4.

Asked by Dthompson123, Los Angeles, CA Sun Jun 23, 2013

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Normally you can set up a "lease-back" situation with the buyer's and you will actually lease the home for a few weeks. I agree with Murial, short term rental or extended stay Hotel is your only real option unless you made arrangements with the buyers.
0 votes Thank Flag Link Thu Jun 27, 2013
This could be a real dilemma....because even if you found a place today, it would likely require weeks not days to close on a new home.

In cases like this, in order to keep the sale of your home in place, it's often necessary to identify an interim location that can be used until you get settled in your new location.

Understand that your buyer may have the same needs as you in terms of housing and may be relying on you being out of the home by the propose closing date. (the normal process) You are not at the "eleventh hour" and should be having serious conversations with your agent and the buyer about how you can creatively solve your problem and keep your sale in tact.

Time to communicate.....

Good luck,

0 votes Thank Flag Link Tue Jun 25, 2013
Hi D.,
Did you mention this to your buyer? Do they know about it? what is their reaction? Do you think both of you can come up with a solution as mentioned in the previous answers to your questions?
I assume you are looking for a rental to move into, because you do not have time to buy before closing your escrow. Did you consider a short term rental and putting your furniture in storage?
You have to buy time, i.e. it will cost you one way or another; but it's worth it if you have found a qualified and able buyer for your property. Look at the bright side. You just sold you house and in a very fast time!
Good luck Give me thumbs up if this is useful to you!

Muriel Levin, Broker - Realtor
HAFA certified,Certified Negotiator, Short Sale and Foreclosure Resources Specialist. Residence, income properties and commercial leases.
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323 363-91-40
Muriel Levin @ gmail.com
Web Reference: http://www.muriellevin.com
0 votes Thank Flag Link Tue Jun 25, 2013
D. Thompson,
The closing date should have been in the accepted purchase agreement and in escrow instructions. In any case, seller needs an extension on move out date. I would not extend my escrow closing date but request a 3 week lease back from the new owner. Close the escrow and request a lease-back from new owner. The lease cost is based per diem on the new buyer total housing expense (PITI). Discuss lease back with your Realtor and see if buyer(s) agree. Additionally, present lease-back to buyers lender for their approval.

The buyer has as a loan commitment with expiration date maybe extension will cause buyer to reapply with existing lender and new rates maybe higher for buyer(s). Closing escrow on assigned date is best option.

Gail Mercedes Cole
EXP Realty
0 votes Thank Flag Link Mon Jun 24, 2013
Sellers have a hard time asking for extensions in a transaction, unless you had a contingency to find your home of choice built into the contract. In this case, you can have the option of not selling until your home is purchased or do a simultaneous close of escrow for your sale and purchase. If there is a problem with the buyer's loan (i.e. they have already signed loan docs and have to close on time) you can ask for a rent back. You can pay them daily rent back until you are completely moved out. I have seen up to 2 month rent backs, but if the buyers' are getting a FHA loan, you might have a hard time if their lender finds out. If you're not working with an agent, please call me so I can advise what to do in details. Good Luck!

Caroline Harabedian
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
0 votes Thank Flag Link Mon Jun 24, 2013
Are you not working with an Agent? Did you have not contingencies written into contract in the event of this possibility?
If not, stop wasting your time asking us and ask Buyer for extension, you may get it and you may not. Buyer has no obligation to oblige. You may have to provide a monetary incentive.
0 votes Thank Flag Link Mon Jun 24, 2013
You mean you didn't do a contingent on you finding and successfully buying a place? That's interesting..... Also when you accepted the offer, your agent didn't tell you if it was a 30 day escrow, 45 day escrow..nothing??? You didnt ask for a close of escrow plus 3, 4, 5, 6, 7 days..giving you some extra time and possibily doing a rent back for a week or two? knowing you have to buy a place and how hard it is right now for buyers in todays market with low inventory to get into escrow and buy a home... I wish you all the best. Make sure you use an agent that knows the contract and what is best for you on your next transaction.

0 votes Thank Flag Link Sun Jun 23, 2013
I meant to say the new home is due to be completed in October.
Flag Sun Jun 23, 2013
She's proven to be a piece of work! She's actually our listing agent and is the also in on the other end of the next home we getting built. (due in December). We asked her multiple times if the closing date could be extended and she never answered. It seems that she couldn't care less about my family and newborn baby, and I don't know what to do!
Flag Sun Jun 23, 2013
Talk it over with your agent. You may also be able to get a lease back.
0 votes Thank Flag Link Sun Jun 23, 2013
Tell your agent you need an extension on the escrow closing date and contact your escrow officer as well. They can draw up an amendment for a later closing date to give you more time to find a home.
0 votes Thank Flag Link Sun Jun 23, 2013
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