and now we as the sellers have had to allow the closing date to move back twice by almost two weeks. We accepted the buyers offer in early May and closing was supposed to be June 15th. Shouldn't the bank be responsible since they are not getting their work done on time and it is costing my wife and I more mortgage and more insurance and more everything money?
Grit your teeth and bear it. That is one of the most frustrating things that is occurring more and more these days. Best advice is to stay on top of it and check in with your agent often - they in turn should be calling the other agent - who in turn should be calling the lender. What you don't want to happen is for paperwork to be lying around in wait when it could have moved on to a later phase. Persistence and patience is the key. Unfortunately, there isn't much else you can do at this point other than cancel the contract if they try to postpone it again. My advice would be to make sure that there aren't any issues that aren't being disclosed that could ultimately end your transaction without the loan closing. Good luck to you! All's well that ends well.
Wow! You are in the same boat with tons of sellers at this very moment. Unfortunately, underwriters and appraissers are backed up everywhere... even in this market. When interest rates dropped this past spring, many folks used the opportunity to refinance. The bank may do some little thing on the buyers behalf, but remember, their relationship is with the buyer and not the seller. Good luck. My feeling is that you will just have to wait it out like all of my sellers who have had their closings pushed back this month. These are crazy days.
The standard contract has some flexibility in the closing date. Look at the wording under the blank with the date filled in and you will see a 30 day period.
You may ask the bank for some consideration, and some of them will as a good will measure. I had a closing recently where the mortgage company paid an additional $500 of closing costs, even though the damage was far less than that. Do not set your sights that high, just see if they will cover what you lost and it might work.
This is just negotiating, so see if you can accomplish this gracefully. If you want to read about real estate negotiating, go to the latest book at http://www.CreateAGreatDeal.com and you might pick up something that would help.
Good luck.
Your contract will indicate the consequences of a delayed closing.
What does your contract tell you?
This is truly a question for your agent or attorney.
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