Question Details

Gregcobb, Other/Just Looking in Arlington, TX

what can delay closing?

Asked by Gregcobb, Arlington, TX Sat Jun 28, 2008

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6
Pretty much anything... what specifically are you concerned about? I need more information in order to give you a better answer.

If there's anything else I can do to be of assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!

Thanks,

-Josh
1 vote Thank Flag Link Sat Jun 28, 2008
I am getting delayed because the seller has an IRS lien (personal, not on the property that is a COOP) and I am wondering when can i just walk away and get my deposit back. Any help is appreciated...
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That is a question for your attorney. Don't know what your contract says the closing date is "on or about"? "no later than?" "on or before?". . . . Call your attorney and ask them.
0 votes Thank Flag Link Tue Jul 1, 2008
Generally if a closing is delayed beyond the "closing date" set forth in the contract, both sides would have to sign an addendum to the agreement stating that they both agree to extend the agreement for another X number of days. If the seller is unable to sell the property due to an IRS Lien and cannot close on time, all you should have to do is "NOT" sign the extension and tell your realtor that you no longer want the home.

I'm not an attorney, and I am also not familiar with the specific wordings of your contract, but based on the information you've given, that would be my advice.

If there's anything else I can do to be of assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!

Thanks,

-Josh
0 votes Thank Flag Link Tue Jul 1, 2008
I am getting delayed because the seller has an IRS lien (personal, not on the property that is a COOP) and I am wondering when can i just walk away and get my deposit back. Any help is appreciated...
0 votes Thank Flag Link Tue Jul 1, 2008
Numerous things can delay closing. The most typical are..

Financial/loan issues: Lender issues with paperwork, underwriting, appraisal, etc.
Inspection issues: agreed repairs did not get made, unsatisfactory walkthrough
Title/Lien issues: title search was scarred, unknown liens were discovered
Due diligence: People involved in the process not doing their job efficiently. Keep in mind successful closings start long before the actual closing time.
Moving issues: Seller has issues with new living arrangements, proper contingencies weren't lifted on future living arrangements for seller.
0 votes Thank Flag Link Sat Jun 28, 2008
As the other poster said, just about anything can delay the closing. Most times when a closing is delayed both the buyer and the seller have all kinds of worries, thinking the other side is stalling, etc. Usually it's something that is ironed out. What is it that you are worried about?
0 votes Thank Flag Link Sat Jun 28, 2008
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