Anyone know what to do when can't make the closing?

Asked by Elm, Albany, NY Tue Dec 2, 2008

We were set to close on December 4th. When the rates dropped we started working on another bank and it would push the closing off until the 14th. The seller refuses to extent the closing even with us offering additional deposit, etc. Someone told me that in NYS they have to submit on the closing that time is of the essence and that might give us the extra time. Any suggestions would be appreciated. Thanks

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Dallas Texas, Agent, Dallas, TN
Tue Dec 2, 2008
Have your realtor and listing agent work on this, it all depends on how the contract is authored. Perhaps the seller needs to move forward with their lifes close with another bank within 10 days may not be accurate info. Seller could shy away thinking you might not make the 14th closing.

If you sales contract states particular terms and conditions you may have to close no matter what or loose your escrow money.

Have your agent review all the circumstances with you.
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Bill Eckler, Agent, Venice, FL
Tue Dec 2, 2008

We would recommend getting in touch with an attorney for legal advice on this matter.

Good luck
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Jeane Retelle, Agent, Coventry, RI
Tue Dec 2, 2008
Hi Elm,

Are you working with a Realtor? If so, that person should be advising you on what your next steps should be. I find it curious that the seller is not wanting to extend the closing date, is there more to this? Also, why did you switch banks because of the rates? I guess I have more questions for you than answers on this one. In this marketplace typically a seller will do what it takes to hang onto a strong buyer, waiting 10 days doesn't sound like that much of a concession. I am not sure about how NYS looks at time is of the essence clauses but in RI it usually means that the closing must happen on the date indicated on the agreement without extensions. I would recommend getting legal advice and/or at the very least let the seller know in writing that you cannot meet the December 4th date, otherwise your depoist held by the seller could be in jeopardy. Best of luck to you!
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