If you want the house, grant the extension. Have your realtor draw up an addendum that will give you a daily per diem should the sellers not be ready to close by the 31st. I generally recommend that the amount be what your daily PITI on your new home would total. PITI = Principal (loan), Interest (loan), Taxes (property), Insurance costs per day plus any storage fees you may incur OR your actual daily expenses to stay in your apartment or a hotel, whichever is higher.
Talk to your landlord about getting a couple of extra days in your apartment as well. Generally, people will try to work with you under such circumstances - but find out now.
Ron is right. Most of the time there is something that comes up in a real estate transaction that was not expected, but there is almost always a solution.
Out here in Idaho we have our title companies do what's called an "Escrow Holdback". This is essentially the same thing that Lisa suggested by holding some portion of the sale proceeds from the seller in lieu of their finishing the improvements. In Idaho we write our own addendums to the contracts that lay out explicitly what amount is being held back, what improvements need to be completed, when the improvements must be completed by, and what happens if the improvements are not completed (i.e., a default of contract ... "failure to perform"). The buyer and seller both have to sign this addendum, and the buyer must approve completion of the work in writing through the title company before the funds are released to the seller. Typically the holdback amount is 1Â½ times the actual cost of the improvements. You might notice that the seller is very motivated this way to complete the improvements as agreed, otherwise the seller may lose 1Â½ times the actual cost to make the improvements.
If it's no longer feasible for the sellers to complete the work, you can negotiate a reduction on the sales price to compensate you for completing the improvements yourself ... be sure your lender allows this 1st though before agreeing to it.
Hang in there, you're closing is just around the corner. Hope this helps!
You might hit them with $100 per day, per diem for the storage and a hotel room.
Rarely does everything go according to plan; you planned this pretty tight, didn't you?
Good luck and may God bless
In a perfect world, everything would be exactly on time with no glitches. Unfortunatly, that's not the world we live in and we must allow some flexibility for situations that do not happen in a timely manner. I see no reason not to grant the extension, provided there is a goal date in the extension.
if you like this place you need to act fast! talk to your agent and escrow officer grant the extension let escrow draw up the per diem (addendum ) plus other cost for staying in the apartment if not closing on time hope you have a nice landlord ,make sure everything else is in control from your side (loan insurance etc)
be positive ,welcome to the Ownership