Asked by Sabine, Malibu, CA • Fri Sep 26, 2008
I need some help with a difficult situation.
We opened escrow on a property on Sep 10th. We had agreed on a closing date of 11/7 . I wanted this date because I wanted to get a 60 day loan rate lock ASAP, as interest rates were great at the time of start of escrow.
Then, 5 days into escrow my real estate agent (who is also the sellerâ€™s agent) informs me that the sellerâ€™s attorney advised them that they could not close on 11/7. They had just finalized their divorce and the monies had to be seasoned for 90 days per California law. The seller has now asked to delay close of escrow to December 23rd. (thatâ€™s a 104 day escrow) Ok, this not good for us on so many levels- firstly, we now are no longer able to lock in the 5.5% rate we were quoted. Here is the big problem- The seller and our agent wants us to adhere to our original 21 day loan contingency removal (which is next Friday).
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