Asked by Jennifer Silva, Sacramento, CA • Fri May 7, 2010
The sellers accepted our offer price and percentage paid for closing costs, but they are firm about closing by June 14th and charging us $100 per day if we cause a delay in the close of escrow.
We are concerned that by the time everything is signed (around May 10th), and have had the home and pest inspections completed within 5 days after the contract signing, it will leave 30 days or less for escrow to close. We have already been approved for an FHA loan.
Is this a sufficient amount of time for escrow to close with an FHA loan?
What sorts of things can cause a delay in the close of escrow?
What can we do to prevent us delaying the close of escrow?
How would they determine if it is our fault?
We are also concerned because we will be out of town on vacation from 6/11 - 6/18, which will be right during the close of escrow. Our Realtor said that we can sign all the docs ahead of time and they will be ready for the closing.
Is that a good idea? What should we do?
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