we had a contract to close 4/26/13, we did not close due to change in lender and paperwork not ready. we asked for extension until 5/10/13.

Asked by Lissette Francis, J.T. Williams, Charlotte, NC Sat May 11, 2013

on 5/10/13, extension was submitted stating if we dont close on 5/15/13, we lose half of escrow. we will not close on 5/15/13. options?

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5
Mark McNitt, Agent, Houston, TX
Sat May 11, 2013
Lissette,

Keep a good line of communication going with the seller via your Realtor. Many sellers will extend to assist their buyers, but they might not if they think they can get a better deal on the open market.

Consider offering something to them. Give back some or all concessions the seller has provided you (if any...such as closing cost, making a repair, etc). Offer them all of the earnest money if you don't close. This will show some good faith on your part to them.

You changing lenders was not the sellers fault and your responsible for your lenders actions. If you, as the buyer, cannot close for reasons not caused by the seller, you are in default and the seller has options. Always speak to a real estate attorney for more specific answers.

Mark McNitt
m 832-567-4357
Bernstein Realty, In.
1 vote
Dallas Texas, Agent, Dallas, TN
Sat May 11, 2013
No professional can render an opinion UNLESS the executed sales agreement and amendments are reviewed. However you need to consider the seller has been inconvenience based on your lender not meeting the close date which COULD be costly for them not able to move and etc.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

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1 vote
Karen and Pa…, Agent, Cameron Park, CA
Mon Nov 16, 2015
Changing lenders during an escrow is always a bad idea and you have to expect the sellers to be upset. You entered the escrow promising the sellers one thing then changed your mind causing unnecessary delays for them. Have your lender ready to go when you enter into a contract. Ecrows are tough enough without adding extra chaos to them.
0 votes
Jimmy Farag, Agent, houston, TX
Sat May 11, 2013
I would recommend trying to have another extension. I understand that seller might be frustrated but extending for another 7-10 days is better than putting the house back on the market and waiting for another offer and another finance which will take at least another month.

Best of luck
0 votes
John Juarez, Agent, Fremont, CA
Sat May 11, 2013
I am sorry for your predicament, Lissette. I don’t have any better advice for you than what has already been offered.

I am going to save your post, however. We always advise our clients to decide upon a lender and not to change course – especially during the escrow period. When they ask, “Why?” I will show them your post.
0 votes
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