Can a buyer delay a closing within 24 hours if buyer has agreed to put funds in escrow for repairs agreed upon?

Asked by Michele, Burlington, NC Thu Sep 22, 2011

Buyers have been dragging their feet throughout the process keeping us from closing on the house we're buying? Repairs have been scheduled but their request was not made in a timely manner...now they're saying bank won't allow them to escrow funds for repairs that will take place within the next week...

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Sally Grenier, Agent, Boulder, CO
Thu Sep 22, 2011
Your question is confusing and difficult to answer without knowing all the details or seeing the contract.What does your Realtor say? What does the Contract say? If there was an inspection done and there was an "Inspection Notice" in which both parties agreed to whatever resolution, then that's what needs to happen! If things were not spelled out as to who was to do what, then you need to consult your Realtor and figure it out and see who is in breach of the contract.
0 votes
Dan Tabit, Agent, Issaquah, WA
Thu Sep 22, 2011
Michele,
It's frustrating to be held up waiting for someone else to do what they are supposed to do. My guess is, the buyer is probably doing the best they can, but have received inaccurate information or bad advice. If the lender won't close until the repairs are made, then you have 2 choices; make the repairs or get another buyer.
If you are as well into the process as it sounds like, working out the repairs makes the most sense so everyone can move forward.
Talk to your agent about the situation and see if they have some ideas. If delaying closing 1 more week for the repairs solves everyone’s problems, it sounds like that is the best plan. Sorry for your dilemma.
0 votes
Search Advice
Search
Ask our community a question
Home Selling in Burlington Zip Codes

Email me when…

Learn more