Teebird, Home Owner in 60586

Can a seller {on a FHA contract} change an agreed and signed settlement date simply for the reason of not being ready to move.?

Asked by Teebird, 60586 Wed Oct 19, 2011

the buyer in this case has nowhere to live after aa signed agreed settlement date...

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3
Anthony Cava…, Agent, Channahon, IL
Wed Oct 19, 2011
BEST ANSWER
They can't unilaterally change it. All parties need to agree to the change. However, with this being a really tough buyer's market (Plainfield is no exception), if the new requested closing date isn't too far out, I think it is in the seller's interest to just accept the change.
0 votes
David Foote, Agent, Naperville, IL
Wed Oct 19, 2011
Gary is correct. You need to discuss this with all parties involved in the contract through your respective attorneys. However, the reason you sited here, not being ready to move, makes me throw caution your way, and your attorney will advise of such also. Most closing dates can be moved up or back within reason. When you signed the contract you entered into that agreement on good faith that you could perform the sales contract as written. Requesting a change in the closing date is modifying the agreed terms of the contract. Unreasonable delays could become a problem for you: just because you ask everyone for an extension on closing does not guarentee that the buyers will grant your request. The buyers may have issues on their side whereby their landlord or their buyers must have possession by a certain date. Be prepared that YOU may have to be the one to find temporary housing. As Gary suggested, contact your attorney and your designated agent.
0 votes
Gary Geer, Agent, Antioch, IL
Wed Oct 19, 2011
Teebird,
You can change the closing date if all parties ( buyer and seller) agree in writing. Have your agent or your attorney generate that change for everyones approval. You may have a problem with the buyers lender not being ready, or the title company not being ready to support a closing sooner. Have the buyer discuss with his agent, lender and attorney, and you should discuss with your agent and attorney to see if everyone can support this change.

All the best,
Gary Geer

http://www.GaryGeer.com
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