Your frustration is one that many have felt. You will have to look into the contract to see how the timelines are spelled out. You would want to contact your REALTOR and potentially a real estate attorney to address any compensation towards all the moving costs, storage, and of course for your inconviences. I'm assuming financing is a contingency of purchasing your home and without it the buyers are unable to close. It may be difficult to obtain compensation unless the buyer knowingly affected his abilities to gain financing. (this would be a rare instance and I've thankfully not encountered this).
If you are working with a REALTOR, I would talk with her to find out what the current issues are with the financing. If they all appear to be things that will be worked out, just in due time, you'll want to wait it out to close. It's always a tricky situation with a buyers occupancy date being the same as the closing date. We normally ask for a few days post occupancy, for the seller to begin moving their belongings. This ensures that once the seller does begin the process of moving, they know they have in fact sold their home. As other agents have mentioned, most purchase agreements do require you to keep the utilities on until the day of closing, unless a different arrangements has been made between buyer/seller.
I wish you the best of luck and I hope everything works out for you - hopefully sooner rather than later!
Century 21 Diversified
Could it be that you didn't use a Realtor? And why did you turn off utilities?
Every purchase agreement I've used and seen, as sanctioned by the state
of Indiana, states that the seller will keep utilities on Through the Date of
Possession. Unless you stipulated otherwise in your agreement.
Have you or your agent or attorney spoken with the lender in this case?
I have seen instances in which closing is held up a week ... maybe 2.
Speak with an attorney to discover what recourses you have. And speak
to the lender who will tell you how confident they are about getting a 'clear
to close' on this file.
Best of Luck,
I hope things resolve themselves and the buyer is able to close.
Sometimes, it isn't the buyer's fault. I've seen a number of cases where it was the lender trying to push through a closing with the wrong loan structure or a lender who has failed to obtain all the necessary information. If you have an agent, ask them to have a frank conversation with the loan officer and if necessary, the underwriter. They can't give you personal details without the buyer's express written consent, but they can help you understand truly why the closing has been delayed.
In the mean time, I would spend some of your time calling a couple of attorneys, with your purchase agreement in hand, to ask about your options. It really depends on how the purchase agreement reads.
Sorry you're having a tough time on this transaction. If you don't have an agent, I'd be glad to share my experiences and refer you to a local, qualified real estate attorney.
Principal Broker, REALTORÂ®
MacDuff Realty Group, LLC
I don't think you would be asking this question;
You would know about the parts of your Contract dealing with "per diem", and Arbitration/Mediation, and "Notice to Perform".
As Dr. Phil would say; "How's it working for you?"