JWG421
Our miracle is here
Member since 12/12 2507 total posts
Name:
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Home Purchase - SO STRESSFUL
I am completely stressed over buying a condo
our commitment/contract expires the 17th which is this monday.
We been trying to get this closing date scheduled but something keeps coming up on the sellers end.
So, my real estate broker called me to tell me that the sellers cannot close on our purchase until they close on the new property they are moving to, hopefully this week
What happens if they dont? what happens w our commitment rate?
and if we close how long can they actually not give us ownership?
UPdate: just got a call from my attorney- the seller hasnt been approved from the new condo board to where they are moving! they cannot move out
How is this possible
Message edited 8/10/2015 1:40:25 PM.
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Home Purchase - SO STRESSFUL
It was, by far, the most stressful thing I've ever dealt with. DH and I are on the fence right now between selling and buying new/bigger or dormering and expanding on our house. I told him that if we were to sell and buy new, I would need help, last time it was all on me, and I can tell you that 75% of my days were spent faxing, compiling, pulling together page after page after page of information needed for our mortgage. I was completely going out of my mind over it.
ETA: but it was totally worth it in the end!
Message edited 8/10/2015 1:05:33 PM.
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Re: Home Purchase - SO STRESSFUL
It is extremely stressful... unfortunately, unexpected things crop up on many transactions.
I think the key is communication. As an agent, I try to be proactive and troubleshoot a little... As a buyer's agent, it often means asking questions upfront -- where is the seller going? are all C/Os in place? Did the buyer's attorney order title? Where is the lender in the mortgage process? The goal is always to figure out whether x, y, or z will be an issue. Because nothing is worse than being ready to close, and realizing that there is something standing in the way/causing delay.
But despite everyone's best efforts, sometimes things just come up. Almost all of the time, these things do work out in the end, one way or the other.
As far as your concerns about the delay affecting your mortgage (commitment, rate lock, etc.), definitely speak with your loan officer and your attorney. Usually, the commitment is not a big deal, it just gets extended (you will likely need to provide updated docs, etc.). The rate lock, if you've locked in, can be more of an issue. Sometimes the bank will work with you (if it's a matter of one or two days), sometimes you have to extend the rate at a cost to you (but depending on the scenario, your attorney may be able to shift all or some of that cost to the seller, if the unexpected delay is on her end).
It definitely helps to put the pressure on the seller. Find out when the co-op board (for the co-op she's purchasing) meets, and how long it is expected to take for approval. Is she otherwise cleared with her lender (if she is not buying all cash)? If it's going to take a long time, can she move in with family/etc?
As far as the seller keeping possession of the home after closing, the contract usually says how many days she can stay in the house after closing. It's typically 5 or 7 days, although it may be longer, depending on what the attorneys negotiated. If that were to happen, your attorney would work out a post-closing possession agreement with the other attorney, and some of the seller's money would be held in escrow to ensure that she turns over possession at the appointed time, doesn't damage the property, etc. There's also usually a per diem fee worked out (that the seller pays you).
But these are all things that your attorney can and should be explaining, so definitely talk to him or her. I hope you get some peace of mind! 
ETA - What is the on-or-about date for closing in your contract? If it's August 17, then there's a 30 day period after, and if she can close before Sept. 17, the seller is technically within the contemplated period of time the parties agreed to for closing.
Message edited 8/11/2015 12:29:15 PM.
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