Closing Delayed-with update (warning long)

Just heard from DH--our closing may be delayed indefinitely (it was supposed to take place in mid-May, then got pushed to this week). Seems there is an open permit from when the current sellers converted from oil to gas that needs to be resolved. I have to ask DH more about it tonight, that's about all I know.

The thing that pisses DH and I off is that our attorney knew about this several weeks ago, and assured us it would be no problem. The sellers would put money in escrow, and we would need to arrange for the permit within a certain amount of time. However, our bank isn't going for it, and wants this resolved before moving forward. DH is beyond ****** off--he wants to fire this guy.

We lose our lock after Friday, which sucks because rates have gone up since we locked. We might be able to extend it a bit, but probably not long enough for the seller's to get the inspections done and the proper paperwork filed.

The only bright spot in all of this (and I didn't think it was a bright spot this morning) is that our co-op still hasn't sold, so we have a home to live in while this gets resolved. And this was a bad time to move frankly. Gotta think of something positive!


UPDATE: Okay, the stories keep changing. Very strange--really makes me wonder about our attorney. The sellers had the necessary inspection done 6 weeks ago, and the heating system passed. But since then, the necessary paperwork has been languishing on some town clerk's desk, waiting to get processed. Our mortgage company won't proceed without the necessary documents from the town.

So we have no idea what to do now, and our attorney hasn't been much help. We are paying to extend our lock a couple weeks, though who knows how long it will take for this paperwork to get processed? At a rate of $82 a day, this is not good, though it's still better than applying for a new mortgage at the rates that are out there now. Apparently he and the seller's attorney have been contacting the town and explained the urgency, but to no effect.

We asked our attorney shouldn't the sellers pay to extend our lock? He claims no, we have no grounds to ask this of them. It really doesn't seem fair for us to pay this. We did learn that after 30 days, we can walk out of the contract, and while it pains me to think of starting the process all over again, I'm almost tempted to at this point. Nothing about the buying/selling process has been going smoothly for us, so it's tempting to just say the hell with home ownership.

Sorry so long, I'm just completely disgusted and don't even want this house at the moment.

Message edited 6/2/2007 12:02:47 PM.

Re: Closing Delayed

I'm so sorry. Hopefully this will get resolved soon.

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Thanks. They are trying to work things out, though I'm really not too hopeful. I guess it could be worse though. We do have a place to live. I think people have posted on here about having to move in with family and put things in storage while stuff like this gets worked out.

Still annoyed with the attorney for not investigating this problem sooner. We won't fire him at this point, we would owe him for all of the work he started, and it would be complicated to bring someone else on board at this point. Though I may look for someone else to handle the sale of our co-op.

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Re: Closing Delayed-with update (warning long)

Update

Re: Closing Delayed-with update (warning long)

I would start calling the Town's building department daily, until this gets resolved. You about the squeaky wheel.....

Re: Closing Delayed-with update (warning long)

sorry to hear you are going through this! Your attorney owes you something big time for this! I would demand a fee reduction (or something) to compensate for paying for the rate-lock. It's crap that he didn't know what the mortgage company would or would not allow to go forward.

It is a good reminder though - it doesn't matter what the buyer, seller, or attorney say - the mortgage company always has the last say! I cringe when people say they don't need a CO - many companies will not give a mortgage without one.

Is the seller motivated to sell?? Hopefully they will stay on top of the town and get this resolved ASAP.

Message edited 6/2/2007 11:34:06 PM.

Re: Closing Delayed-with update (warning long)

maybe call an expeditor to deal with the DOB. I use them all the time for DOB issues (commercial property) and they must do residential work too.

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The seller's should be very motivated--they moved into their new home already, so they are paying 2 mortgages and 2 sets of taxes until this is resolved. I think their attorney has been putting pressure on the town to get the paperwork processed also.

Frustrating to think a piece of paper is sitting on someone's desk and that is the hold up. I just wish we had a timeframe for this. I suppose we could try calling ourselves too.

I agree, our attorney should have realized this would be a problem when it first came up. He kept saying don't worry about it...we need to talk to him about his handling of this when the air clears.

Re: Closing Delayed-with update (warning long)

Ugh. Can you physically go to the town office and ask about it in person?

Which town office is it?