Closing questions

I posted the other day. Thanks everyone for your help. This is what is going on now. My buyer got letter of comittment 2 weeks ago. More info. is being requested. We were suppost to close in 30-45 days. This never happened and we are way passed that. We are writing a letter of intent saying that if we don't close by July 31 we keep their down payment. I hope this whole thing is over soon. Any comments? Has any else been through the same thing?

Re: Closing questions

It is good to send the letter so you have your notice to them documented. Sometimes it angers the buyer (at least it did in our case but she was nuts anyways), however, you need to protect yourself legally. It all worked out for us.... I will keep my fingers crossed for you!

Re: Closing questions

Ok No need to send the letter. We are closing Monday!!!!! Thank god its finally over

Re: Closing questions

Its called a "time is of the essence" letter.
People do it all the time. You say close by 8/1 and if they dont, you sue them for specific performance and make them close or take their downpayment and move on to another buyer.

People just usually get off their butts and do what they have to to close on time.

Good Luck!!!

Re: Closing questions

Posted by momof2

Ok No need to send the letter. We are closing Monday!!!!! Thank god its finally over

Re: Closing questions

Posted by momof2

Ok No need to send the letter. We are closing Monday!!!!! Thank god its finally over