Real estate ?

[TexaRican]

So if my buyer can't close on our house by the "on or before" date specified in the contract, are they in breech of contract where I can take their earnest money and walk? The addendum on financing said they had 21 days to secure a loan and that has long since passed. Closing was set for tomorrow and they have had 31 days to work on it. Now their lender is not ready and I feel like I am getting the run around.

[Stuck]

After tomorrow I would have the realtor list it as active. Let the original buyer know the same deal is still available to them but you need to start showing again until they get their lending finalized. Went through this about 4yrs ago and it drug out for about 3 months and they never did get financed.

[txtrophy85]

give it time...if they are still trying to move forward on a deal, ride it out

[tigerscowboy]

Whose contract is it? It should be explained and detailed regarding this situation. If not, do not use this contract format again.

[shiner78]

They should have did a contact extension before tomorrow. That's what I had to do. Lender and the title company wouldn't work together.

[C.W.Ashby]

It is frustrating, I know (Real Estate Broker) BUT if the are trying, they are you fastest way of selling. This happens quite often with lenders. I would get them to pay you some non refundable money to extend the contract for a week (or whatever you decide).
If you feel the buyers are playing a game (and NOT the lenders) then you can cancel the contract.
Good Luck!

[TexaRican]

Ok once I got home and could read the contract now I know the answer. Problem is my contingency addendum on the house I am buying stated we would sell this place by July 31. By that not happening I am in default and my sellers can walk and take my earnest $ if they want. If that happens then likewise I will terminate for default and take my buyer's earnest $ because they failed to close per their contractual date.
Lose lose for everybody so hopefully we all work it out. Unfortunately we are living on cots in the mean time with all our possessions in storage.

Thankful to be blessed with good health and a great job.

[shiner78]

I know how u feel. It will all work out.

[TexaRican]

Funny part is I have been successful in keeping my wife totally out of this until today. After 3 nights "camping" in our own house she has had it and took it upon herself to call the buyer's mortgage broker today. I had just spoken to him and I think he was a little irritated at getting a call from her so probably came off a little rude. She let him have the full treatment lol. Just glad she vented on somebody else this time Told him to get off his arse and light a fire with the underwriters. He asked "do you think I asked for this stress?". She replied, "buddy, you picked the wrong freakin business so grow up and do your job!".

[DUKFVR]

LOL!! Love the way your Wife handled it!!

[Stuck]

That is classic. I was a const. mngr. for about 10yrs and saw closings delayed for all kinds of reasons. It always amazed me how people who do this everyday always seem to need things from the buyer at the last minute. You would think they would have the process down after a couple of months on the job.

[Take Dead Aim]

That is classic. I was a const. mngr. for about 10yrs and saw closings delayed for all kinds of reasons. It always amazed me how people who do this everyday always seem to need things from the buyer at the last minute. You would think they would have the process down after a couple of months on the job.

I have bought many properties over the years. I remember one time go all the way to the afternoon before closing and get a call saying "I didn't realize you owned your own company, we now need to start this whole process all over." I was livid. The original paper work I filled out clearly stated that I was owner and president of my company. Instead of pushing back the date to try and get everything fixed I just paid cash and refi'd a month later. I don't like many Realtors of title/loan/finance companies.

[Bill M]

So if my buyer can't close on our house by the "on or before" date specified in the contract, are they in breech of contract where I can take their earnest money and walk? The addendum on financing said they had 21 days to secure a loan and that has long since passed. Closing was set for tomorrow and they have had 31 days to work on it. Now their lender is not ready and I feel like I am getting the run around.

21 days would be an extremely fast turn around for a lender to get it done even in normal times but most lenders are slammed right now. I'm not defending them because there are good and bad at doing this. I imagine Stan R would tell you the same thing.

That is classic. I was a const. mngr. for about 10yrs and saw closings delayed for all kinds of reasons. It always amazed me how people who do this everyday always seem to need things from the buyer at the last minute. You would think they would have the process down after a couple of months on the job.

Loan processors aren't trained in a couple of months. Every situation is different. I have also heard of some processors having entirely too many loans to handle right now.

They will get it done, both parties should be willing to extend the closing date if necessary. Starting over really doesn't accomplish anything except dragging it out even longer.

[Randy]

Unless your dealing with a very small local bank that makes all their own decisions in house, which hardly exist nowadays. 21 day turn around is very fast. I've seen these things take months.

[schmalzy]

We just bought in April. Made offer on the 10th closed on the 30th. Its uncommon, but it is definitely doable.