We were set to close on a house 7/26, but I just came home to a message from my agent saying that seller says they can't meet that date, and that 8/10 was thrown out there, but is not yet firm. She also says my rate is only locked in until 8/10 as well, then machine cut off on her message. What does this mean for us now?? I don't necessarily mind if it they wanted to close 8/10 because we are going to have to pay rent on our place for August even if it closed on 7/26, but we wanted to move at our leisure over the month so am not at all looking to go past 8/10. Are we basically out of luck if we really want to continue with the house?

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If you really want something in this life, you have to work for it. Now, quiet! The're about to announce the lottery numbers... - Homer Simpson

You should not be 'out of luck'. You and the Seller entered into a contract with terms. The closing date should be included in that, along with a description of possible remedies if either party fails to meet the date. You are in a difficult position. Call your Agent (is this also their agent??), and get the details. Have your copy of the Agreement in front of you to refer to, and push your agreed-upon date. Without knowing the details of that document, it's hard to offer much help.

I am curious...did you secure your mortgage through your Agent as well?

Actually the "agent" that left me the message is my mortgage rep from the bank. My actual buyer's agent I haven't heard from but it's probably becuase she always emails me at work, and I was off today without thinking about letting her know I would be out. I need to get the contract out and see what it says.
Thanks!

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If you really want something in this life, you have to work for it. Now, quiet! The're about to announce the lottery numbers... - Homer Simpson

We have sold a few houses and bought a few house due to moves with my DH job. Only once have we had a somewhat similar problem. Each time, we were selling one house and buying another house. On one occassion, our buyers were going to have to push back closing and we were going to lose our rate. Our mortgage company said that was could still keep the rate but we would have to "pay for it" (if I remember correctly, it was like a few hundred dollars??). Well, I didn't want to do that so I proceeded to call my realtor and I told him that we HAD to close on the specified date or else. We had another offer on the house (Thank the Lord!) so we used that to our advantage because as per our contract, we had to close on the specified date or the contract was null and void. Low and behold, the people WERE able to close on the specified date. I think they, along with their realtor, mortgage company and everyone else involved about busted their butts to get that deal closed when they figured out that we weren't just going to "go along" and accept their change.

So....in short (too late for that huh), look over your contract as the above poster suggested and call your agent back and find out the rest of their message. I hope it all works out. I have hated each time that we have had to sell our houses! We always seemed to have all our ducks in a row but the buyers that we sold to always seem to hold us up (a little or a lot!). Good luck!

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Mom to a beautiful 15 year old DD and my handsome little man who's 6!

~~~GO DALE JR!!~~~

Definitely check your contract as the OP said.

We fell into a circumstance when we bought one of our rentals that's very similar. What we did was, close on the actual date and then the seller paid us a prorated "rent" for those days. It worked to both of our advantages. We too didn't want to lose our rate.

This is what I was wondering also. Is it just because the seller doesn't want to be out of the house by a certain date? If so, he still can close and pay you rent until he gets out. I bet that would motivate him as he might not want to pay rent.

I just wanted to say that as the previous person wrote to have the seller rent from you for a few days or so, as a loan officer, I do not recommend that!!! Just for the fact that should anything unexpected happenon the property the Home Owners policy is in your name. SO if the house gets vandalized, burns, or someone (even the seller) gets hurt while renting from you guess who it affects, Yep YOU! I would request that the seller pay for the extension since they are the ones that cannot keep that part of the bargain.
Good Luck

IMO...this is GREAT advice! Poster is so correct about the insurance deal!!!

If there is no way to close on time....as this poster said---buyer should pay for the extension!

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Mom to a beautiful 15 year old DD and my handsome little man who's 6!

~~~GO DALE JR!!~~~

And what if for SOME strange reason you don't close or their other house doesn't close and now you have people in your house who don't want to leave? It can be a much bigger mess.

Personally I would skip all of the agents and have your lawyer call their lawyer directly, no messing around, that's what they are paid for. FInd out what the heck is going on and get it fixed! A house can close in a week if you have the right lawyer and title company (as well as the cash of course). Stop messing with the messengers and get to the people who really run things.

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer

When we bought a house a few years ago, the builder didn't finish "on time" and they paid for our extra rent (our lease ended right at the time we were expecting to move and were on month-to-month after that). The apartment complex almost didn't want us to stay, they had new renters waiting on us to move!

So I reviewed the contract last night, and all it specifies is that closing is "on or about 7/26/2007", and it doesn't specify anything about it if either party can't meet this. Dh and I were talking about it, and we thought if anything came about them having to do anything it would be to pay a cost of our rent in our current place, but the whole rate being only locked in until then I am not sure what would happen. Apparently they are also going to be buying a house but have yet to work out any details as to where they are going (not sure if they bought a place yet, or looking for someplace to rent in the meantime). I will get in touch with my agent, and probably lawyer today.

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If you really want something in this life, you have to work for it. Now, quiet! The're about to announce the lottery numbers... - Homer Simpson

"On or about" is pretty vague, and open to many interpretations. Did your lawyer review this contract?

If they have not yet figured out where they are going, the delays could be indefinite! As for losing the lock on your mortgage, you can pay points to extend your lock but it can get pricey!

If the market is not strong in your area, I would ask the lawyer to push these sellers hard, and to amend the contract with specific dates and remedies. Of course, the sellers may just chose not to sign the amendment, and then you are left with some decisions to make.

Good luck!

Yes, my lawyer reviewed the contract, and she is the one that specified the closing date in it. I called her today, and she said that she sent that then to sellers lawyer, of which was on vacation, and she just got the notification back that they are not agreeable to the 7/26 closing date because they are trying to buy a new house also, and can't be in their new house by this date. I'm confused because we all signed, this, and it said 7/26 in it, but everyone seems to be acting like this is no big deal, and the norm. I mean I know you can have problems, but I thougt maybe a few days off for closing not an entire 2 weeks, and even then they said maybe by 8/10. I honestly think that the only reason that date is even out there is because they must have been told that is how long our rate is locked in for.

Yes, we are already paying for some points, and have hit our maximum amount we can afford for pretty much anything as of now, so paying for more points is out of the question.

I told my agent that closing after 8/5 is not ideal for me, and that it may require us to have to pay another months rent, and that closing after 8/10 is unacceptable. With the way things are going, I am sure that will make it's way to the sellers fairly quickly. I guess I am just flabergasted because this is truly a buyer's market here, and this house has been on the market for a very long time...so I completely expected them to be much more helpful of the entire process.

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If you really want something in this life, you have to work for it. Now, quiet! The're about to announce the lottery numbers... - Homer Simpson

Just about all I can say is WOW. If I were the seller and I had a buyer with a closing date set, I'd go through with it whether I could get into my new house or not. I'd be looking for a monthly rental or anything that would suit for the short term. This situation makes it look like they're trying to back out.

If I am reading your post correctly, it seems you signed the contract, it was forwarded to the seller's lawyer, and now they are advising they can't agree to the date. The contract is not valid until all signatures are on it, and you should receive a fully-signed copy when that occurs. I don't know what the laws are in your state, but here we have 3 days after the contract of sale is fully-executed for "attorney review". During that time, any party can withdraw from the contract without penalty.

If your lawyer does not yet have the fully signed contract, or the review period for your state is not over, she has lots of leverage to push your terms for closing in a buyer's market.

If they are smart, they'll figure out quickly that it would be to their benefit to meet your dates, and if that means they move in temporarily with family, or a short-term rental while they decide where they want to go, so be it. I don't really understand people who put their homes up for sale without a plan!! We've sold two of our houses in a couple of days of listing, so I am ready to rock and roll before I put that sale sign up.

Anyway, I hope this helps a little bit, and I'll keep my fingers crossed that the sellers cooperate and all goes well for your family.

It's been my RE buying experience that the "on or about" closing date is pretty standard language in the contract. Both parties need to make good faith attempts to hit the target date, but it may have to move a little one way or the other to accomodate the domino effect that typifies RE transactions. Neither party would want a deal to fall apart because the closing wasn't able to be scheduled for a specific date.....so I guess that I'm agreeing that it is kinda the norm, in my experience.

That said, the other party needs to demonstrate that they are doing what they need to do to fulfill their obligations....just as you needed to apply for a mortgage, get a commitment letter, etc....and I think you're doing the right thing but drawing a line in the sand for when you need to close by.

cj/

Just wanted to let you know the "on or about" date is actually considered on or before because if you go past that date you will need to sign an addendum to contract with a new date, so if you go beyond that point (I think you said 7/26) you will have to sign an addendum and that will have the revised closing date, if that date is after the 8/10 date I would say that that date is unacceptable. You are buying their house and if they want the sale they WILL move. But saying this I wonder did they maybe have another (better) offer on their house after the sales contract was signed?, because I have seen some people do this to be able to void the contract and go with the buyer that offered more money.