Profile picture for ropejock

Changing closing dates

My wife and I are in the final stages of buying a house. We signed all the papers at the escrow comp. last friday. Listed in the charges was a per diem for closing ten days late at $100/day. The seller agreed to wave that charge but now the closing date is being pushed day by day to a later date. Monday was a holiday so I know there is no work taking place then but Tuesday morning I went and presented them with the final check, was told it would close the next day. Now it's Wednesday and just got an e-mail it will fund tomorrow Thursday and close Friday.
I don't think this is very professional and would like to know who and where I can fill a complaint about this and who should be responcable?
Thank you
  • February 23 2011 - Carson
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Answers (6)

Profile picture for mbn77
Did you ask escrow or your buyers agent why exactly your closing has been delayed?  You have a right to know why the delays have been taken place, yes it can be frustrating and costly to not be able to rely on a closing date.  I would find out what the delays were caused by and figure out how you would benefit by filing the complaint or paying an attorney to review your case. 
  • March 01 2011
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It is not uncommon for homes to close late in today's market, especially if it is a bank owned home.  There are so many rules and regulations that need to be followed that things often do not get done quickly.  If you are dealing with banks, they are overwhelmed and get to it as soon as they can.  As a Buyer you are emotionally involved and want everything done now.  For them, it is just another closing.

Accept it and enjoy your new home.

  • February 23 2011
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Its typical, though, but frustrating. You are not alone NOT closing on time, for no reason of yours.
  • February 23 2011
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The escrow company should have informed you how they accept your funds to close. Typically they need a wire by 11a.m. - 12p.m. on the day of closing or a cashier's check the business day before closing. A personal check can take up to 10 days to clear.

If you feel they did not explain this to you beforehand I would take it up with the manager/owner of the company and perhaps they can compensate you in some way.

Good luck!

  • February 23 2011
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You need to speak with your Buyer's Agent.  He/she should assist you.  You signed an agreement that includes a penalty.  Has the delay been caused because of you, your bank, the title company, the Seller or a combination thereof?  That should give you a starting point.  If you continue to have issues, I suggest you consult an Attorney who handles residential real estate matters.
  • February 23 2011
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usually you can file a complaint at the better business bureau, but also if the home is listed by a realtor you might be able to file a complaint with the local association. although this does not necessarily sound as if it is the fault of the realtor, but the builder.
  • February 23 2011
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