Profile picture for zuser20140520152111423

I missed the closing date. What will happen now?

I am buying a house in another state. The closing date on my purchase contract was 7/11 - the past Friday. However, my mortgage loan was finally approved in the afternoon of 7/10, and I received the closing documents from the title company after 5pm EST. I also learned the amount of my down payment at that time.

Although I talked to my agent and hoped a few days of extension to close due to the short turnaround time, my agent said that if they do not receive my signed closing documents and wire the first payment on 7/11, I will breach my contract.

I started to panic after that. I signed all the docs overnight, and put them in mail on 7/11 for next day delivery. However, I was a few hundred dollar short to meet the first down payment. Most of the payment was wired to the title company on 7/11. I will obtain the remaining amount on Monday, and then wire it to the title company.  

Am I breaching my contact? What negative impacts will this have? What should I do (find a lawyer)??...

Also, due to the short turnaround, I was NOT able to confirm with my agent that the things needed to be fixed by the seller had been completed. 

Did my agent behave in the best interest of mine in the whole process?

Thanks!!
  • July 12 2014 - US
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Answers (5)

Don't panic yet... notify the seller that there was a small delay. I'm sure they were thinking the same thing you were...

good luck in closing Monday..

you are doing everything right by pushing it thorough quickly and responsibly.
  • July 13 2014
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Profile picture for zuser20140520152111423
Hello Jennifer Keenan,

Thank you for your advice. But could you explain further on "recalculate figures"? What figures are to be recalculated? Does this mean that the closing documents needs to be re-issued?

Thanks a lot!!
  • July 13 2014
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Contact the title/closing company on Monday morning.   Until it is paid in full it has not closed.  They will have to recalculate figures.   If sellers still want to sell you should be fine.   As for the repairs, I like to do a walk thru with my buyers before closing.  Since you are out of state your agent should be able to produce receipts for repairs and/or photos or video showing complete.   Best wishes.
  • July 12 2014
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Profile picture for Ofe Polack
I feel sorry for your situation.  The money that should have been sent is the amount that appears on the HUD, I do not understand what you are talking about the first payment, that will be due in  due in Sep.  Talk with your buyer agent, the agent should have kept you informed on the outstanding items to ensure that they were done prior to closing.  If necessary have a word with the Managing Broker. or better yet have a word with the title company. The timetable seems to be the conventional one, the bank gives the title company the clear to close, the buyer is given the amount that needs to be brought to the closing table and you close the next day  Friday closings are not recommended for out of state buyer or sellers, because of the weekend ahead.
  • July 12 2014
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It sounds to me like it was made more of a problem than it might have been. i am sure the seller wants to close and a delay would not make them happy, but a day or three is VERY common.

I don't understand that part about the first payment. Normally the first payment is not due until the beginning of the next month -- you pay in arrears (after the fact). 
  • July 12 2014
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