Profile picture for TravisRamsey

Seller pushing back closing

Basically last week I was supposed to close on the 8th but some jerk decided to steal the air unit and now my closing date got pushed back to the original closing date of the 29th. The listing agent has been trying to get the bank to move on replacing the unit but now she is saying that they need more time and will need to do by Dec. 8th. I have already put a notice in to move out of my apartment by the 8th so this is unacceptable. I don't know why the seller(bank) needs a month to install a new unit when I can easily call HEP or whoever and get one installed in a week.
I already told the listing agent that we signed a contract for the 29th and I won't extend because I could possibly be homeless and incur financial burdens of storing my belongings plus moving and living in a motel.
What happens if they break the contract in this case?
  • November 12 2013 - Lenoir City
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Answers (8)

Travis

I feel your pain.  I'm going through it with a buyer right now and Fannie Mae.  Aug 7th he offered full price.  Got his inspections done.  The deed had not been filed with the county.  The law firm representing fannie mae did not pay the sheriff for the sale which would trigger the deed being prepared until Sept 25.

Title work revealed an unsatisfied lien against the property.  Fannie Mae's attorneys gave constructive notice but not legal notice.  It took until the middle of Oct to get the deed filed.  Now we are waiting for Fannie Mae's attorneys to figure out how they are going to clear the lien.  They have an option of doing a court motion or just paying the damn thing. We don't know what they are doing because under the present system communication is through the website.  My guy is sitting twiddling his thumbs.  Here it is winter and he can't move in.  He has extended his lock and out of pocket for the inspections.

Fannie Mae could care less.  They move in mysterious ways and nothing makes them move any faster.

My next step is to contact our Senator and see if I can get him to do something to get them moving.  Perhaps your agent could do the same thing .  The listing agent won't want to do it - Fannie Mae won't give them any more listings.
  • November 12 2013
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Profile picture for JoshBarnettREIB
Your agent and the agents Broker will be the best to discuss your contract with, as they will know all the conditions and terms of the agreement.  

Reach out to your agent and their Broker to discuss dissolution of contract. 
  • November 12 2013
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Profile picture for wetdawgs
As mentioned previously, they have layers of approval that they have to go through to get signatures etc for such actions.   It is like redirecting an elephant that already has its mind on something else, what seems sensible in our shoes isn't the way the system works. They've identified a timeline.   

Is your lender willing to close on a Saturday of a holiday weekend?

I can sympathize.  While I've not been in your position directly, I've had house guests for several weeks between moving out of rentals and into their new homes due to delayed closings. 

Good luck!



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Profile picture for TravisRamsey
I can't put one in after closing. My loan type and appraiser will not allow that.
  • November 12 2013
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Profile picture for TravisRamsey
This is a fannie mae property just fyi. I am getting a RD loan as well. I signed the paperwork to purchase a month ago giving about 2 months to get everything taken care of on the lender and seller side. I did a home inspection, put down escrow money, and did a termite inspection all in good faith. My lender has been ready to close since last week.
Now I understand crap happens and it's not the banks fault for the unit being stolen. Thing is in the world of common sense it does not take a month to get a unit installed. I called and can get one in as early as next Monday. I offered to do all the work to get a contractor to estimate and quote for the seller. They were already going to get a new unit but they would have had to do the work to get someone to do it and sign a check. I am offering to eliminate the work so they just have to sign the check. 
I told them I would agree to go back to the original closing date of the 29th (now the 27th due to Thanksgiving) in good faith that they could get a new unit installed in 22 days. How difficult is that? I'm the only one making sacrifices on this whole deal with becoming homeless, spending extra money I don't have to waste, and such.
Am I being unreasonable?
  • November 12 2013
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The listing agent may have some clout with the asset manager but usually the banks do what they want to do. There can be so many layers of people involved.

They need more time because they don't pick of the phone and call an HVAC contractor and say do it.  It's like the military.  Chain of command.  Everyone ha to sign off on it before it gets done.

See if the listing agent can get you a price reduction and put one in after closing. 
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Profile picture for wetdawgs
If you are unwilling to extend, that's the end of the deal and you are back looking for a new place to buy.   You will not get your inspection and appraisal money back. 

Surely you can find a place to crash for 9 days?      Many people put a per diem for closing late in the original purchase offer.  I doubt you can much room for negotiation at this point, but it doesn't hurt to run it by your agent.   Playing hardass probably will get less.





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Hey Travis, In this case, the seller is asking for an extension, due to a missing HVAC system.  If you do not decide to extend, then there will be no repercussion to the bank for breaking the contract. They do not want to cancel, they just need more time. If you do not extend, then the deal would die, and you would get your deposit back.  Are you getting a loan on the property (FHA, Conventional)?  Are you paying cash? Pending your situation, I would probably get your agent to ask the listing agent to get TWO bids or have your agent send out a couple of contractors to bid it, so you can give them to the listing agent. Also, I would tell the listing agent your problems with not closing on time.  Usually the Asset Manager on the back side has some leeway to make approvals if they are under a certain amount.  By getting two bids, this will help the bank (Asset Manager) be able to make a quicker decision and pending on the amount, the asset manager might be able to approve it without, going up to upper management for approval. I've listed and sold many foreclosed homes, most of the time, if the listing agent puts pressure on the asset manager, due to circumstances, they will be able to get it close on time. Now they will probably put the unit in a day before close, so it does not get stolen again, but, they can get it done.
If you are paying cash, then ask to close with a lower sales price. I hope this helps.
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  • November 12 2013
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