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We are in process of buying a condo. The seller is asking to do closing in 2 months from today. Wh

  • September 21 2012 - Hallandale
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Profile picture for wetdawgs
Is it possible your question was cut short?   If so, click on "post reply" to add more detail.
  • September 21 2012
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Talk to your lender to find out about your loan commitment and type of loan. Most loans today will take 30-45 days to close.
  • December 01 2012
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in order to prevent any possible backing out. You need to communicate that to your Realtor. Then all the pros and cons will be discussed together and then the offer will be sent over to the sellers representative.

Your Realtor would/should have explained all this: but a quick review, you have to perform on your part as a sign of good faith so place money into escrow, Make sure you quickly get a commitment for funding, You want the inspection done as soon as possible ( that an area for you to have an escape clause ), you want the title work done to make sure you will close, you'll want to make sure that there is no outside forces that could prevent the seller from backing out IE: another purchase, current Farbar contract has Hurricane clauses so you can walk away or stay depending on what might happen...

When searching for your realtor, look at the team they bring with them, some realtors in the industry have over 3000 sales under the belt and can guild you properly ( once you communicate it ) how to best protect yourself

Michael
  • December 01 2012
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I agree that 2 months is not a long closing time in this market.  If they have extended it after the contract was fully executed through the attorney's, it may be because their new home won't be able to close until then. 

Often there is a domino effect in that you need to buy a house, they need to sell a house, but then need to find another place to live and so on and so forth.

While it can be frustrating, typically seller's don't back out of deals and if they do for reasons beyond those stated in the contract, yes, court can be an option.

They best advise I can tell you is to speak to your attorney about the contractual obligations they have and get the attorney's opinion. 
  • September 21 2012
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Profile picture for DavidPepin
If the offer is contingent on the sale of their property or if the financing falls through, there isn't much that you can do.  On the other hand, if they back out without a reason such as major problems turned up in an inspection, you do have the right to take them to court.  It is unpleasant, and nobody likes to go through that, but that is your option.

Most people with follow through with a sale if they have gone through the trouble of placing an offer and doing inspections and such.  
  • September 21 2012
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Profile picture for wetdawgs
Two months is not an extraordinarily long closing.  Between now and then you will need to get financing, go through all the inspections and sorting out of inspection results etc.   Often that is 30 to 45 days.    What did you intend to propose?  

The standard purchase offer contract should be fine,  although sometimes people suggest a per diem charge if the closing extends beyond an agreed upon date (be careful of that because the seller could request the same from you).

  • September 21 2012
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Profile picture for user001191
Yes, It was cut short.
What is our options to make sure the seller will not back up from the deal in 2 months?
  • September 21 2012
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