Profile picture for rboston1

What to do after the closing date has past?

Hello, I am trying to sell a home in little silver, NJ.(actually a friend's home) The buyer signed a p&s, but I don't believe they fullfilled their financing contingency. They say they were not happy with the rate and need 10 more days. I am at a point where I have lost confidence with my real estate agent and my attorney. They say they want to close, which I believe they do, but I have a feeling they can't get the financing. No one can give me the bank approved financing approval paper. My lawyer says there is no commitment and I'm entitled to no money, I believe that means that the finance contingency was never filled/dropped. But why then would my real estate agent be ok with me moving all my furniture out? Due to my ingnorance with NJ contingencies and being misinformed by my real estate agent, I have already moved out my furniture and cleaned out the house. The closing date was three days ago. What would you do next? 1. Wait another ten days? 2. Demand an addendum secondary to the expired closing date with hard terms to get me to at least keep the earnest money? 3. Withdrawal the contract, find another agent and list immediately? I'm lost and extremely confused. Any and all recommendations are sincerely appreciated. If you can recommend an agent in little silver, nj area that would be great too. Thank you
  • August 23 2012 - Little Silver
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Answers (1)

Profile picture for Ofe Polack
You need to have this discussion with your listing agent.  You say that the owner is your friend, so the owner is the one who would have needed to sign an extension on the receipt of the letter of commitment, that is unless you have a power of attorney.  It is very important that you or the seller understand what is going on
  • August 23 2012
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