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Answers (8)
- Margaret Hickman, GRI/ABR/SRS, "kittenonkeys"
- Contributions:596
- Erika Phelan- Buyers Agent, "Orlando Buyers Agent"
- Contributions:103
Contracts do not automatically die on the day of closing...it just depends on the actions of both parties and whether or not the contract is a "time is of the essance" contract. Typically, either party may cancel after the deadline or both may still be working toward a closing.
If you would like to continue, than ask for an extension. If not, then you need to understand what is going to happen to your escrow deposit, if you had one. Get your answers in writing.
Ask for answers from your lender, your agent or the broker or an attorney.
Erika in Orlando
If you would like to continue, than ask for an extension. If not, then you need to understand what is going to happen to your escrow deposit, if you had one. Get your answers in writing.
Ask for answers from your lender, your agent or the broker or an attorney.
Erika in Orlando
- Reallyfedup
- Contributions:815
When you say "the act of sale..." I'm going to presume you are referring to the closing date. If that is the case, then you need to get some answers from your agent as to where you are with this transaction.
First of all there should have been a mortgage contingency deadline in the contract. An extension for financing would need to be asked for prior to that date. If an extension for financing was not asked for, then the contract moves forward to the scheduled close date.
Once the close date approaches, if an extension to close is not requested and it did not close by the agreed upon date, then the contract becomes null and void and the buyer would be in default at that time.
The sellers can continue with the deal if asked, but have no obligation to do so.
First of all there should have been a mortgage contingency deadline in the contract. An extension for financing would need to be asked for prior to that date. If an extension for financing was not asked for, then the contract moves forward to the scheduled close date.
Once the close date approaches, if an extension to close is not requested and it did not close by the agreed upon date, then the contract becomes null and void and the buyer would be in default at that time.
The sellers can continue with the deal if asked, but have no obligation to do so.
- Terri Rigdon, "terririgdon"
- Contributions:102
The contract expired on 9.24.2010. In order to remain in contract, both parties must agree upon an extension of the closing date. Contract your realtor and let them know what your intension are.
- Dan, "the_country_hick"
- Contributions:4699
The contract was in effect. On the 25th it died. The contract is dead.
You can choose to ask for an extension or not.
The seller can choose to agree or not.
I would try for an extension if you want the house. I am sure the seller would like to sell so they are 98+% likely to agree. Sometimes in life crap happens. The key is dealing with it the best way you can. In both cases here that means agreeing to a longer length of contract so you now have a legal agreement to buy (unless one or both of you no longer wish this).
Talk to your realtor and get an extension. When asking for the extension explain what happened so the seller knows it was a problem encountered and not just you playing games with them.
p.s. do not wait very long before asking for an extension. The longer you wait the more the seller may doubt your sincerity about really buying the house.
You can choose to ask for an extension or not.
The seller can choose to agree or not.
I would try for an extension if you want the house. I am sure the seller would like to sell so they are 98+% likely to agree. Sometimes in life crap happens. The key is dealing with it the best way you can. In both cases here that means agreeing to a longer length of contract so you now have a legal agreement to buy (unless one or both of you no longer wish this).
Talk to your realtor and get an extension. When asking for the extension explain what happened so the seller knows it was a problem encountered and not just you playing games with them.
p.s. do not wait very long before asking for an extension. The longer you wait the more the seller may doubt your sincerity about really buying the house.
- Simon Mills, "Mills Realty"
- Contributions:1858
Do you still want to move forward. If so, request an extension, but any changes to the contract need to be agreed to by both buyer and seller. In this market the seller is most likely going to want you to stay in the deal, so it shouldn't be an issue.
- Michael Knutson, "So Cal Expert"
- Contributions:68
You will want to keep in touch with your agent and if you are not able to reach your agent find out who their Office Manager or Broker is. Communication is very important when purchasing a house. It is not uncommon to have a close date set and then have something happen to miss this date.
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
Either your Realtor helps you get to the bottom of this, or you call your Realtor's Broker.
When does the contract become null and void?
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