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anyone know how long can we ask the builder to extend the contact for closing time?

hi ! we  are under contact with the builder and have schedule closing on 12/15/10 but as far everything going well accept we have issue on our credit mid 619 and we don't know if we will be able to close the loan on time,the builder is first texas home ,, so please help. home is in frisco ,tx area
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November 20 2010 - Austin
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Answers (3)

First Texas Homes don't have a penalty on their cotnract if you don't close on time.  However, if you were able to negotiate a special price because were closing by December, they may raise the price on you .

This is where you Realtor should be able to help you.  Also, you knew that your credit score was low when you wrote the contract, did you make it a contingency in your contract?

Talk to the sales rep and your Realtor and I'm sure that they'll be able to help.  You're very close.

Naima

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November 20 2010

Firsttimer,

  Hello.  Congrats on your your new home.  Most builder contracts cover this very issue.  Ususally there are penalties that are incurred with each day the closing is extended.  Review your sales contract.  All builders are different so there is no standard.  Lastly if you do not close on your home, you will lose any monies in earnest that you have put down.  Good luck!

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Regards,

Gavin St.Louis
Managing Broker/Owner
BuyersHouseRealty

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November 20 2010
Profile picture for wetdawgs
It depends on the builder.  I suspect that if you propose changing the closing by more than two weeks (i.e. into the new year), the builder (if on schedule) is going to take issue if they have other buyers in the wings.
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November 20 2010
 
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