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Help With Closing Date
We found a house, agreed on an offer, had inspection, went to contract. The sellers put a closing date of "on or about October 17th" as the closing date. We signed and returned knowing that the "on or about" part would allow them 30 days longer than that without breaking the contract.
Today they came back with a countersigned contract, but with a counter/addendum of a closing date "on or about November 18th".
We don't have a deadline to move out of where we are now, but our concern is that right now I have a 4.125% interest rate, and it can most certainly go up between now and then. Also, based on this contract they could take up until December 18th legally.
What would you do in this situation? Would you counter with another date, just say no, or agree? Any insights from buyers or sellers in this scenario? Thanks!
ETA: They found a house they want and are putting in an offer EOW. They wanted to wait until we were under contract to know we were serious enough to start looking.
Re: Help With Closing Date
It never hurts to counter with another date, the worst that could happen is they say no. We tried to bump up settlement in our case by 2 weeks, the sellers said they would agree but would need to rent back until the 26th. We decided to just keep the settlement date the same (tomorrow!
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I would counter to something in October if that's when you want to close on this thing. Also-- talk to your loan officer and feel them out for the interest rates. Rates were going up when we locked into our loan and they let us know that. We missed 4.3% by a day and are now locked in at 4.5%
Life and Love at #16 | our married life blog
I believe once youre under contract your interest rate is locked in, not matter how long it takes to close.
That however would annoy the snot out of me. Why do they want to take so long to close? Our sellers wanted a later closing date but we offered a rent back option, so we close when we want (Oct) & they rent it out til Dec. They get to stay & we make $$$, its a win win.
Not true. We weren't locked into our loan until after the inspection so we could ensure that we would actually go through with the house.
Life and Love at #16 | our married life blog
You are locked into a rate for a certain number of days once you lock it--it then becomes your responsibility to close before the lock expires.
My Valentine Bookends (2~13~13, 2~15~09)
I would be super annoyed. We had to close within 30 days of our lock but could pay penalty for 15 additional days. I would just tell them you're walking and see if maybe they will short term rent until they find a house or something.
Is it possible you could have them rent it form you and still close sooner to get your interest rate?