Buying A Home
SCBride2007
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
If your closing is delayed, can it fall apart?
We received word today that our closing will most likely be delayed about 30 days-- we are furious, but there doesn't seem to be anything we can do about it. Anyway, in the initial offer, we asked that the closing happen within 30 days, and up until now, everything was going smoothly.
So my question is, can the seller's back out of our contract because of the delay? They don't live in the house currently-- they live out of state.
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Re: If your closing is delayed, can it fall apart?
If it's delayed because of your loan, then the seller has to agree to extend escrow. Like PP said, they almost always do. Unless they have a higher backup offer, I can't imagine anyone would go through the trouble to re-list. Most sellers are very reasonable, especially when they have a confirmed buyer who just needs a little more time.
We lost a house because we had an assholio seller's agent with a back-up offer. She had both ends of that deal, and managed to get the seller to delay so she ended up with double commission. We only needed 3 more days to close. I'm still pi$$ed, but I digress.....
Our closing was delayed by a week and half. The sellers were okay with it, but they mentioned that they were flexible on the closing date and allowed us to pick a date.
I really don't see this as a problem- I'd assume that sellers are usually okay with this, I mean what else can they do? Unless you're in a situation similar to PP or in a hot market.