Sellers want to push back closing date, what are my options?

[Anonymous]

I have a signed contract with a closing date "on or sooner" than Jan. 18th. Just heard that the sellers' house they are buying fell through and they are probably going to want more time.

I'm going to talk to my attorney in the morning, but wanted to get an idea of what my options are. I want the house and don't want to walk away. 

[Anonymous]

Do you need the house by a certain date? 

Do not agree to close but with an extension of the move out date (in other words, do not allow them to stay in the house after closing waiting for their deal to go through.)

Was your deal contingent upon them getting the house, becuase if it was so, and you push hard, they may be able to walk away from their side of it.

[Anonymous]

I don't need it by a certain date, but I WANT it now. I've been under contract for two months. They asked for a long contract period to allow them time to find a home. I currently live in an apartment and have already given my notice. I could likely retract it but don't want to. The longer I'm here, the more rent I'm throwing away.

I definitely want to avoid leasing them the home after closing. Too messy.

Nothing in the contract says it is contingent upon them finding housing.

Message Edited by ADay on 01-04-2010 05:56 PM

[Anonymous]

I would probably agree to another extension if I were you and you really want this house....BUT, I would word it strongly and mae sure the point came across that the sellers will get no further extensions and possibly even dictate some fine/etc if they can not get it done in another 30 day extension.  I would be hesitant to go further than 30 days at a time as far as extesnions go.

[cobaltnv]

Assuming, perhaps incorrectly, that you are not paying cash you are probably already locked into your loan. How long is your lock for?  Rates appear to be raising so if you are willing to grant an extension you might ask them to pay buy a point to lower your rate for example.

[BungalowMo]

I would also ask for $$ back at closing to assist with YOUR rent, as you are ready & willing to hold up your end of the deal (or try for the point buy as mentioned above).  Yes, you can agree & make life a little easier for them, but that doesn't mean that you shouldn't get a little something to make life easy for you too.  Give a little, take a little.  It's only fair.