delaying closing

[Hopeforchange]

We were to close next Friday.  The seller wants to delay until the end of the month because the spouse is in the hospital.  While I feel terrible for their situation, closing in the middle of the week, last day of the month is just not an option.  We'd have to delay it another week, the interest would change, the truck deposit gone and we'd have to pay rent.  Legally, can we ask them to pay these extra expanses?

[frugalQ]

S10 will be able to tell you definitively, but I don't see anything wrong with you asking for concessions.

[StartingOver10]

Exactly right. It becomes another negotiation.

[Hopeforchange]

Hopefully.  These extra expenses will dip into our savings.  They've refused to pay anything outside of their 4% closing cost though.  My husband can not take off work the last day of the month.  And our landlord just informed us he's decided to put the place up for sale next month.  Agh.

[StartingOver10]

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@Hopeforchange wrote:

Hopefully.  These extra expenses will dip into our savings.  They've refused to pay anything outside of their 4% closing cost though.  My husband can not take off work the last day of the month.  And our landlord just informed us he's decided to put the place up for sale next month.  Agh.

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Your agent should be strong with this negotiation though so you don't have to come up with more money. After all, it is at their request to push the closing back to the busiest day of the month.  It is never a good idea to close on the last day of the month when title co's and attorneys and lenders and closing departments are slammed with work. Goose up your agent to get them to do something for you - like keep the date where it is or close later but not the last week of the month. Really any agent worth their salt knows that closing on the last day makes it much more difficult to close timely.

[StartingOver10]

One more tip:  did you know that title company's can send a mobile closer to the seller in the hospital? The seller can do a pre-sign and not have to worry about attending the closing at all. The funds can be wired to the seller when you have closed.  It is common today to close separately because everyone is busy.

Their real motivation is probably moving to the new place. So find out what you can about the status of their move. It's not signing the paperwork, its probably the physical move.

[Hopeforchange]

She did tell them no yesterday.  Haven't heard anything yet.  Our agent has never had this happen before.  This is all verbal so I don't even know how long she has to decide.

[Hopeforchange]

She refused to sign the contract online when we said yes to her counter... haha

We live two streets over.  She sold everything in the house.  When we viewed it a month ago it was only furniture.  The appraiser said it was vacant.  Not sure myself.

[Hopeforchange]

OUR CONTRACT STATES: "THE SETTLEMENT DATE IS NOT EXTENDED BY ANY OTHER PROVISION OF THIS AGREEMENT AND MAY ONLY BE EXTENDED BY MUTUAL WRITTEN AGREEMENT OF THE PARTIES."

So as screwed up as it is, we have a right to refuse correct?

[StartingOver10]

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@Hopeforchange wrote:

OUR CONTRACT STATES: "THE SETTLEMENT DATE IS NOT EXTENDED BY ANY OTHER PROVISION OF THIS AGREEMENT AND MAY ONLY BE EXTENDED BY MUTUAL WRITTEN AGREEMENT OF THE PARTIES."

So as screwed up as it is, we have a right to refuse correct?

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Yes.  It has to be agreed upon by both parties and put in writing in an addendum to be effective. You have already agreed to a date. Is your lender ready? If so, putting together another closing package will be a cost passed on to you. So there are all kinds of reasons not to delay if your lender is ready.